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On discovery of an omitted procedure, the auditor should assess its importance to his or her ability to currently support the opinion expressed on the financial statements. A review of the working papers and a reevaluation of the overall scope of the audit may enable the auditor to conclude that he or she can still support the previously expressed opinion. Alternatively, AU 390.05, Consideration of Omitted Procedures after the Report Date, indicates that if the auditor decides that the opinion cannot be supported and he or she believes persons are currently relying on the report, the auditor should promptly perform the omitted procedures or alternative procedures that would provide a satisfactory basis for the opinion.
When a satisfactory basis for an opinion is obtained and the evidence supports the opinion expressed, the auditor has no further responsibility. However, if the performance of the omitted procedures reveals facts existing at the report date that would have changed the previously expressed opinion, the auditor should follow the notification procedures described in the last paragraph of the preceding section to prevent further reliance on the report. If the auditor is unable to perform the omitted or alternative procedures, he or she should consult an attorney to determine an appropriate course of action.
QUESTION:
When such an event occurs and is appropriately reflected in the financial statements, what are the auditor's alternatives with respect to dating the audit report and the conditions applicable to each alternative?
If a 22 year (Sam) invested $4,000/year into a Roth IRA until his 30th year, what will the value of that IRA be in the 65th year, assuming 8% per year?
During the year, accounts receivable decreased $7,000, merchandise inventory increased $5,000, accounts payable increased by $10,000, and depreciation expense of $5,000 was recorded. During 2007, operating activities:
Sampson Company's accounting records show the following for the year ending on December 31, 2010. Using the periodic system, the cost of goods purchased is?
Use this Appendix to help guide you on what I expect to see from your assignment. The best way to tackle this assignment is to choose one specific area in accounting to focus on. Example: Payroll.
The First Chance Casino has a gambling facilities, bar, restaurant, and hotel. All employees are permited to obtain food from the restaurant at no charge throughtout working hours.
Linden Co. has 1,000,000 euros as payables due in 90 days, and is certain that euro is going to depreciate substantially over time. Assuming the firm is correct, the ideal strategy is to:
A financial forecast per professional pronouncements presents to the best of the responsible party's knowledge and belief,
Your new client seeks your advice on setting up a new business. They do not know which form of entity they should establish and want your opinion. The facts are that the new client is composed of 2 best friends Sam and Pete seeking to operate a ic..
Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas on November 17, 2013. The units have a list price of $500 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a periodic in..
When calculating debt to equity ratio: A) Convertible bonds should be treated as debt B) Convertible bonds should be excluded from debt but not included in equity
Thrifty Co. reported net income of $465,000 for its fiscal year ended January 31, 2011. At the beginning of that fiscal year, 200,000 shares of common stock were outstanding.
In 2011, the Marion Company purchased land containing a mineral mine for $1,450,000. Additional costs of $600,000 were incurred to develop the mine. Geologists estimated that 400,000 tons of ore would be extracted. After the ore is removed, the la..
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