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Question 1.
Read the following scenario and identify any threats to compliance with the IFAC Code.
ABC firm is the auditor of Company Ltd and has been for 10 years. During this time, the audit partner responsible has always been John. The other partner in the firm, Robert, has been the review auditor for this assurance engagement. Robert has not been the lead audit partner as his wife's father is the CEO of Company Ltd.
Every year Company Ltd celebrates the end of the audit by throwing an all-expenses paid weekend away for their staff that worked on the audit and for the audit firm. This has led to a good relationship between the auditors and the company that makes the audit less formal. The staff all know each other well and the company believes it is money well spent.
Recently John was approached by the board of Company Ltd with an offer of employment as a director starting in two years time. The only condition was that the audit fees have to be reduced for the current and next year's audit.
Question 2.
Why would the courts want to limit the ability of third parties to sue auditors who have been negligent? Are there any arguments that this liability should not be limited?
Assuming Southwest Corporation uses effective-interest amortization. Compute issue price of the bonds in dollars (show computations).
Finding sample size of 99% confidence level and If the confidence level is increased to 99%, would the sample size needed increase or decrease?
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on 1st may 2013 green corporation issues 1000000 of 12 bonds dated 1st january 2013 for 975000 plus accrued interest.
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Analyzing The Strength and weakness from Ratios and What would you learn from examining the incomestatement for the year ended 2008
The fair value of the equipment at December 31, 2013, is $5,100. Prepare the journal entry (if any) necessary to record this increase in fair value.
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