User Account

All Pages

What the auditor will either do or request management to do

Assignment Help Accounting Basics
Reference no: EM132699115

Question - You are the auditor of VIT Ltd. On 8 September 2019, you read in the newspaper that VIT has lost a court case and was ordered to compensate the other party an amount of $33 million. The court case started in 2018 and related to a warehouse built by VIT for one of its clients which caught fire due to faulty electrical wiring. The wiring was carried out by one of VIT's electrical contractors.

Additional information:

Annual balance date: 30 June 2019

Completion of audit fieldwork: 17 August 2019

The signing of audit report: 23 August 2019

Publication of financial statements: 4 September 2019

Required - State what the auditor will either do or request Management to do. Justify your response.

Reference no: EM132699115

Questions Cloud

Explain why determination of materiality : Explain why determination of materiality is a matter of auditor judgment. Refer to both qualitative and quantitative materiality assessments
What are your thoughts regarding rita condition : You are caring for a 6 year old female patient name Rita in the hospital. She is 2 hours post-op from acute appendicitis. She had a laparoscopic appendectomy.
Key elements of a supply chain : Most organizations use a single framework or a combination of frameworks to develop supply chains. What is a supply chain?
Explain the decision of management to undertake an asset : Explain the decision of management to undertake an asset revaluation in relation to the bonus plan hypothesis of Positive Accounting Theory.
What the auditor will either do or request management to do : The wiring was carried out by one of VIT's electrical contractors. State what the auditor will either do or request Management to do. Justify your response
Do think that the remuneration scheme explained in article : Do you think that the remuneration scheme explained in the article will work in the way intended under agency theory for Whitehaven Ltd? Why or why not?
Create hypothetical business scenario : Create a hypothetical business scenario in which there is a clear ethics violation.
What impact have you observed in the populations : Respond to the Case Study presented in Chapter 12 (p. 286) about direct-to-consumer advertising of prescription drugs. What impact have you observed.
Describe the three types of project risks : Describe the three types of project risks and detail the situation in which each type is most relevant when making a capital budgeting decision

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