To the Shareholders of WorldCom, Inc.: We have audited the accompanying consolid
ID: 2592421 • Letter: T
Question
To the Shareholders of WorldCom, Inc.:
We have audited the accompanying consolidated balance sheets of WorldCom,Inc. (a Georgia corporation) and subsidiaries as of December 31, 2000 and 2001,and the related consolidated statements of operations, shareholders' investment and cash flows for each of the years in the three-year period ended December 31, 2001. These financial statements are the responsibility of the Company's
a . Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with b standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of WorldCom, Inc. and subsidiaries as of December 31, 2000 and 2001, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2001, in conformity with accounting principles generally accepted in the United States.
As discussed in Note 1 to the a effective January'l, 2000, the Company changed its method of accounting for certain activations and installation fee revenues and expenses.
ARTHUR ANDERSEN LLP
Jackson, Mississippi March 7, 2002
1. What type of audit report is this? (2 points)
2. Choose the correct word/phrase for each blank in the audit report (3 points)
a. Chief Financial Officer / board of directors / internal auditors / management;
b. auditing / accounting / financial reporting;
c. audit report / consolidated financial statements / management letter / management representation letter;
Explanation / Answer
1. This is the "Annual Audit Report", which the appointed statutory auditors has addressed to the shareholders of the company.
2.
a. The board of directors
b. accounting standards
c. audit report
The final report structure is :
Annual Audit Report
To the Shareholders of WorldCom, Inc.:
We have audited the accompanying consolidated balance sheets of WorldCom,Inc. (a Georgia corporation) and subsidiaries as of December 31, 2000 and 2001,and the related consolidated statements of operations, shareholders' investment and cash flows for each of the years in the three-year period ended December 31, 2001. These financial statements are the responsibility of the Company's Board of directors. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with Accounting standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of WorldCom, Inc. and subsidiaries as of December 31, 2000 and 2001, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2001, in conformity with accounting principles generally accepted in the United States.
As discussed in Note 1 to the Audit Report effective January'l, 2000, the Company changed its method of accounting for certain activations and installation fee revenues and expenses.
ARTHUR ANDERSEN LLP
Jackson, Mississippi
March 7, 2002
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