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On discovery of an omitted procedure, the auditor should assess its importance to his or her ability to currently support the opinion expressed on the financial statements. A review of the working papers and a reevaluation of the overall scope of the audit may enable the auditor to conclude that he or she can still support the previously expressed opinion. Alternatively, AU 390.05, Consideration of Omitted Procedures after the Report Date, indicates that if the auditor decides that the opinion cannot be supported and he or she believes persons are currently relying on the report, the auditor should promptly perform the omitted procedures or alternative procedures that would provide a satisfactory basis for the opinion.
When a satisfactory basis for an opinion is obtained and the evidence supports the opinion expressed, the auditor has no further responsibility. However, if the performance of the omitted procedures reveals facts existing at the report date that would have changed the previously expressed opinion, the auditor should follow the notification procedures described in the last paragraph of the preceding section to prevent further reliance on the report. If the auditor is unable to perform the omitted or alternative procedures, he or she should consult an attorney to determine an appropriate course of action.
QUESTION:
When such an event occurs and is appropriately reflected in the financial statements, what are the auditor's alternatives with respect to dating the audit report and the conditions applicable to each alternative?
Accompanying the bank statement was a debit memo for an NSF check received from a customer. What entry is required in the company's accounts?
During the current year, the Yellow Rose Company completed construction of a new assembly facility in Ocala, Florida. The facility will receive components from Yellow Rose other facilities and assemble them for shipment to distributors. The follow..
The production department has met all production requirements for the current month and has an opportunity to produce additional units of product with its excess capacity. Unit selling prices and unit costs for three different drill models are as ..
Barbara and Bill formed an equal partnership, B&B, a general partnership, on January 1, 2011. Barbara contributed $100,000 in exchange for her one-half interest.
Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $80,000 and $120,000 respectively. Income Summary has a credit balance of $30,000. What is Saturn's capital balance after closing Income Summary to Capi..
During the year, Oscar travels from Raleigh to Moscow (Russia) on business. His time was spent as follows: 2 days travel (one day each way), 2 days business, and 2 days personal. His expenses for the trip were as follows (meals and lodging reflect..
Mitchell's usual billing rate is $700 per hour, and Fink's stock has a book value of $250 per share. By what amount will Fink's Paid-in capital - excess of par increase for this transaction?
Calculate the amount of additional investment that the stockholders made during 2011. Assuming that the corporation declared and paid $10,000 in dividends during 2011, calcuate the amount of net income earned by the corporation during 2011.
During the year just ended, Kerry Company's income under absorption costing was $3,000 lower than its income under variable costing.
For the Project, you will need to submit a written research paper which answers the following questions. This Project is due by Sunday, December 9, 2012. Please read the instructions below.
Which section of the IRC describes the forms of substantiation a taxpayer must maintain in order to claim valid business-related entertainment expense deductions?
On July 1, a city issued, at par, $100 million in 6 per-cent, 20-year general obligation bonds. It established a debt service fund to account for resources set aside to pay interest and principal on the obligations.
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