Cole & Cole, CPAs, are auditing the financial statements of Consolidated Industries Company for the year ended December 31, 2015. On April 2, 2016, an inquiry letter to J. J. Young, Consolidated’s outside attorney, was drafted to corroborate the information furnished to Cole by management concerning pending and threatened litigation, claims, and assessments, as well as unasserted claims and assessments. On May 6, 2016, C. R. Cao, Consolidated’s chief financial officer, gave Cole a draft of the inquiry letter below for Cole’s review before mailing it to Young.
Describe the omissions, ambiguities, and inappropriate statements and terminology in Cao’s letter.
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