Identify if this requires a modification of or a deviation

Assignment Help Accounting Basics

Reference no: EM13128522

One of your audit clients has a material investment in a privately-held biosciences company. Your audit firm engaged a business valuation specialist to assist in evaluating the client's estimation of the investment's fair value. You conclude that the valuation specialist's work provides sufficient appropriate audit evidence.

a. Identify if this requires a modification of or a deviation from an unqualified standard report.

b. State the level of materiality as immaterial, material, or highly material

c. given your answers, state the type of audit report that should be issued

Reference no: EM13128522

Questions Cloud

Explain description of amino acids : Description of amino acids, Chiral compounds occur when a carbon atom has four different things bonded to it. All but the simplest amino acids (glycine) are chiral because the alpha carbon has an amine group

Find probability that none of the men will say yes : A random sample of 12 single men were asked if they would welcome a woman asking them for a date. using the binomial probability table, find the probability that: none of the men will say yes.

Explain how much higher is the manager bonus : The net income after taxes is $11,200 for FIFO and $9,800 for LIFO. The tax rate is 30%. The bonus rate is 20%. Explain how much higher is the manager's bonus if FIFO is adopted instead of LIFO?

Change of coordinates lagrangian : Consider a Lagrangian system, with configuration space R^n, given by (x^1, ... x^n); and Lagrangian L(x', ..., x^n; v^1, ... v^n). Now consider a new system of coordinates, (y^1,... ^n),

Identify if this requires a modification of or a deviation : One of your audit clients has a material investment in a privately-held biosciences company. Your audit firm engaged a business valuation specialist to assist in evaluating the client's estimation of the investment's fair value. You conclude that ..

Basic and diluted earnings per share : Compute Brisbane's basic and diluted earnings per share for 2006.

What was the original volume : Hydrogen was cooled from 150 c to 50 c. It's new volume is 75 ml. What was the original volume?

Calculate its markup percentage using variable-cost pricing : variable manufacturing overhead $18; fixed manufacturing overhead $42; variable selling and administrative expenses $14; and fixed selling and administrative expenses $28. Its desired ROI per unit is $30. Calculate its markup percentage using varia..

How to explain divergence in margins : By contrast, the large retail grocery chains (Kroger, Safeway, etc.) that sell cereal make much smaller margins. What would explain this divergence in margins?

User Account

All Pages