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Case 2-21 (Objective 2-6) Ray, the owner of a small company, asked Holmes, a CPA, to conduct an audit of the company's records. Ray told Holmes that an audit was to be completed in time to submit audited financial statements to a bank as part of a loan application. Holmes immediately accepted the engagement and agreed to provide an auditor's report within 3 weeks. Ray agreed to pay Holmes a fixed fee plus a bonus if the loan was granted. Holmes hired two accounting students to conduct the audit and spent several hours telling them exactly what to do. Holmes told the students not to spend time reviewing internal controls but instead to concentrate on proving the mathematical accuracy of the ledger accounts and summarizing the data in the accounting records that support Ray's financial statements. The students followed Holmes's instructions and after 2 weeks gave Holmes the financial statements, which did not include footnotes. Holmes reviewed the statements and prepared an unqualified auditor's report. The report did not refer to generally accepted accounting principles or to the consistent application of such principles. Required: Briefly describe each of the principles underlying AICPA auditing standards and indicate how the action(s) of Holmes resulted in a failure to comply with each principle. Organize your answer as follows:*Brief Description of Principle Holmes' Actions Resulting in Failure to Comply with the Principle
The following journal entries are from the books of Kara Elizabeth Company: For each of the journal entries, prepare an explanation of the business event that is being represented.
andover corporation has been using the fifo cost flow method during a prolonged period of inflation. during the same
Prepare an income statement for Wayside Inc. for the year ended December 31, 2010. (List multiple entries from largest to smallest amounts, e.g. 10, 5, 1.)
Sands Corporation has the following capital structure at the beginning of the year 2007: Construct the stockholders' equity section incorporating all the above information.
An inventory loss from market decline of $900,000 occurred in April 2011. CD Company recorded this loss in April 2011 after its March 31, 2011, quarterly report was issued. None of this loss was recovered by the end of the year. How should this lo..
haig simmons operates an anthracite coal home heating and delivery service in baltimore and anne arundel counties. she
Prepare a cost of production report for the Sifting Dept for October, using average cost method.
On January 1, 2011, Miller changed to the straight-line method of depreciation. The estimated useful life has not changed. Miller can justify the change. What should be the depreciation expense on this machine for the year ended December 31, 2011?
Determine the amount of materials transferred to Work in Process and Factory Overhead for the current month. Illustrate the effect on the accounts and financial statements of the materials transferred in (a)
willow creek corporation bases its predetermined overhead rate on the estimated labor hours for the upcoming year. at
What is the total product costs incurred to make 10,000 units? What is the total amount of period costs incurred to sell 10,000 units?
ziam is considering an offer to perform his own songs on a cd to be titled waiting there. in the past he has written
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