audit assurance, Auditing

Assignment Help:
You are the auditor of ABC Company and the audit process is almost complete. The audit report is due to be signed next week. However, the following additional information on two material events has been presented to you. The company’s year end was on 30 June 2012.

Event 1 – Occurred on 10 July 2012
The new products scheduled to be marketed in August 2012 have been found to be unsafe for use. The company estimated that the value of inventory of RM250,000 has to be revalued at RM100,000.

Event 2 – Occurred on 5 August 2012
Production of the company’s factory was stopped for one day due to the machine breakdown.
a) Justify whether the events are adjusting or non-adjusting events according to ISA 10 Events after the Reporting Period. *
i. State whether Event 1 is adjusting or non-adjusting event. Explain why you say so. ii. State whether Event 2 is adjusting or non-adjusting event. Explain why you say so.

Related Discussions:- audit assurance

Tds, how to operate distribute amount and section rate also provision party...

how to operate distribute amount and section rate also provision party bill

Writing an assignment, am happy to pay someone to do my acc assignment whic...

am happy to pay someone to do my acc assignment which is more auditing one

Identify and use audit procedures, (a) In order to draw reasonable conclusi...

(a) In order to draw reasonable conclusions, an auditor is required to identify and use audit procedures to gather audit evidence. You are required to identify and explain, five

Assertions about account, Assertions about account Assertions about ...

Assertions about account Assertions about account balances at the duration end: a) Existence -assets, equity and liabilities interests exist. b) Obligations and Ri

Explain audit risk -identify factors- audit work-planning , You are the par...

You are the partner in charge of the audit of Drugs4U Ltd, a company which develops, manufactures and sells to the a trade market a wide range of drugs which promote healthy living

Control problems in charities, Control Problems in Charities 1....

Control Problems in Charities 1. Door to door collections : Volunteers should be mattered along with numbered boxes, the boxes should be sealed, and the boxes should be

Beneficial ownership - audit process, Beneficial Ownership - Audit Process ...

Beneficial Ownership - Audit Process We have to examine documents of title as e.g. title motor vehicles, deeds and log books.  Whether there are no implied ownership can suffi

Distinguish between analytical procedures required by ASA315, what differen...

what difference between risk assessment procedure and substantive procedures? could you please provide some examples on each procedure?

Write Your Message!

Captcha
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