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Imaginary Services Co Pty. Ltd started trading last year, and has undergone a recent surge of growth due to increased demand for their Imaginary Service. Your firm was appointed auditor for Imaginary Services Co Pty. Ltd in August 2010. As a result of this timing, you did not get the opportunity to observe the physical inventory count as of 30 June 2010 as it was done prior to your appointment. Owing to the nature of the company's records, you have not been able to satisfy yourself as to inventory quantities. The inventory balance is material, however, you have found that controls over inventory are good, and that there is a low risk of misstatement for this asset. What type of audit report would you issue, and why? If the company was Imaginary Consumables Co Pty Ltd, and the controls over inventory were not so good, would this affect the audit report, and why?
Lenter Supply Corp. is a medium-sized distributor of wholesale hardware supplied in southern Manitoba. It has been a client of yours for several years and has instituted excellent internal control for sales at your recommendation.
Evaluate the amount of allowable loss deduction each shareholder would be able to recognize on their individual 2002 tax returns.
Identify the accounts affected and whether this will be an overstatement or understatement.
What is the revenue and collection cycle and in addition to ACCOUNTS RECEIVABLE, what are two other significant accounts related to REVENUE and COLLECTION?
What are the steps that are required for an auditor to finalize the audit? Which steps are the most crucial to the outcome of the audit? How will these steps affect the final audit decision?
large number of corporate collapses gave rise to a worldwide scrutiny of the accounting profession and the implosion
objectives understanding planning stage of the audit process review of client business and perform audit risk
Read the following scenario and identify any threats to compliance with the IFAC Code. ABC firm is the auditor of Company Ltd and has been for 10 years.
How can fictitious revenue be created through the use of false sales to shell companies? Discuss the method and result of committing this fraud.
What effects are decreases in reserve requirements likely to have on (a) bank reserves, (b) Federal Funds rates, (c) bank lending, (d) Treasury bill rates, and (e) the bank prime rate? Explain your answers.
Sole proprietor in pulic practice, plans to establish a separate department that will provide internal audit service to his audit clients.
amy industries and wholesales small tool. it sell the tool to a large group of regular customer and make most sale by
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