Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
You are auditing XYZ company for the year ended 12/31/2012 and will be expressing an opinion on their financial statements as of that date. You completed your field work on 1/21/13 and are now preparing your audit report and opinion. For each of the following, independent scenarios, describe how they should affect the financial statements for 12/31/2012.a) A large accounts receivable from ABC to XYZ (material to the financial statements) was considered fully collectible at 12/31/12. However, ABC suffered a plant explosion on 1/25/13. Because ABC was uninsured, it is not likely that the account will not be paid.b) The tax court ruled in favor of XYZ on 1/26/13. The case involved deductions XYZ claimed on their 2006 and 2007 tax returns. In accruing taxes payable, XYZ provided for the full amount of the potential disallowances. The IRS has indicated it will not appear the court's decision.c) XYZ's manufacturing division, whose assets constituted 45% of XYZ's total assets, was sold on 2/1/13. The new owner assumed the bonded indebtedness associated with the division.d) On 1/15/13, a major investment advisor issued a negative report on XYZ's future prospects. The market price of XYZ's common stock subsequently fell by 40%.
Existence - Plant and Machinery However this should generally be checked through physical inspection, so a problem arises. Items of machinery and plant can be numerous mobile
#Fortex Limited, the meat processing firm, was formed in 1985 from three smaller companies. In 1993, however, after a few years of spectacular growth, the company collapsed. a) S
Auditor performs analytical work only at the end of the audit. Ans: I disagree with the statement because: i) Analytical work/procedures are used to obtain an understanding o
Audit Sampling ISA 530 Audit Sampling and Other Selective Testing Procedures states Audit sampling is the application of a compliance or substantive procedure to less than 100%
Dealings with Directors and Other Parties - Sundry Debtors and Loans Dealings along with directors and other related parties: The auditor's duties are follows as: i. The revi
With reference to the case study business, identify appropriate audit tests to be carried out. Prepare a statement of the work to be carried out and the manner in which it will be
what factors of stoc verification
Bank - Cash and Bank Balances The major concern in this area is to establish the existence of the balances and more currently due to failures in some financial institutions in
Kelley Brent, CA, is a partner in a one-office CA firm that audits Dane, Inc., a closely held corporation. Kelley''''s sister was recently appointed as the chief financial officer
describe possible factors in the auditor-client relationship that can make it more difficult for the auditor to detect fruad
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd