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cAstor City, a small city that is not required to have independent audit, voluntarily decided to have an audit of its financial records. Currently, the city generates $900,000 in revenues. Of the revenue generated, 10% is from state sources and 2% is from federal sources. Janice Murphy, a CPA who serves on the city council has orally agreed to conduct the audit for a small gratuitous fee. Murphy decided not to accept a full fee since in the last three years she has gotten away from doing audit work and has concentrated her time on tax preparation and small business consulting. Murphy conducts the audit and presents the city with the following audit report: I have audited the accompanying balance sheet of Astor City as of June 30, 20x1, and the related statements of revenue, expenditures and changes in fund balance and cash flows for the year then ended. These financial statements are the responsibility of the city's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Astor City as of June 30, 20x1, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Janice Murphy November 3, 20x1 Required:(a) At a minimum what audit standards apply to Astor City (GAAS, GAS or Single Audit Act)? Why? (b) Discuss any potential violations of the applicable audit standards.
How many directors can Baker elect if Michaels acts as described above? Assume Mr. Baker casts an equal number of votes for each open position.
You are the planning commissioner for Springfield, a growing city in the Southwest.
how much of t he aquired loss can Reynolds use to offset its taxable income for 2016?
(Cost of capital) The company has currently 20 000 shares outstanding. The book value per share is $15. The stock is currently trading at the P/B ratio of 2.0; P/E= 12 and EV/EBITDA=7.5. Find Cost of debt and equity, The shares of debt and equity in ..
Fred anticipates monthly revenues of $16,000. Calculate the PV of the expected profits of the investment?
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The owner of a bicycle repair shop forecasts revenues of $212,000 a year. Variable costs will be $63,000, and rental costs for the shop are $43,000 a year. Depreciation on the repair tools will be $23,000. The tax rate is 40%. Calculate operating cas..
Your job pays you only once a year for all the work you did over the previous 12 months. Today, December 31, you just received your salary of $68,000 and you plan to spend all of it. However, you want to start saving for retirement beginning next yea..
How much to allocate between stocks and bonds is an asset allocation question. Relative value trade is: Indexing is:
Determine the incremental benefit-cost ratio that the contractor should use to decide between buying and renting.
Find the future values of the following ordinary annuities: FV of $800 paid each 6 months for 5 years at a nominal rate of 6% compounded semiannually.
Which statement would be most consistent with the Treasury Stock Method of calculating diluted earnings per share?
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