Where can you find the Clarified Audit Standards

Assignment Help Accounting Basics
Reference no: EM132624492

Question -

CASE 1 - You have just completed your audit of your non-issuer's financial statements. You learned that the company does not record their inventory at the lower of cost or market (LCM). There is a material difference between the recorded amount and the LCM amount. They will not make any adjustments.

Will this affect your opinion?

If so, how would you modify your opinion?

Where can you find this information in the Clarified Audit Standards?

CASE 2 - You are auditing a brand new client. You would like to send out an accounts receivable confirmation to a major customer to confirm the accounts receivable that the customer owes your client. The client will not allow you to send out a confirmation. They say it will upset their customer. Alternate procedures do not work since the customer has not paid their receivable and the supporting documents for the sale are not sufficient evidence.

Will this affect your opinion?

If so, how would you modify your opinion?

Where can you find this information in the Clarified Audit Standards?

Reference no: EM132624492

Questions Cloud

Compute the current ratio as of March : Question - Now compute the current ratio as of March 31, 2014 and as of March 31, 2013. (Round to two decimal places.)
What is strategic communication : What is Strategic Communication, and how does FedEx demonstrate its commitment to this concept?
Define intervention and the relationship with mood disorders : Choose any one of the following topics for your position paper and create an annotated bibliography for your topic: Suicide: Prevention, intervention.
Explain why there is a rapid population growth : Explain why there is a rapid population growth in Africa regardless of the high levels.
Where can you find the Clarified Audit Standards : Will this affect your opinion? Where can you find this information in the Clarified Audit Standards? If so, how would you modify your opinion
Why knowing about biological systems is important : Why knowing about biological systems is important for an assessment for social workers?
Conflict theory-hegemony-feminist and critical race : Pick a sport, use one of these theories (Conflict theory:hegemony, feminist, and critical race.) or (Symbolic interactionist theory) to interpret it.
Calculate the value of the competitor to purchase : Calculate the value of the competitor you wish to purchase. Note: You will have to make assumptions; however, your assumptions need
Prepare the bank reconciliation : A 102,500 check deposited by Entity A during the month is not yet credited to Entity A's account. Prepare the bank reconciliation

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.

  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!

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