Your audit team is reviewing the third quarter financial statements of Smirks, Inc., a publicly traded company. The audit manager, Jason, thinks the client may have omitted an important item and has asked you to research whether interim financial statements are required to include earnings per share amounts. Prepare an email responding to Jason’s question. Comment on any other potential ramifications of Smirks, Inc.’s omission that come to mind, which you can offer to research.
Your audit team is reviewing the third quarter financial statements of Smirks, Inc., a publicly traded company. The audit manager, Jason, thinks the client may have omitted an important item and has asked you to research whether interim financial statements are required to include earnings per share amounts. Prepare an email responding to Jason’s question. Comment on any other potential ramifications of Smirks, Inc.’s omission that come to mind, which you can offer to research.
Chapter1: Comprehensive Cases
Section1.2: Lehman Brothers Holdings, Inc.
Problem 5Q
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Your audit team is reviewing the third quarter financial statements of Smirks, Inc., a publicly traded company. The audit manager, Jason, thinks the client may have omitted an important item and has asked you to research whether interim financial statements are required to include earnings per share amounts. Prepare an email responding to Jason’s question. Comment on any other potential ramifications of Smirks, Inc.’s omission that come to mind, which you can offer to research.
Please draft one email. Thank you.
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