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Potential Areas Of Risk At Capitol Equipment Company

MEMORANDUM
To: A. G. Ressive, Partner at Zurawski & Rolfe
Date: May 5, 2007
Re: Potential areas of risk at Capitol Equipment Company (CEC)

Upon the acceptance of CEC as a client, we began investigation procedures to determine potential risks and the roles they would play in the design of the engagement. The investigation is completed and the results and recommendations are listed below.

Our contact with CEC's predecessor auditors, Nit Pickers, LLP (NP), has resulted in positive remarks about the company. CEC has always received standard unqualified opinions from NP and NP believes CEC has an excellent reputation. However, upon further inquiries, there are some areas of concern which may change the amount of work we assign for the engagement as the acceptable audit risk has been set at 5% and the potential for future growth and success with the company is high.

High AAR
CEC is a public company that is expected to grow significantly in the future. As the company grows......


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Approximate Word Count: 2132
Approximate Pages: 9 (250 words per double-spaced page)

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