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!
On discovery of an omitted procedure, the auditor should assess its importance to his or her ability to currently support the opinion expressed on the financial statements. A review of the working papers and a reevaluation of the overall scope of the audit may enable the auditor to conclude that he or she can still support the previously expressed opinion. Alternatively, AU 390.05, Consideration of Omitted Procedures after the Report Date, indicates that if the auditor decides that the opinion cannot be supported and he or she believes persons are currently relying on the report, the auditor should promptly perform the omitted procedures or alternative procedures that would provide a satisfactory basis for the opinion.
When a satisfactory basis for an opinion is obtained and the evidence supports the opinion expressed, the auditor has no further responsibility. However, if the performance of the omitted procedures reveals facts existing at the report date that would have changed the previously expressed opinion, the auditor should follow the notification procedures described in the last paragraph of the preceding section to prevent further reliance on the report. If the auditor is unable to perform the omitted or alternative procedures, he or she should consult an attorney to determine an appropriate course of action.
QUESTION:
When such an event occurs and is appropriately reflected in the financial statements, what are the auditor's alternatives with respect to dating the audit report and the conditions applicable to each alternative?
Please find a real-world example of a company that has been in the news, and briefly describe what the company did wrong. Some ideas for companies include, but are not limited to, Enron, WorldCom, Andersen, Dell, and Xerox.
What are the pros and cons of this tax credit? Why is this issue of any interest to the NAHB?
Calculate the partner's distributive shares of partnership income or loss and separately stated items.
How much should a $1,000-face-value bonds sell for, assuming the following conditions: How much should a $1,000-face-value bonds sell for, assuming the following conditions:
we are auditing the sales and collection cycle of a non-profit hospital. Just because it is a non-profit organization, that does not eliminate the need for the auditors to assess risk.
Nellie is evaluating a potential bond purchase that the seller purchased 12 years ago for $4,000. The bond matures 8 years from today.
Calculate the expected cash balance at the end of April and May, assuming that cash is received only from customers and that $16,000 is paid out during April and 14,000 is paid out during May.
Often Board and other committee volunteers for nonprofit organizaations are compensated for expenses during travel and meetings. Some think that this attracts volunteers for the wrong reasons.
What is the Sarbanes-Oxley Act? How does act affect the audits for the accounting firm and for the organization? Has the Sarbanes-Oxley Act improved the quality of the audit? Answer in 150-200 words.
I know that Eleanor will have a capital gain...but how does having the transaction qualify or not qualify for sale or exchange treatment affect Eleanor's capital gain?
What are Lily's taxable income and tax liability for the year?
Your report should be in the form of a two page memo that discusses the regulations and how they will apply to your hiring process. You may select any Locality or State you wish ensuring compliance with Equal Employment Opportunity laws.
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