gole decides to include a separate paragraph in the 2001 review report because north 602396

Gole, CPA, is engaged to review the 2001 financial statements of North Co., a nonpublic entity. Previously, Gole audited North’s 2000 financial statements and expressed an unqualified opinion. Gole decides to include a separate paragraph in the 2001 review report because North plans to present comparative financial statements for 2001 and 2000. This separate paragraph should indicate that

1. The 2001 review report is intended solely for the information of management and the board of directors.
2. The 2000 auditor’s report may no longer be relied on.
3. No auditing procedures were performed after the date of the 2000 auditor’s report.
4. There are justifiable reasons for changing the level of service from an audit to a review.