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Leeanne Harris is the director of Quick Clean Pty Ltd, a family business that provides cleaning services. As Leeanne is interested in purchasing some new cleaning equipment for her business, she has approached a bank for finance. The bank has requested that Leeanne provide an audited financial report to assist them in considering her loan request. Leeanne has approached your firm for this service and you have been allocated the task of auditing Quick Clean for the year ended 30 June 2018. You have undertaken a preliminary review of the business and determined that a substantive testing approach would be appropriate. You are now preparing an audit program for the revenue cycle.
The following information has been obtained from your review:
Required:
Problem 1: For each of the assertions of accuracy, completeness and occurrence, identify a procedure you could use to audit Quick Clean's revenue.
Purchased inventory on account and Sold inventory below its cost at a loss
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Which one is an agency cost? accepting an investment opportunity that will add value to the firm. / increasing the quarterly dividend.
The board members call you, their trusted CPA, to advise them on how Raffie's Kids should report the mortgage on its balance sheet. Provide your recommendation and discuss the reason for your recommendation.
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