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Question - In respect of the storage of materials prior to their use in the manufacturing of car components at the Sabah factory:
Gold and platinum used in the manufacture of catalytic converters are not stored securely; and
Poisonous chemicals used in the manufacture of car batteries are kept in open tanks in an area of the factory with unrestricted access. Your firm did not observe the counting of the inventories at 31 March 2019 and was unable to obtain sufficient appropriate audit evidence regarding the opening inventory balance of RM10.2 million. The draft financial statements for the year ended 31 March 2020 show profit before tax of RM103.9 million. Your firm is of the opinion that the statement of financial position at 31 March 2020 is fairly presented.
Required -
(i) In respect of the facts given above, highlight the internal control deficiencies, draft points for inclusion in your firm's report to those charged with governance and management of Usaha. For each deficiency, you should outline the possible consequence(s) of the deficiency and provide recommendations to address it.
(ii) Explain the implications for the auditor's report on the financial statements for the year ended 31 March 2020 of your firm being unable to obtain sufficient appropriate audit evidence in respect of the opening inventory balance.
Payroll Tax Entries Allison Hardware Company's payroll for November 2010 is summarized below. At this point in the year some employees have already received wages in excess of those to which payroll taxes apply.
If the actual December 31st A/R balance was $12,000; projected sales in March are $50,000; 70% of sales are on credit; 60% of credit sales are collected in the month of sale and 40% are collected in the month after the sale, what is the projected ..
Hank purchased a $20,500 car two years ago using a 8 percent, 4-year loan. He has decided that he would sell the car now.
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HI6026 ACCOUNTING THEORY & CURRENT ISSUES Discuss the nature and value to society of the research being done by BSF Ltd - Discuss the problems with the early the research done by BSF Ltd.
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Calculate: (a) the breakeven point in units, (b) the breakeven point in dollars, (c) the profit or loss if 34,000 toys were sold, (d) the margin of safety
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John will supervise two audit assistants on the engagement and will visit the client again before the audit eldwork begins. Discuss eight planning activities
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