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.

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The Answer of 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.

Bratlett Company Has Purchased All of the Shares of Another