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Question - 'The emergence of professional service firms in recent years has resulted from a growing demand from business for specialist advice to help them achieve business advantage in an increasingly competitive market place. Much of this advice is requested from audit firms, because auditors are trained to understand the dynamics of a business from an external perspective' - ICAEW.
Required -
a) Explain non-audit services. Support your answers with THREE (3) examples of non- audit services.
b) There are arguments (i) in favour of and (ii) against the provision of non-assurance services. Discuss the arguments in both perspectives.
Determine the gain on sale that Liz Claiborne reported in 2011 when it disposed of its brand names. What would have been the company's Income (Loss) from Operations for this year had it not sold its Liz Claiborne brand names? Determine the Income fro..
Madison Wells Drawing has a debit balance of $3100. Record the journal entries necessary to complete the closing accounts
Discuss the ethics and governance in changing depreciation methods for the case below (1 000 words)
Explain how each of the following posting errors affects a trial balance.
Luke Company reported cost of goods sold of $650,000 for the year. How much cash did Luke spend on inventory purchases
Explain the audit risk model, including the relationship between audit risk, detection risk, inherent risk and control risk. Define substantive testing.
Discuss how the different components of the statement of cash flows either serve to increase or decrease the cash account.Describe the components
novelties inc. produces and sells highly faddish products directed toward the preteen market. a new product has come
The Fourth Bank time deposit is set aside for land acquisition in early January 2021. What total amount should be reported as cash
State law provides that all cash not immediately needed by school districts to finance current operations be forwarded to the counties in which the school districts are located
Apple Snacks manufactures a healthy alternative to potato chips called Garden Straws. Compute the cost allocation rate for each activity
Required - Ignoring income taxes, determine the effect that the errors will have on the following: Gross Profit and Ending Inventory
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