In addition to auditor's reports
, auditor's written communications may include letters or presentation materials (for example, letters communicating internal control related matters or presentations addressing communications with those charged with governance).
13 /PRNewswire/ -- BNA has released the new Auditor's Reports
Portfolio, the latest in its Accounting Policy & Practice Portfolio Series.
22 of the AICPA Audit and Accounting Guide Audits of Investment Companies, Chapter 11, "Independent Auditor's Reports
and Management Representations.
The American Institute of Certified Public Accountants (AICPA) provides standardized language for use in auditor's reports
The Company confirms that there were no reservations in the Former Auditor's reports
in connection with:
Exhibit B: Illustrations of Auditor's Reports
on a Single Financial Statement and a Specific Element of a Financial Statement/A26
There were no reservations in the Auditor's reports
for the two most recently completed fiscal years or for any period subsequent to December 31, 1999 for which an audit report was issued.
31, 2001, 2002 and 2003, including the auditor's reports
thereon, and subsequent interim periods and any earnings releases, should not be relied upon until the completion of the audit of such corrections and the issuance by the Company of corrected and restated financial statements for 2001 and subsequent periods.
The Company's published financial statements for the years ended December 31, 2002 and 2003 and subsequent interim periods including the auditor's reports
thereon and all earnings releases relating to such time periods, should not be relied upon until the completion of the audit of such adjustments and the issuance by the Company of corrected and restated financial statements for 2002 and 2003 and subsequent periods including the quarters ended March 31, 2004 and June 30, 2004.
Management must now submit the reporting package within 30 days after receiving the auditor's reports
or within 9 months after the end of the period audited, whichever is earlier.
A Pennsylvania federal court ruled that business owners who engaged in fraudulent conduct could not sue their auditors, but third parties who relied on the auditor's reports
The Company's independent auditor, KPMG Bedrijfsrevisoren, has previously notified the Company that, as a result of the identified irregularities and resulting decision by the Company to restate its financial statements for 1998 and 1999, the auditor has determined that it can no longer be associated with the Company's financial statements for 1998 and 1999 and that, therefore, its auditor's reports
relating to each of the Company's financial statements for 1998 and 1999 should no longer be relied upon.