User Account

All Pages

What concerns might you have as the external auditor

Assignment Help Accounting Basics
Reference no: EM133144912

Question - Your client's draft 2021 year-end income statement indicated that the company earned $600,457 of profit. However, as you start the audit the client notifies you that the income statement has been adjusted for two missed sales transactions that had been reported in 2022 in error and that the corrected 2021 company profit is now $701,334.

You remembered that the client had told you in an earlier conversation that the company was seeking a substantial bank loan and one of the bank's requirements for the loan was that the company's 2021 profit be at least $700,000.

Required - What concerns might you have as the external auditor? What might you do?

Reference no: EM133144912

Questions Cloud

Equipment supply company in the south : Kentucky Derby, a successful farm equipment supply company in the South, has joined forces with Hammer and Nail, a national hardware and home retailer. As a res
Major concern of almost all investors : Risk is a major concern of almost all investors. When shareholders invest their money in a firm, they expect managers to take risk with those funds.
Name 5 tangible resources : Name 5 tangible resources, 5 intangible resources, and 5 organizational capabilities of Google.
Development of artificial intelligence technology : For this assignment, for the given topic, conduct research using scholarly sources, and write a thesis-driven report which presents and defends a conclusion usi
What concerns might you have as the external auditor : Your client's draft 2021 year-end income statement indicated that the company earned $600,457 of profit. What concerns might you have as the external auditor
Market considering the current legal system : Describe how likely it is for an entrepreneur to enter the market considering the current legal system . Justify your response.
Discussing medication administration via intramuscular : When discussing medication administration via intramuscular (IM) route with a student nurse, the nurse is correct when she states that the chief danger in givin
Consumer packaged goods company with multiple brands : Identify a consumer packaged goods company with multiple brands, and discuss how the brand portfolio of this company is able to maximize its brand equity.
Sample code of conduct for chosen business : 1. Have you ever been confronted with an ethical issue, for example, cheating on an exam or lying to your parents? How did you deal with it?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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