What responsibilities does michael have

Assignment Help Accounting Basics

Reference no: EM131900365

Problem

Lando Corporation is a domestic company with two wholly-owned subsidiaries. Michael, CPA, has been engaged to audit the financial statements of the parent company and one of its subsidiaries and to serve as the group auditor. Thomas, CPA, has audited the financial statements of the other subsidiary whose operations are material in relation to the consolidated financial statements. The work performed by Michaels is sufficient for serving as the group auditor and to report as such on the financial statements. Michael has not yet decided whether to refer to the part of the audit performed by Thomas.

• What responsibilities does Michael have with respect to Thomas when deciding whether to rely on the work of Thomas?

• What are the reporting requirements with which Michael must comply in naming Thomas and referring to the work done by Thomas?

• What report should be issued if Michael does not wish to assume responsibility for Thomas's work or refer to Thomas's work?

Reference no: EM131900365

Questions Cloud

Shore of lake winnipesauke and discovered : In which year did a couple of construction workers dig up a suspicious lump of clay near the shore of Lake Winnipesauke and discovered an artifacts

Prepare the closing entries at december : Service revenue $50,000; salaries and wages expense $27,000 and supplies expense $7,000. Prepare the closing entries at December 31

Modern art in the us pop art movement : Assignment Modern Art in the U.S. Pop Art Movement Review our reading on the Pop Art movement. Write an essay in your own words that addresses the points below

What is the capacity of the system to process checks : Work the problem below, answering parts a, b, and c. Be sure to show all of your calculations. Answers submitted without the supporting calculations will not.

What responsibilities does michael have : What responsibilities does Michael have with respect to Thomas when deciding whether to rely on the work of Thomas?

What actual amount of manufacturing overhead cost incurred : What actual amount of manufacturing overhead cost was incurred during August 2012? What amount of manufacturing overhead was allocated to all jobs during August

What tools have you developed to resolve conflict : Have any of you worked at a company that had constructive conflict resolution processes or tools or gave training on constructive conflict resolution?

Compare the religions of ancient egypt : 1. Compare the religions of ancient Egypt, Mesopotamia, Hebrews and Greeks.

Computing the standard time for the job : A worker-machine operation was found to involve 3.3 minutes of machine time per cycle in the course of 40 cycles of stopwatch study.

User Account

All Pages