User Account

All Pages

What are the conditions that warrants the auditor to issue

Assignment Help Accounting Basics
Reference no: EM132964474

Question - Cyprus LLP (Cyprus) is in the process of wrapping up an audit of the financial statements of Zeeman Brothers (Zeeman), a publicly registered company. Below are some audit notes made by Cyprus:

-Cyprus did not have any issues when it came to its independence on the audit engagement.

-Zeeman did not materially violate generally accepted accounting principles.

-Cyprus did have doubts about Zeeman remaining a going concern.

-Apart from a key disclosure that was omitted by Zeeman Brothers, all disclosures were adequate. Upon recommendation by Cyprus, Zeeman agreed to make the necessary correction.

-There was no change in accounting principles that had a material effect on Zeeman's financial statements.

-Cyprus was unable to perform all necessary procedures.

Required -

a. What audit opinion is appropriate given the notes above?

b. Explain your rationale for the audit opinion given the notes above?

c. Generally, what are the conditions that warrants the auditor to issue the opinion in your response in (a) above?

Reference no: EM132964474

Questions Cloud

What is the retained earnings on December : These errors resulted in overstatement of each year's income by P25,000, net of income tax. What is the retained earnings on December
Compute stock a variance : Based on the historical approach (=sample approach), compute Stock A's variance. Enter your answer in %, rounded to two decimal places.
What are the projected total operating assets : Sales are expected to grow by 10% next year. Assuming no change in operations from this year to next year, what are the projected total operating assets
Determine correlation coefficient that necessary to reduce : The risk of an equally weighted,Determine the correlation coefficient that will be necessary to reduce the level of the equally weighted portfolio risk by 25%.
What are the conditions that warrants the auditor to issue : Generally, what are the conditions that warrants the auditor to issue the opinion in your response in (a) above
What proportion of variation in xyz excess return explained : R(xyz) = 0.80% + 1.10 R(m) + e (xyz). What proportion of variation in XYZ excess return is explained by variation in the market excess return?
What be rate of return on investment assume stock not pay : The broker will charge 10% interest on the money you borrowed. What will be the rate of return on your investment? Assume stock does not pay dividend.
What is the portfolio beta : If you have a portfolio which contains equal proportions of these four stocks, what is the portfolio beta (to two decimal places)
What is the approximate value of this option : The interest rate is 2%. Consider a call option with a strike price of $23. What is the approximate value of this option

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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