What type of auditor report should you issue

Assignment Help Accounting Basics
Reference no: EM133117936

Questions -

I. Kent Ltd is an Australian wine producer that is well known for their commitment to sustainable production and continuous improvement. The Kent Ltd has capitalised significant funds incurred in developing an improved new wine cap that allows the wine to continue to develop in the bottle. On 19 July, Kent Ltd applied for a patent for the cap, only to discover that a competitor had lodged a similar application on 15 June. The granting of Kent Ltd's patent application is now in serious doubt. Management do not believe any change to the financial report is required. What type of auditor's report should you issue? Explain the reason for your answer.

II. The entire Victoria operations of the company are under investigation by the Australian Tax Office for alleged failure to pay the appropriate amount of PAYG tax. As auditor, your preliminary investigations reveal that the Tax Office has a strong case against the company. However, there is no note to financial report regarding this issue. What type of auditor's report should you issue? Explain the reason for your answer.

III. The auditor of MIA insurance Ltd hires an actuary to assist in corroborating a client's complex superannuation calculations concerning accrued superannuation liabilities that account for 40 percent of the client's total liabilities. The actuary's findings are reasonably close to the client's calculations and support the financial report. What type of auditor's report should you issue? Explain the reason for your answer.

Reference no: EM133117936

Questions Cloud

Provide the accounting journal entries for the year ended : There are to be five annual payments of $140 000, the first being made on 30 June 2024. Provide the accounting journal entries for the year ended
What type of auditor report should you issue : Management does not believe that any change to the financial report is required. What type of auditor's report should you issue? Explain the reason
Determine the initial measurement of the lease liability : Present value of an annuity in arrears of $1 for five years at 8 per cent = 3.9927. Determine the initial measurement of the lease liability
Describe how you would monitor the work hours : Describe how you would monitor the work hours of the driver/tour guide and the efficiency involved in those hours
What type of auditor report should you issue : Management do not believe any change to the financial report is required. What type of auditor's report should you issue? Explain the reason for your answer
How much is the amount allocated to the preference share : The issue price of preference shares with share warrants is P8,000,000. How much is the amount allocated to the Preference share
What is the québec pension plan exemption you would apply : On July 15, 2021, he is paid $3,400.00 in commission. What is the Québec Pension Plan exemption you would apply to this payment
Calculate the annual incremental revenue : Quincy estimates that his company will detail an additional 10 cars per Saturday, 52 weeks per year. Calculate the annual incremental revenue
Describe and explain the process of communication : Describe and explain the process of communication and its importance in your own words. Draw or make an illustration where communication process starts

Reviews

Write a Review

Accounting Basics Questions & Answers

  Journalize the transactions using direct write-off method

Direct write-off method - Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables

  Pooh wants to purchase a car on jan 1 20x5 she plans to

pooh wants to purchase a car on jan 1 20x5. she plans to make five payments of 700 each year beginning jan 120x0 in a

  What is the total amount of interest paid over the life

How long will it take to pay off the mortgage? Include a cash flow diagram in your written work. Hints: The present worth of the sequence of payments

  What would the expected profit on the special order

Using the high-low method to budget costs of the special order, what would the expected profit on the special order be (use a negative sign for a loss)?

  Write the name of the corporation

Write the name of the corporation, the stock market where it is traded, and its ticker symbol in the Subject line when you respond to this posting

  Great corporation has the following situation debt one

great corporation has the following situation. debt one thousand bonds were issued five years ago at a coupon rate of

  How much will you need to invest on an annual basis

Problem - How much will you need to invest on an annual basis to have $1,000,000 at the end of 45 years assuming a 7% annual rate of return

  Determine the following measures for 2010

The comparative financial statements of Optical Solutions Inc. are as follows. The market price of Optical Solutions Inc. common stock was $60.00 on December 31, 2010. 

  A company purchased factory equipment for 100000 it is

a company purchased factory equipment for 100000. it is estimated that the equipment will have a 10000 salvage value at

  Why do take the opposing viewpoints

Why do they take these opposing viewpoints? if you read the articles closely enough you will be able to find important ethical principles

  What amount of equity method income

What amount of equity method income would Matthew recognize in 2021 from its ownership interest in Lindman

  Calculate the fixed overhead spending variance for the month

Lexi Belcher picked up the monthly report that Irvin Santamaria left on her desk. Calculate the fixed overhead spending variance for the month

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd