Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Questions -
Q1. You have been the in-charge on the audit of Crake Storm for the last two years and you have built up a good professional relationship with the Finance Director, Cynthia Plant. She has been very happy with the professionalism and efficiency with which you and your firm have carried out the external audit. Cynthia is currently conducting a review of the company's internal audit department and has asked for your thoughts on your firm carrying out this work.
Required - Prepare notes for a meeting with Cynthia Plant which highlight the advantages and disadvantages of the external auditor conducting internal audit work.
Q2. Sonny Manufacturing Ltd sought a $2 million loan from Bank of Australia. The bank insisted that audited financial statements be submitted before it would extend the credit. Sonny agreed for it and also agreed to pay the audit fee. An audit was performed by an independent qualified accountant who submitted his report to Sonny to be used solely for the purpose of the loan negotiation with the bank. The bank, after reviewing the audited financial statements, decided not to extend the loan to Sonny. The bank had been using some ratios from the financial statements and decided they were too low. Sonny used the financial statements to obtain a loan from another financial institution. However, it was subsequently discovered that the auditor had failed to detect a significant embezzlement by a senior manager at Sonny.
Required - a. What are the liabilities, if any, of the auditor? To whom is the auditor liable?
b. What factors should appropriately be considered before the auditor's liability is confirmed?
What is the role of ethics in the financial reporting process? Describe the interrelationships of the financial statements
The following are KTH Inc.'s production costs for Oct 2011: Direct materials 200,000. What amount of cost should be traced to specific products
assume theres no beginning work-in-process inventory and the ending work-in-process inventory is 70 complete with
Compute the normal and abnormal in units for November, assuming the inspection point is at (a) the 30% stage of completion, (b) the 60% stage of completion
Prepare Arturo's journal entry to record its acquisition of Westmont. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
On 1 August 2020 Apple Ltd issues 50,000 shares at $1.00. Prepare journal entries required to record the transactions
Ridge Crest Company has beginning Retained Earnings of $30,000, ending Retained Earnings of $36,800, What was the amount of dividends declared during the year
The current stock price is $35 and its volatility is 35%. The risk-free rate is 4% and the expected return on the stock is 10%. What is the value of the option
Work in process (WP) 70,000, Finished goods 70,000, and Transferred inventory 35,000. What the value of these inventories are decreased at the book of Stafford
He uses the funds to pay for his college tuition and other qualified higher education expenses. How much of the $20,000 is taxable to Van
Describe how the accounts receivable and the allowance for doubtful accounts are reported on the balance sheet
assume that x company has decided to switch to an activity-based costing allocation system. it has identified three
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd