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Alterra Coffee Roasters Inc. (ACRI) is a manufacturer and distributor of decaffeinated green coffee. The company was founded by Leonard Blix who is currently the chairman and CEO and owns 35% of the company. ACRI's shares also trade on the Toronto Stock Exchange. ACRI owns a proprietary ALTERRA WATER Process to decaffeinate coffee without the use of chemicals. By comparison, the vast majority of other decaffeination processes use chemicals to remove caffeine. The system is certified organic by the Organic Crop Improvement Association. Operations are conducted from a 38,000 sq. ft. leased facility in Burnaby, B.C. The company's year-end is December 31st and is audited by Khan & Lin LLP, a public accounting firm.
Problem 1: Determine overall planning materiality and performance materiality. (Explain the rationale for all components of the calculation and support your analysis with calculations).
Problem 2: Identify 4 case facts that impact the risk of material misstatement (inherent risks or control risks) at the overall financial statement level (OFSL). For each factor identified, indicate if the factor increases or decreases risk, the type of risk (inherent or control) and provide your rationale for why the factor increases or decreases risk. Case fact which impacts RMM at OFSL levelDoes this factor increase or decrease riskType of risk (control risk or inherent risk)Rationale for why this factor increases or decreases risk
Problem 2: Identify 3 case facts that increase/decrease the risk of material misstatement at the account balance and assertion level. For each case fact identified indicate: the account balance and assertion affected, whether the factor increases or decreases risk, the type of risk (inherent or control) affected and provide your rationale.
Assume the pay period ends on Friday 3rd July and the financial year ends on 30th June. At what date and how much will be paid for income tax?
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