Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question 1: What are key audit matters? How do these affect the format of the audit report?
Question 2: Explain the effect of the misstatement on the auditor's report and the audit opinion in each scenario stated below:
(i) You have completed the audit of Saibal Resort Ltd (Saibal Resort) for the year ended 30 June 2015. The audit partner suggested that the value of properties on the West Coast were overstated by $16 million, a figure which was twice the level of materiality set for the audit. As a result of discussions with the audit committee, the CEO of Saibal Resort agreed to revise the valuations downward by $10 million. All other issues were resolved to the satisfaction of the audit partner, resulting in an overall misstatement of the financial report of $6 million.The audit partner is now considering the effect of the misstatement on the auditor's report.
(ii) Jason King Ltd is a building contractor with a varying workload. In order to compensate for the irregularity of its contracted building projects, Jason King also purchases large vacant blocks of land that it later subdivides for the construction of houses and units. Jason King then sells these on its own account. Your analysis strongly suggests that the apportionment of costs to houses and units sold has been kept low to boost profits. In your opinion, this has resulted in the overvaluation of the unsold properties. The directors of the company do not agree and hold to their view that the stock of properties is correctly valued.
Suppose you are a CPA hired to represent a client who is currently under examination by the IRS. The client is the president and 95% shareholder of a building.
(a) Journalize the transactions. (b) Post to the ledger accounts. (c) Prepare a trial balance on April 30, 2014.
What Rigsby would recognize realized gross profit of? On December 15, 2021, Rigsby Sales Co. sold a tract of land that cost $3,200,000
deducted depreciation of $230. What is the amount & character of Rachel's gain or loss recognized on this sale
On January 1, 2018, HTL Manufacturers issued $100 million of 8% bonds due 2022 at 103. Prepare the journal entry to record the bond issue.
an tax accountant is examining his productivity. in 1996 he did 300 tax returns in 1400 hours. in 1997 he did 250 tax
Explain the meaning of each of the Langley Company ratios above. State which company performed better for each ratio.
which one of the following accounts most likely would appear on the income statement of a merchandise company but not
1. wallace publishers inc. collects 50 of its sales on account in the month of the sale and 50 in the month following
Prepare Pearl's journal entries to record (a) the sale on July 10, 2017, and (b) $78,900 of returns on October 11, 2017, and on October 31, 2017
Naylor Company had $155,200 of net income in 2016 when the selling price per unit was $153, Compute the number of units sold in 2016
Discuss what GAAP requires in class. (Note this question asks your opinion and does not affect your grade on this assignment.)
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd