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Question - In forming the auditor's opinion, the auditor is required to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether due to fraud or error (ISA 200: Overall Objective of the Independent Auditor, and the Conduct of an Audit in Accordance with International Standards on Auditing).
Required -
(a) Explain THREE (3) reasons why an audit of financial statement could only provide reasonable assurance but not absolute assurance.
(b) Explain the TWO (2) different type of fraud and give relevant example for both.
On February 14, 2019, J company acquired land and building with a fair value of P 5,200,000 by issuing 3-year, Find the cost of the land
Record for High Corporation the required adjusting journal entries on December 31, 2020 for the below transactions
Compute Kunto's gross income from the certificate for 2015. Compute Kunto's gross income from the certificate for 2016. Round any amounts to the nearest dollar.
amir who is single retired from his job this year. he received a salary of 25000 for the portion of the year that he
Conversion costs were applied for 7,000 units of production in March. How does the accounting in a JIT environment differ from traditional accounting
On May 1, 2011, $120,000 of the bonds were redeemed at 111. How much, and what type of gain or loss, most likely results from this redemption?
Compute the basic EPS for Dimaculangan Company in Dimaculangan issued 10,000 shares of 10%, 100 par, cumulative, preference shares.
Assume that partnership net income in the first year is $300,000. What is the balance in Green's capital account at the end of the year
running corp. manufactures two models of a fishing reel deluxe and supreme selling for 90 and 150 respectively. there
During the month, inventory costing $300,000 was completed and transferred to the Finished Goods Inventory. What was OE Cost of Goods Manufactured for the month
Based on the following information for March, Estimated historical gross profit rate on net sales 35%. calculate Kay's' ending inventory at March 31
Peter Senen produces a product through a continuous process. What is the adjustment for normal lost units during the month?
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