You have just obtained your CPA designation and have decided to open up your own public accounting o

You have just obtained your CPA designation and have decided to open up your own public accounting office in Saint Laurent. You opened up a current account at the local chartered bankand met with the branch manager, Mr. Osmond. You told him that you had just opened your ownpublic accounting office today with your friend, Gary Michaels. It will be called Mason andMichaels, CPA. You, Terry Mason, were eager to get started and find clients. Three days aftermeeting with Mr. Osmond, he called and told you he may have a client for you, Elly's Restaurantthat was opened about three years ago, October 27, 2018. He mentioned that the restaurantemployed a dozen people and the owner Elly McNeil had no accounting background, but sheemployed a young Concordia graduate, Jonathon Fitzgerald. He had a Bachelor of Commercedegree, but lacked practical experience. He has been with the restaurant since it opened. He setup the system of internal controls. Jonathon also looked after human resources, the purchaseordering and purchased a computer system for the restaurant. Also, under the Quebecgovernment law, he had installed the black box at the cash registers.Mrs. McNeil met with Mr. Osmond to get a loan of $950,000 for renovations. In addition sheindicated to him that she was looking to open a second restaurant in Saint Bruno. She had alocation in mind. Mr. Osmond was surprised how fast thebusiness was growing and asked her toprovide AUDITED financial statements for the year ended September 30, 2021. Mr. Osmond ACCO 465 – SUMMER 2 2021 – Case Assignment Prepared by: Stanley Schulman

gave her your phone number as he felt he could help your practice grow and at the same timehelp Mrs. McNeil. Mrs. McNeil was using the firm Proctor and Associates up until now. Theywere doing compilations up until now. She called Mr. Proctor and told him that she was changing public accountants from his firm to yours.