Subsidiary that has been set up as a corporation

Reference no: EM13761508

As the CPA for a large organization, your manager has asked you to provide information to outside CPAs who are examining a subsidiary that has been set up as a corporation. As part of their review, the CPAs have asked you to provide them with the following explanations:

- The methodology used to determine deferred taxes
- The procedures for reporting accounting changes and error corrections
- The rationale behind establishing the subsidiary as a corporation

Prepare your response to the three questions. Before submitting your response, your manager would like to know a little bit more about the request. She has asked you to tell her what your professional responsibilities are as a CPA, and the difference between a review and an audit.

You should provide draft responses to the above questions as well as providing your manager with a summary of your responsibilities in an internal memo (no more than 1,050 words).

Reference no: EM13761508

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