D. Prima, CPA, was engaged to review the unaudited financial statements of Rooster Restaurants, Inc., a nonpublic company. During her review, Prima found that Rooster had not capitalized leases as required by GAAP. The result was so material that Prima modified the standard review report to state that “the financial statements are not in conformity with GAAP.”
Required:
Discuss whether Prima ’s report is in accordance with professional standards. If not, what should she have done under the circumstances? Explain.
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