if lima rsquo s financial statements adequately disclose its financial difficulties 621691
Kane, CPA, concludes that there is substantial doubt about Lima Co.’s ability to continue as a going concern for a reasonable period of time. If Lima’s financial statements adequately disclose its financial difficulties, Kane’s auditor’s report is required to include a paragraph that specifically uses the phrase(s)
“Possible discontinuance of operations” |
“Reasonable period of time, not to exceed 1 year” |
|
Yes |
Yes |
|
Yes |
No |
|
No |
Yes |
|
No |
No |