Auditing case study, Auditing, Auditing

Auditing case study, Auditing, Auditing

Assignment Help:

#Fortex Limited, the meat processing firm, was formed in 1985 from three smaller companies. In 1993, however, after a few years of spectacular growth, the company collapsed.

a) Summarise the history of theFortex Limited case.

b) With respect to the Fortex Limited case, take and defend a position as to whether each of the following situations represents deficient performance by the auditor, deficient standards or unreasonable expectations on the part of interested parties. In you discussion, refer to any applicable legislation, common law or appropriate source.

i) Loan receipts from an overseas financier were recorded as sales.

ii) Inventory of unprocessed and processed lamb products were grossly overvalued.

iii) There was no mention of going concern problems in the auditor''s report.

iv) Fortex was expanding too fast for its market and this information was not disclosed.question..

Related Discussions:- Auditing case study, Auditing

Providers of funds, Providers of Funds A further point to note is that ...

Providers of Funds A further point to note is that modern companies can be very large with multinational activities. Preparing accounts for such a group becomes a very complex

The use of engagement letters, The Use of Engagement Letters There is a...

The Use of Engagement Letters There is a contractual relationship among an accountant and his client. The accountant must therefore make sure that at the time he decided to exe

Verification procedures - long-term liabilities, Verification Procedures - ...

Verification Procedures - Long-Term Liabilities a) Received a schedule detailing the sums due at the starting of the year, redemptions and additions and the sum due at the yea

Audit points - audit process, Audit points - Audit Process Key audit p...

Audit points - Audit Process Key audit points are as 1. Internal control particularly along with regard to computerisation and internal audit. 2. Provision for doubtful

External financial statement, As per the standard audit engagement letter s...

As per the standard audit engagement letter signed between external financial statement auditor and client/ auditee, auditor's primary role is to detect fraud. Ans: No, the prim

Leasehold property - audit process, Leasehold Property - Audit Process ...

Leasehold Property - Audit Process Exactly the same process is adopted for leasehold buildings and land as applied about freehold buildings and land except in the matter of de

Matters of audit process, Matters of Audit Process Another matter to b...

Matters of Audit Process Another matter to be covered as: 1. Accounting policies: these should be uniform all over the group and should be properly disclosed. 2. Consoli

Effevtivenss of stock verification, what factors of stoc verification

what factors of stoc verification

Audit assurance, You are the auditor of ABC Company and the audit process i...

You are the auditor of ABC Company and the audit process is almost complete. The audit report is due to be signed next week. However, the following additional information on two ma

Audit sampling, write short note on the following; audit sampling populati...

write short note on the following; audit sampling population sample size sample unit stratification extrapulation

Write Your Message!

Name

Email id

Message

Verfication Code

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

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