Bratlett Company Has Purchased All of the Shares of Another

Essay

Bratlett Company has purchased all of the shares of another company but does not want to consolidate its financial statements.Management has drafted a rather long and confusing note to the financial statements that describes the transaction and states that debt has been acquired in a foreign currency.In your view,the transaction and its effect on the company and the accounts have not been properly disclosed.
Required:
List the audit objectives about presentation and disclosure that have been affected and explain how they are affected.