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For the last few years your firm has helped Colin, a sole trader, prepare his accounts for the taxation authorities. Colin is about to incorporate his business and has asked your advice on a number of issues.
Required
Advise Colin on the following.
(a) The advantages to the company of having its financial statements audited (you may assume that the company would be able to claim exemption from audit).
(b) Whether the audit undertaken on his small company would be the same as an audit undertaken on a large one.
(c) Whether he has any alternatives to audit that would still provide him with a degree of assurance
The following is a common example of a circumstance imposed scope limitation. An auditor might identify a material weakness at an interim date, and the entity implements new controls to correct the deficiency. If the new controls are placed in ope..
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Pretax discount rate applicable to FurniDex is 10% per annum. This rate was applicable to all financial reporting periods under review.
Considering that an auditor cannot express an opinion with certainty even after conducting an audit, is an audit worth the cost for the stakeholder?
a number of corporate failures took place in australia and united states between 2000 and 2002 causing major
Which of the following internal control procedures would prevent an employee from being paid an inappropriate hourly wage?
recognize the types of input validation techniques for the subsequent inputs to the payroll system. describe the
Discuss the appropriateness of using the audit notes from two years ago and the associated control risk assessment.
Why and which seasonal period(s) might an IT support services system (help desk) need to be aware of? Limit yourself to one type of seasonal period that applies.
Tidwell, Inc. has weekly credit sales of $19,400, and the average collection period is 34 days. The cost of production is 75 percent of the selling price. What is the average accounts receivable figure?
Recently John was approached by the board of Company Ltd with an offer of employment as a director starting in two years time. The only condition was that the audit fees have to be reduced for the current and next year's audit.
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