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Question - Southern Shopping Centres has borrowed heavily in recent years. The pressures of rapid expansion have been felt within its finance department, and the chief financial officer (CFO) has begun to make mistakes. The CFO neglected to reclassify some of Southern's debts from non-current liabilities to current liabilities following default on some terms of the contract with an international banking syndicate and did not include several Contingent Liabilities in the notes to the accounts.
The million-dollar mistakes were not detected by either the directors or the auditors, and the financial report and audit report were published without including or referring to these issues. Following discovery of the mistake, the shares in Southern Shopping Centres lost value rapidly and the company was placed into liquidation.
Required - What is the auditor's liability for losses suffered by:
(i) Southern Shopping Centre, and
(ii) Third parties.
Discuss the trade-offs between risk and return for the following: (i) Holding a large cash balance; (ii) Holding a small cash balance
Make some conclusions about the company's performance. Discuss in detail what was done well and what could be improved in 2021.
bob has 2000000 of shoes in stock that cost 12 per pair. you are also able to determine the following amountsnrv 11.25
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