User Account

All Pages

How should the findings be reflected in audit opinion report

Assignment Help Accounting Basics
Reference no: EM132608543

Question - Total Fresh Products manufactures and distributes snack foods. Total Fresh Products is being audited for the first time by Rachel Fancy, a partner in a local CPA firm. Early in the audit, Rachel uncovered that the CEO had acquired a home media system, a Mercedes Benz, and an exercise pool for his personal use. These items were delivered to the CEO's home, and they were recorded in the accounting records as professional services. On Total Fresh Products' most recent federal tax return, the items were included in deductible business expenses.

What should Rachel Fancy do with the information she has uncovered?

What impact should the discovery have on how she proceeds with the audit?

How should the findings be reflected in her audit opinion report?

Reference no: EM132608543

Questions Cloud

Deploying and securing android phone application : Discuss the process of deploying and securing an Android phone application. What important considerations and steps should the programmer follow?
Determine appropriate accounting for possible circumstances : You are concerned you may need to account for this situation. Determine the appropriate accounting for all possible circumstances
Brief project about waste water management : As Project Manager give Brief Project about Waste Water Management.
Shaping ethical behaviour in organizations : List and describe the three most important components to shaping ethical behaviour in organizations.
How should the findings be reflected in audit opinion report : What impact should the discovery have on how she proceeds with the audit? How should the findings be reflected in her audit opinion report
How many times does the firm turnover : Given the following information, how many times does the firm turnover its inventory during the year?
How much money will the holder of the bond expect to receive : Chesterfield Company holds cash of $72,000, inventory worth $134,000, In a Chapter 7 bankruptcy, how much money will the holder of the bond expect to receive
What leadership models are effective in today organizations : What leadership models are most effective in today's organizations and why? Identify and describe the leader you want to become.
How much money would be paid on the partially secured debt : Ataway Company has severe financial difficulties and is considering filing a bankruptcy petition. how much money would be paid on the partially secured debt

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine michel estimated percentage of allowance

Prepare an analysis to determine Michel's estimated percentage of allowance for doubtful accounts based on year-end accounts receivable

  Prices at the local quick market

Prices at the local quick market (convenience store) will probably be lower than at the regional big box retailer (grocery store).

  Compute the predetermined overhead rate

During 2011, the actual machine-hours totaled 94,000, and actual overhead costs were $71,000. Compute the predetermined overhead rate

  Prepare a reconciliation schedule to convert income

Prepare a reconciliation schedule to convert 2011 income and December 31, 2011, stockholders' equity from a U.S. GAAP basis to IFRS. Ignore income taxes.

  Describe the promotion plan you will implement

Research the market of your chosen project (Food Industry). Based upon your research and what you have learned in the program, generate a 4 page marketing plan.

  In an essay of 1250-1500 words comprehensively discuss

in an essay of 1250-1500 words comprehensively discuss causal factors the implications and possible mitigation

  What will next years sales budget be

What will next years sales budget be?turnover of 1.2 and an average check of $17.00 and is open 6 days a week.Next year average check is forecast to increase

  Carry out preliminary analytical procedures based on the

carry out preliminary analytical procedures based on the draft financial information provided and identify any issues

  Bankruptcy and internal controls

In response to these problems, Congress passed the Sarbanes-Oxley Act of 2002. Recommend internal controls that would satisfy the Sarbanes-Oxley Act.

  Involving employees in the identification and solution

Involving employees in the identification and solution of problems often yields the best results. What types of incentives programs could companies put into place to encourage employees to contribute their ideas?

  Cameron company has two production departments and a

cameron company has two production departments and a maintenance department. in addition the company keeps other costs

  The balance in prepaid insurance is a one-year premium paid

The balance in prepaid insurance is a one-year premium paid on June 1

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd