Reference no: EM131074215 , Length: word count:700
Assume you are an auditor and are facing the following separate circumstances All the following items are material. You can assume that management have refused to make any changes necessary to make the financial report "true and fair" so that the circumstances mentioned still exist.
1. The value of the write off for the Allowance for Doubtful Debts is inadequate. Management are unwilling to adjust it although the amount leads to a material misstatement of Accounts Receivable.
The amount of the misstatement is limited to the Receivables and is able to be calculated.
2. A retailer provides a valuation for inventory at sales price less an allowance for sales margin.
3. The Block company has just been advised that its main customer who purchases 45% of its stock has just gone into liquidation. Due to the specific nature of its products Block company is unlikely to find another customer of this size. Block has been starting to have difficulties in making sufficient sales to continue operating.
4. The Croucher company has been valuing its buildings using the fair value method Its buildings are currently shown in the balance sheet at their current market value of 18.5 million. The buildings had originally cost 12 million.
5. The Kaycee company values its inventory at LIFO and is unwilling to change it to FIFO as required by the Australian accounting standards. The amount of the misstatement is known and is limited to its effect on the inventory.
6. The Genome company has prepared its financial statements but has left out details of its related party disclosures due to privacy issues. This information is required to be included under the Australian accounting standards and while the effects are material they are able to be calculated.
Required:
For each of the above situations state the Audit Opinion that should be given with a brief reason/explanation related to each one.
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