Explain the consolidated ?nancial statements of bgi

Assignment Help Financial Management
Reference no: EM13214822

The CPA firm of May & Marty has audited the consolidated financial statements of BGI Corporation. May & Marty examined the parent company and all subsidiaries except for BGI-Western Corporation, which was audited by the CPA ?rm of Dey & Dee. BGI-Western constituted approximately 10 percent of the consolidated assets and 6 percent of the consolidated revenue.

Dey & Dee issued an unquali?ed opinion on the ?nancial statements of BGI-Western. May & Marty will be issuing an unquali?ed opinion on the consolidated ?nancial statements of BGI.


a. What procedures should May & Marty consider performing with respect to Dey & Dee's examination of BGI-Western's ?nancial statements that will be appropriate whether or not reference is to be made to the other auditors?

b. Describe the various circumstances under which May & Marty could take responsibility for the work of Dey & Dee and make no reference to Dey & Dee's examination of BGI-Western in its own report on the consolidated ?nancial statements of BGI.

Reference no: EM13214822

Previous Q& A

  What is the radius of the curve

A car with a mass of 1,200 kilograms is moving around a circular curve at a uniform velocity of 20 meters per second. the centripetel force on the car is 6,000 newtons. what is the radius of the curve?

  What are the most distinctive landmarks of african culture

What are the most distinctive landmarks of African culture? How do these reflect the preservation of cultural values? Explain why we call the Age of the Baroque an era of piety and extravagance? Use specific examples from the readings to support your..

  Sngry condition support the idea

The results of Schachterand Singer's experiment in which participants were injected with epinephrine just befor spending time in a happy condition or an sngry condition support the idea that

  Develop reason in order to achieve lucid summations

What people need is a quality of mind that will help them to use information and to develop reason in order to achieve lucid summations of what is going on in the world and of what may be happening within themselves.

  Describe the dividend-discount model

The Dividend-Discount Model can be used to determine the value of a firm's equity-i.e., the current price of a share of stock. We will use this model to estimate the value of a share of your firm's stock and compare this estimate to the current ma..

  The most striking cloudmark in jupiter''s atmosphere

The most striking "cloudmark" in Jupiter's atmosphere is the

  What would joy advertising expenditure

What would be the effect of a $5000 increase in the competitors' advertisement expenditure and outlet demand curve c) What would joy's advertising expenditure have to be to counteract this effect?

  Prepare a cost of production report for sifting department

Lily Flour Company manufactures flour by a series of three processes, beginning with wheat being introduced in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as a pac..

  Compression of a gaussian function

Prove that the two-dimensional compression of a Gaussian function in three dimensions is still a Gaussian.

  Find out that all of casters were defective and unusable

This caused the company to default on several contracts for rolling cabinets as it ran out of casters before it could secure replacements for the defective ones. Cabinet Co. was able to replace the casters at a 15% increase in cost.


Write a Review


Similar Q& A

  Prepare the consolidated financial statements

Prepare all consolidation adjustment entries required to prepare the consolidated financial statements as at 30 June 2011.  Provide a brief heading for each adjustment that you prepare.

  Develop a strategy to take advantage of the mispricing

Demonstrate why you believe the option is mispriced and develop a strategy to take advantage of the mispricing, assume you are correct with your estimate of historical volatility.

  Calculate the required investment in nowc

Recalculate the NPV assuming the machine press can only be sold for $45,000 at the end of year four. Does this change have an impact on their decision?

  Evaluate the company''s weights of capital

Evaluate the company's weights of capital (debt, preferred stock and common stock) and estimate the company's before-tax and after-tax component cost of debt.

  Companies for building up cash and not paying dividends

Why did Microsoft decide in 2004 to double its cash dividend and buy back up to $30 billion of the company's stock over the next four years?

  Risk management attributes of a eur

What pairing of options would come closest to achieving the same risk management attributes of a EUR/USD six month forward contract

  Current price of stock problem

The current price of Yusof Corporation stock is RM26.50 per share. Earnings next year should be RM2 per share and it should pay a RM1 dividend. The P/E multiple is 15 times on average. What price would you expect for Yusof Corporation’s stock in the ..

  Replacement analysis

This document show the Replacement Analysis of modling machine. Is replacement give profit to company or not?

  Calculate the aud-jpy cross rate

What statement about spot and forward exchange rates is correct and calculate the AUD/JPY cross rate when the following FX spot rates are quoted

  Identify appropriate industry specific ratios

Discuss the disadvantages of ratio analysis. You must use questions 1 to 3 and examples from your workplace to substantiate your discussion

  Calculate the amounts for the current year

Calculate the amounts for the current year. Calculate the amount and character of income distributed to each trust beneficiary for the year.

  Critically evaluate the role and function of finance

Critically evaluate the role and function of finance, including the presentation and analysis of financial information, in sustaining and contributing towards the competitive advantage of organisations...

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