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Question - Case - A public limited company requires external auditors to provide assurance to their shareholders on the financial statements drafted for the year 2019. The audit team performed some audit procedures including assessment of entity's internal control system of sales and purchases to assess risk of material misstatements.
Assuming the auditors have successfully completed assessment of risk of material misstatements, followed by their materially planning, auditors are now planning for designing and performing an appropriate audit procedures to collect various evidences for the assertions.
The auditor Mr. X is assigned to audit sales revenue of the entity. He is given 3 days to complete the audit of the assertions related to sales revenue and draw an appropriate audit conclusion about the assertion.
Mr. X realized that the client entity has 5,000 customers account with Nu. 789.5 million sales for the year.
Explain how the audit team will select the number of sales transactions or customers account that will be tested to obtain the reasonable assurance that sales revenue is not materially misstated.
Legend has rented 25% of its State A facility to an unaffiliated corporation. How much income is subject to tax in State A and State B
Bear Island Ltd has a weekly payroll of $300 000. Calculate the expected annual sick-leave expense for Bear Island Ltd (on the basis of average salaries)
There is no established cash price for the equipment. Give the entires on May 1, 2016, Dec. 1, 2016 and April 30, 2017. Do not include the amounts.
The asset account, Office Supplies, had a beginning balance of $3,400. What is the ending balance of Office Supplies
In a perpetual inventory system, the Cost of Goods Sold account is used? there is a sale of merchandise or a return of merchandise sold.
Declared a property dividend of 100,000 shares of Slowdown Company (book value $11.20 per share, market value $9.60 per share).
The development of Desirable Site is completed but the production is not started yet. Make the necessary journal entries using the area-of-interest method
Brian Adams saves $108 at the end of each month and deposits the money in an account, paying 7% compounded quarterly. How much will he accumulate in 16 years
Performance audits differ from financial audits
What amount will be reported for bad debts expense (i.e., provision for bad debts) on the income statement for the fiscal year ended December 31, 2016
What are effect of Omitting Adjusting Entry? When preparing the financial statements for the month ended January 31, accrued salaries owed to employees
Discuss the corporate culture of the banks and other financial services entities as highlighted in Wishart & Wardrop (2018)
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