Explain the most appropriate auditors opinion

Assignment Help Accounting Basics
Reference no: EM132762701

Question: You are auditing Laksa Imports Ltd for the year ended 30th June 2020. The company is incorporated in Australia and imports a variety of food products from Malaysia. Consistent with previous years, Laksa accounts for inventory on a last-in, first-out (LIFO) basis, and has a policy of waiting until one month past the 'best before' date before writing stock down. Unfortunately the coronavirus pandemic has meant an end of year stocktake was not performed, and you have been unable to apply other procedures to validate the existence of the inventory at balance date.

Required: Using the Framework for Audit Opinions studied in this unit, explain the most appropriate auditor's opinion for Laksa Imports for the year ended 30th June 2020. Justify all aspects of your response.

Reference no: EM132762701

Questions Cloud

What is the net investment in the lease : On january 1, 20x1, lessor enters into a lease of equipment. Information on the lease is shown below: Useful life of equipment 5 years.
Identify significant vulnerable population : Identify a significant vulnerable population in your local area.
Find what is the yield to maturity of a fourteen-year bond : Find What is the yield to maturity of a 14-year bond that pays a coupon rate of 10.92 percent per year, has a $1,000 par value, and is currently priced at $707?
Distance between the third bright band : What is the distance between the third bright band and the fifth dark band of the interference pattern formed on a screen 2.50 m from the grating?
Explain the most appropriate auditors opinion : Using the Framework for Audit Opinions studied in this unit, explain the most appropriate auditor's opinion for Laksa Imports for the year ended 30th June 2020.
Prepare total cost for the job number for abc bhd : In addition, production overhead cost is applied to the job at the rate of RM11 per direct labor hour. Prepare total cost for the job number 1345H.
Assignment recovery : Discuss the strengths of both the short- and long-term recovery plans implemented to protect the interest of all areas affected by the disaster.
List the journal entry that should be prepared : List the journal entry that should be prepared by Blue City for each of the following transactions. If no journal entry is necessary, list "No Entry Required".
Separate between noise and detector effects : How does iZIP and HV benefit from this? What are the corresponding dark matter limits of the two detectors?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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