User Account

All Pages

Explain audit report options

Assignment Help Accounting Basics
Reference no: EM132819075

Your audit client is an investment company that specialises in investing in solar energy. The technology is difficult to value and you have obtained two independent valuations which show that the assets may be overvalued in the balance sheet.

  • During the year, you have had issues with the CEO who has been difficult and he is vehemently opposed to any asset write-downs that are being suggested. In prior years, the market has been good and there has been no need for any write-downs. The write-downs will cause the company to have a significant loss in that year. The CEO has the backing of the board. After presenting the suggested asset write-downs to the CEO and board, they are refusing to amend the accounts to reflect the lower values and threatening to change auditors next year.

Required

Problem A) What ethical issues do you face?

Problem b) Explain your audit report options. What audit opinion would you adopt?

Reference no: EM132819075

Questions Cloud

How holistic medicine plays a crucial role in our program : Holistic Nursing is the cornerstone of our program and it is essential to gain a background in understanding the scope and standards of practice.
Describe the types and potential amounts of damages : Completion of the project was delayed by 36 months. Describe the types and potential amounts of damages that GSA may be entitled to
How might your education improve your ability : How might your education improve your ability to lead others, within your organization? As an APN, do you see yourself as a role model for fellow nurses?
What is knowledge discovery in databases : What is knowledge discovery in databases (KDD)? review the various motivating challenges. Select one and note what it is and why it is a challenge.
Explain audit report options : Explain your audit report options. What audit opinion would you adopt? Your audit client is an investment company that specialises in investing in solar energy.
Learning a culture of safety program : Given the staggering cost of workplace injuries, it is critical that occupational health and safety (OHS) training be as effective as possible to reduce inciden
Discuss impact of the environment on patient health : List the support needs of your participant beginning with the highest priority and then in descending order. Discuss the impact of the environment on patient's.
Parking garage charges : A parking garage charges a $2.00 minimum fee to park for up to three hours.
What is the mirr and should start the nile : Hulu, Prime, Netflix, Disney+, CBS. If your discount rate is 6% and you use this as your reinvestment rate, what is the MIRR and should you start "The Nile"?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What scheme does it seek to prevent

What is the "kiddie tax" all about? What is its purpose? What "scheme" does it seek to prevent? Do you think it is really necessary? If so, why do you think it cuts off at 14?

  Executive- or management-level decision makers

For this Portfolio Project option, you will write a report and prepare a PowerPoint presentation on a perceived training need and propose a solution. The audience for this report/presentation consists of executive- or management-level decision mak..

  Depreciation schedule showing depreciation expense

A small delivery truck was purchased on January 1 at a cost of $25,000. It has an estimated useful life of four years and an estimated salvage value of $5,000. Prepare a depreciation schedule showing the depreciation expense, accumulated depreciat..

  What should trump report on the income statement

Trump Company, What should Trump report on its 2015 income statement as a result of the increase in fair value of the investments in 2015?

  Discuss procedures that could be performed with caats

Describe one or more procedures that could be performed with CAATs to detect signs of each of these transaction manipulations

  In october overhead was underapplied by 1360 the company

kuvomi corporation worked on four jobs during october job f346 job f347 job f348 and job f349. at the end of october

  Will the gain be eliminated in the preparation of subsequent

Will the gain be eliminated in the preparation of subsequent consolidated statements? Explain the accounting for this transaction in future years.

  Wnston uses a calendar-year reporting period using the

at the beginning of 2012 winston corporation issued 10 bonds with a face value of 1200000. these bonds mature in five

  Mozena corporation has collected the following information

mozena corporation has collected the following information after its first year of sales. sales were 1500000 on 100000

  What average annual rate of return would you earn

If you paid $100,000 for the original investment, what average annual rate of return would you earn? What return would you earn on the reversed cash flows

  What is the new income for each company

What is the new income for each company? Greedy is again giving $50,000 in bonuses; how do you divide the bonus among the 3 CEO's? Defend your answer.

  Prepare a journal entry to correct the errors

Determine the correct December 31, 2011, inventory balance and, assuming that the errors were discovered after the 2011 financial statements were issued, analyze the effect of the errors on 2011 cost of goods sold, net income, and retained earnings. ..

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd