What type of communication should angelo

Assignment Help Accounting Basics
Reference no: EM132712180

Conversations between the board of directors of Acme Lid. and the engagement partner of the financial audit, Angelo Del Santo, have revealed that Acme uses three legal firms. Ball and Partners performs all legal work related to property transfers, mortgages, and planning applications. Brond Associates handles all employment matters, such as claims for unfair dismissal and complex employment contracts. Zimmerman and Co. is retained for all other matters, such as agreements relating to products and suppliers and any international matters.

Required

Problem a What type of communication should Angelo and his audit team have with each legal firm? Explain. 

Problem b What procedures could Angelo perform to find out whether any other legal firms have performed work for Acme during the financial year?

Reference no: EM132712180

Questions Cloud

What are the ten must-have skills of an IT architect : What are the 10 must-have skills of an IT architect? what among the ten skills enlisted, a business CEO must also possess? Pick at least 3 and explain
Set up an operating cash flow statement : Set up an operating cash flow statement, and calculate the payback, discounted payback, NPV, IRR, and MIRR of the replacement project
Calculate the minimum ticket price that must be charged : Using Goal Seek, calculate the minimum ticket price that must be charged in the first year in order to make the project acceptable
How should liability reported in the statement of financial : A P12 million 9% bank loan is payable on October 31, 2027. How should liability reported in the statement of financial position?
What type of communication should angelo : What procedures could Angelo perform to find out whether any other legal firms have performed work for Acme during the financial year?
Draft talbert journal entry to record the change : Draft Talbert's 2020 journal entry to record the change in accounting policy, assuming that the company's financial statements are reliable
Which financial journal should use : Which financial journal should you use? The customer realises they only needed $600 worth of lollies. The owner agrees to allow them to return the surplus
What procedures should angelo perform with respect to legal : Zimmerman and Co. is retained for all other matters, What procedures should Angelo perform with respect to legal expenses and potential claims?
How do prepare a report comparing the master : how do you prepare a report comparing the master 2019 operating budget with actual data for 2019. Do not calculate budget variances.

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.

  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!

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