Question

Identify the special purpose framework used in each of the following situations.

1. A real estate company reports to its partners on the basis used to complete the income tax return.

2. A company has its financial statements prepared on a price-level adjusted basis as required by its lender.

3. An insurance company reports in compliance with the rules of a state insurance commission.

4. A partnership reports on revenues received and expenses paid.

What modifications must be made to the standard auditor's report for these situations?

Answer

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