User Account

All Pages

What are their obligations regarding preparation

Assignment Help Accounting Basics
Reference no: EM132643517

Question - You are a new graduate at JOKO, a medium sized audit firm. Ti Spoon, one of the partners has asked you to assist in drafting a memo which she will use to address the audit committee of Kuppa Ltd. The company is expanding rapidly and currently has 12 shareholders, assets of $50 million and annual revenue of $20 million. Kuppa Ltd, a New Zealand company, is a new client and the audit committee has asked your firm for some guidance on the legal environment relating to their governance responsibilities. In particular, they have asked for clarification on certain matters:

Required: Ti Spoon has requested you to provide her with answers on the following (you are not required to provide references to sections of any Acts):

a. For how long is the company required to keep accounting records and copies of financial statements?

b. What are their obligations regarding preparation and audit of financial statements under each of the following scenarios:

i. Their current situation,

ii. If they continue to expand rapidly?

iii. If they decide to list on the New Zealand Stock Exchange?

Reference no: EM132643517

Questions Cloud

Contrast the two different common types of benchmarks : Compare and contrast the two different common types of benchmarks used for analyzing an organization's performance when using financial statements.
Diverse skills and mindset of ethical hacker : Given the rich and diverse skills and mindset of an ethical hacker (technical, administrative, and physical measures),
What is the amount of non-controlling interest : Subsidiary A with total shareholders' equity of 1$ million. What is the amount of Non-controlling interest to appear on the consolidated balance sheet?
Discusses decision making using system modeling : Discusses decision making using system modeling. The author briefly mentions an open source software tool, EMA Workbench, that can perform EMA
What are their obligations regarding preparation : What are their obligations regarding preparation and audit of financial statements under each of the following scenarios: Their current situation
Briefly explain why it is strange that situation in scenario : Briefly explain why it is strange that the situation in Scenario 2 arose in the light of NZX Listing Rules
Bussiness continuity and disaster management : Select a major organization that was located in the Hurricane Katrina disaster area. Research their experiences and prepare a report detailing the unexpected
What is the present value of receiving at end of six years : What is the present value of receiving $4,800,000 at the end of six years assuming an interest rate of 5 percent? Show the proper calculation.
Strategic importance of cloud computing in business : Research at least two articles on the topic of the strategic importance of cloud computing in business organizations.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare an income statement for the year

Prepare an income statement for the year 2010 using the multiple-step form. Common shares outstanding for 2010 total 40,550 (000 omitted)

  The credit purchase of a delivery truck for 4700 was

the credit purchase of a delivery truck for 4700 was recorded to delivery trucks as a 4700 debit and to accounts

  What financial statement accounts are affected by this lease

Assume Grant capitalizes the lease. What financial statement accounts are affected by this lease, and what is the amount of each effect

  Rugged sports enterprises lp is organized

1.Rugged Sports Enterprises LP is organized as a limited partnership consisting of two individual partners:

  Find what does net present value mean

What does Net Present Value mean? If the investment to generate the cash flows in question 8 were $2,000, what would the NPV be assuming

  Determine a present value index for each proposal

Assuming that the desired rate of return is 15%, prepare a net present value analysis for each proposal. Determine a present value index for each proposal

  Record the unrealized gains or losses occurring at year end

S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2018, S&L purchased Coca-Cola bonds.

  Tyrene products manufactures recreational equipment one of

tyrene products manufactures recreational equipment. one of the companys products a skateboard sells for 32. the

  Prepare various budgets for a manufacturing company

This group project requires the use of EXCEL spreadsheets to prepare various budgets for a manufacturing company. For this purpose the class is asked to form groups of 2students and allocate the task among them equitably. It is important that all par..

  General capital assets purchased or constructed with

1 general capital assets purchased or constructed with governemental fund resources are recorded in the governmental

  Discuss about the volatility and possible factors

150 words per company, including the background and analysis. For currencies speak about the volatility and possible factors instead of background.

  How is fraud committed on behalf of an organization

How is fraud committed on behalf of an organization (such as financial statement fraud) different from fraud committed against an organization (such as embezzlement)?

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