User Account

All Pages

Provide an opinion on pennypackers question

Assignment Help Financial Accounting
Reference no: EM131111616

Homeowners Association Financial Statements

A condominium Homeowners Association (HOA) uses the services of one member of the board of directors as the treasurer. The responsibilities of the treasurer include collecting monthly maintenance fees, paying bills, and managing the capital maintenance fund, which supports major exterior repairs and maintenance on the development. By-laws state that, at the end of each fiscal year, the board must issue to all residents a set of financial statements prepared by a certified public accountant (CPA).

One year, at the annual meeting, as the financial statements are passed out to members, resident Harvey Pennypacker questions the role the accountant plays in examining the work and records of the treasurer used in the preparation of the financial statements. He questions whether a full annual audit is necessary or perhaps a lower level nonaudit attestation service will do.

Assume you are a certified public accountant (CPA) working for the firm Dewey, Wright, and Moore. You have been called in to review the case of the HOA. Research the need for a full audit using online resources, and the Internet.

Respond to the following.

The HOA board has asked you to provide an opinion on Pennypacker's question. Would you recommend a full audit or a nonaudit attestation service? Explain why.

Reference no: EM131111616

Questions Cloud

What is the difference between a thin and a thick lens : 1.) Explain in your own words  What is the difference between a thin and a thick lens?a) State the lens makers equation and explain all parameters involved.
What is the total angular distance they have traveled : Two cyclists of equal mass of 70kg arrive perpendicular to each other at an intersection and collide completely inelastically. Cyclist 1 was traveling at 15 km/h and cyclist 2 was traveling at 19 k/m. Describe their new velocity (0) just after col..
Determine the firm''s annual loan payment : Determine the firm's annual loan payment. Prepare an amortization schedule for the loan. How much interest expense will Liz's firm have in each of the next 3 years as a result of this loan?
Effective critical thinking and problem : 1. Can you think of other examples from your professional life where effective critical thinking and problem solving helped fix an issue within an organization?
Provide an opinion on pennypackers question : The HOA board has asked you to provide an opinion on Pennypacker's question. Would you recommend a full audit or a nonaudit attestation service? Explain why.
Inflation rate and work out a spending program : Assume a 4% inflation rate and work out a spending program for your retirement that will allow you to increase your expenditure in line with inflation.
Describe the key elements needed in a business plan : Does the company executive summary describe the key elements needed in a business plan?
Explain why the interest portion of each payment declines : Calculate the annual, end-of-year loan payment. Prepare a loan amortization schedule showing the interest and principal breakdown of each of the three loan payments. Explain why the interest portion of each payment declines with the passage of time.
Explain the role of standard deviation in financial analysis : Graph the company's selected financial data. Explain the role of standard deviation in financial analysis. Explain any other uses for standard deviation in a business setting.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Record the sale of the equipment

Computer equipment (office equipment) purchased 6 1/2 years ago for $170,000, with an estimated life of 8 years and a residual value of $10,000, is now sold for $60,000 cash.

  Identify performance gaps between the bookstore results

Identify performance gaps between the Bookstore results and the AUCC averages and consider possible corrective actions and what objectives and related performance measures might she consider? Provide specific answers.

  Nbspfrom the data prepare journal ledger trial balance

nbspfrom the data prepare journal ledger trial balance financial statements.for the past several years dawn lytle has

  Compute property tax rate per net assessed valuation

Compute the property tax rate per $1,000 net assessed valuation (this rate is often called the millage). Round fractional cents to the next higher whole cent.

  Prepare reconciliation schedule to reconcile 2011 net income

Prepare a reconciliation schedule to reconcile 2011 net income and December 31, 2011 stockholders equity from a U.S. GAAP basis to IFRS. Ignore income taxes. Prepare a note to explain each adjustment made in the reconciliation schedule.

  Dishonored note receivable by payee-inventory costing method

A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the First-In, First-Out inventory costing method, what is th..

  Inventory costing methods

Belden started the year with 3,400 units of inventory with a unit cost of $9. During the year, it bought 10,200 units at a cost of $10 per unit. A year-end count revealed 1,700 units on hand.

  Compute the operating income for 2007chan manufacturing

compute the operating income for 2007chan manufacturing company data for 20x7 followsales 12000 units at 17 eachactual

  Calculate amount of dividends in arrears on zeta preferred

Calculate amount of dividends in arrears on Zeta’s preferred stock and briefly explain how this amount will be known to investors and creditors who may use the company’s fin ancial statements.

  Write a journal entry to show effects of the payroll accrual

Other accrued liabilities-payroll For the payroll period ended on June 25, 2013. Use the horizontal model or write the journal entry to show the effects of the payroll accrual on June 25, 2013.

  Discuss the specific steps that larry stewart take

Using the code of ethics for management accountants, evaluate the changes that Silverado's management is considering, and discuss the specific steps that Larry Stewart should take to resolve the situation.

  Explain how much of loss can karen report on her tax return

During the year the partnership incurs a $ 120,000 loss. Explain how much of the loss can Karen report on her tax return for the current year?

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