User Account

All Pages

How should it affect the type of audit opinion given?

Assignment Help Business Management
Reference no: EM13866087

Kinetics, Inc. included the following footnote in its December 31, 2013, financial statements:

We corrected the misstatement of capitalized advertising costs recorded in 2012 by adjusting operating expenses for 2013, and crediting the asset account. The result of this correction is to reduce income by $500,000 for 2013 [a material amount] and reduce recorded assets by a like amount.

How would you determine whether to include reference to the correction in the audit report? If reference is needed, how should it affect the type of audit opinion given?

Reference no: EM13866087

Questions Cloud

What would you do if you were arty? : Moreover, the firm has never had any accounting issues with respect to the client Assume the firm decides it is not necessary to do the additional testing What would you do if you were Arty? Consider in your answer the ethics of the situation and rep..
Value is attributable to goodwill with indefinite life : Dodge, Incorporated acquires 15% of Gates Corporation on January 1, 2011, for $105,000 when the book value of Gates was $600,000. During 2011 Gates reported net income of $150,000 and paid dividends of $50,000. On January 2, 2012, Dodge purchased an ..
Rules of professional conduct in the aicpa code? : What do you think is meant by the term ethical auditing with respect to principles and rules of professional conduct in the AICPA Code?
What is the amount that anne realized on the sale : Anne sold her home for $290,000 in 2015. Selling expenses were $17,400. She purchased it in 2009 for $200,000. During the period of ownership, Anne had done the following: Deducted $50,500 office-in-home expenses, which included $4,500 in depreciatio..
How should it affect the type of audit opinion given? : How would you determine whether to include reference to the correction in the audit report? If reference is needed how should it affect the type of audit opinion given?
Discuss whether jonni is behaving in professional manner : At the end of the current month, Jonni Rembert prepared a trail balance for star Rescue Service. The credit side of the trail balance exceeds the debit side by a significant amount. Jonni has decided to add the difference to the balance of the miscel..
What is the tax savings from the special tax treatment : Daniel is considering selling two stocks that have not fared well over recent years. A friend recently informed Daniel that one of his stocks has a special designation, which allows him to treat a loss up to $42,000 on this stock as an ordinary loss ..
How do the standards in coso integrated framework : The results indicate that 88 percent of the representatives who took part in the survey believe that companies devote little management attention to considering the effect of the culture on their executives What are the elements of the corporate cult..
A one-sign-reversal project should be accepted if it : A one-sign-reversal project should be accepted if it

Reviews

Write a Review

Business Management Questions & Answers

  Planning takes information from the master schedule

Materials requirement planning takes information from the master schedule that is a detailed plan for future production. Because of the needs of the firm, the master schedule must be stated in terms of complete assemblies. Do you agree or disagree wi..

  Show the steps in decision maing

Set managerial objectives and what do we want to achieve in the process? This activity may also be called recognizing the problem to solve.

  Design a control system

Design a control system that you think will best motivate has slackened. There is increasing evidence that, to make their jobs easier, salespeople are primarily salespeople to achieve these goals.

  Describe how you would go about assessing whether

What are few of the staffing factors that could be contributing to this problem and Describe how you would go about assessing whether it is in fact a training problem

  What do you believe caused the conflictgoodwill

what do you believe caused the conflictgoodwill emailpurpose the purpose of this email is to finalize the plan for the

  What makes twitter appealing

Why does 'the violence of a start up' apply to Twitter and initially, why was Twitter not preoccupied with earning a profit? How did this corporate mindset change?

  Illustrate the purpose of the uniform commercial code ucc

what is the purpose of the uniform commercial code ucc? what types of transactions are covered by the ucc? what

  Addresses minimizing negative conflict

What steps can a manager take to minimize negative conflict and provide specific actions/steps to minimize conflict that a manager can implement.

  Criminal justice practitioners and networkingnetworking is

criminal justice practitioners and networkingnetworking is paramount to finding a job in the criminal justice system.

  Discuses reason why an entrepreneur would use

Discuses reason why an entrepreneur would use his or her own money to finance business. Then deliberate reasons why an entrepreneur

  Circle of trustin the 80s mcdonalds conducted a study to

circle of trustin the 80s mcdonalds conducted a study to determine what motivated its employees to steal. their studies

  Needs to be reevaluated and implemented

The 6-8 page research paper must be professionally composed with a cover page and a reference page. The cover and reference pages cannot be counted towards the number page requirement. The topic will include any one employment practice withi..

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