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Assume you are an auditor and you are facing the following separate circumstances, the effects of all items below are material:
1. The directors of a construction company refuse to give you access to reports produced by an independent quantity surveyor in relation to the value of work done on some of their construction projects.
2. Management have excluded from the financial report the necessary disclosures in relation to a contingent liability.
3. The company that runs a dairy farm has prepared the financial report on a going concern basis; shortly after the year end the company's contract with a major supermarket was cancelled. Without this customer you expect the business to cease trading within six months and it is unlikely that the company will be able to secure any new contracts in that time.
Required:
Problem 1: Outline what the issue is and then describe the effect of each of the above circumstances on your auditor's report if management were to refuse to make any changes you feel necessary in order that the financial report gives a true and fair view.
Orange District Hospital issued a 30, If an investor expects a call and requires a 6.5 percent rate of return, will the investor be likely to purchase the bond?
Gamma Company stock has an expected return of 13.4% and a beta of 1.2. Assume the CAPM holds. What's the expected return on the market?
When referring to a note receivable or promissory note:
Rock Designs, Inc. is a jewelry store located in Miramar Beach, Florida. After Valentine’s Day, the store often has excess cash to get it through the three-month slow season. The primary shareholder, Hardy Rock, wants to make this seasonal cash work ..
AOR does not expect to have much cash available between April and August. In this? case, AOR will choose to choose or avoid the futures hedge?
As its year-end approaches, it appears that Mendez Corporation's net income will increase 10 % this year. The president of Mendez Corporation, nervouse that the stockholders might expect the company to sustain this 10% growth rate in net income in fu..
How much money will you need to have at T = 8 in order to pay the 4 years of expenses (Remember that this money will continue to earn interest)
Determine how you would allocate the additional $5 million. Are there other areas in which to spend the money not mentioned in the above case?
select a major industrial or commercial company based in the united states and listed on one of the major stock
At the beginning of January 1, Compute for the cost of inventory end and cost of sale under the Perpetual and Periodic inventory system
Olcoa's Apple Orchard had the gollovono transactions, Determine the amount of revenue and expenses for Olivia's Apple,. Orchard for the month or September.
Shepherd's books and holds them as a long-term investment. For consolidated reporting purposes, how is the acquisition of Shepherd's bonds treated
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