General types of subsequent events

Reference no: EM13154108

Green, CPA, is auditing the financial statements of Taylor Corporation for the year ended December 31, 20X1. Green plans to complete the fieldwork and sign the auditor's report about May 10, 20X2. Green is concerned about events and transactions occurring after December 31, 20X1, that may affect the 20X1 financial statements.

Required

a. What are the general types of subsequent events that require Green's consideration and evaluation?

b. What are the auditing procedures Green should consider performing to gather evidence concerning subsequent events?

Reference no: EM13154108

Questions Cloud

Stock value by using capital asset pricing model : An investor is looking to buy stock in Company XYZ. The earnings in the last year were $9.50 a share and expected to grow 3% a year for the upcoming 5 years. The current return on benchmark investments is 11%. Using the Capital Asset Pricing Model..

Determine the divisional and company net income : Determine the divisional and company net income if the transfer price is set at the market price. Determine the divisional and company net income if the transfer price is set at total cost. Determine the divisional and company net income if the trans..

Mass of limestone is required to remove the sulfur dioxide : what mass of limestone is required to remove all the sulfur dioxide formed by the combustion of 7.5 104 kg of coal that is 0.33 mass % sulfur?

Does this hurt the growth in the economy? : Assuming a company does not have enough excess retained earnings to fund future projects that have positive NPV's, they would have to sell debt or issue new capital. Issuing new capital is often thought of as a negative sign to current stock holders,..

General types of subsequent events : What are the general types of subsequent events that require Green's consideration and evaluation? What are the auditing procedures Green should consider performing to gather evidence concerning subsequent events?

Maximum regular cost recovery deduction : Omar acquires used 7-year personal property for $100,000 to use in his business in February 2010. Omar does not elect §179 expensing or additional first-year depreciation, but does take the maximum regular cost recovery deduction. As a result, Oma..

Capital from the treasury stock : Emu Inc. reissued 8,000 shares of treasury stock at $ 44 per share. The stock, which has a par value of $ .03, cost the company $ 30 per share two years ago. How much paid in capital from the treasury stock will the company have as a result of thi..

Restricted and relaxed policies : With a restricted policy, current assets will be 15% of sales. Under a relaxed policy, current assets will be 25% of sales. What is the difference between the projected ROEs between the restricted and relaxed policies?

Accounting records after the exchange : If company a has a player with a contract of $5,800,000 and company B has a player with a contract of $5,600,000 and they trade the players by exchanging the player's contract and the fair value of both contracts was $6,000,000 what amount should ..

User Account

All Pages