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

IDEA auditing software edition 8, The first work you do in IDEA IS SECTION ...

The first work you do in IDEA IS SECTION 2.5. The accounts receivable folder that you are instructed to select on page 25 is a folder that you are to create previously on page 23.

Procedures in computing the work of the expert, Procedures in computing the...

Procedures in computing the work of the expert The auditor must obtain reasonable assurance that the expert's work constitutes appropriate audit evidence in support of the fina

Related parties - audit evidence, Related Parties - Audit Evidence IAS...

Related Parties - Audit Evidence IAS 24 prescribes the disclosures essential to the possibility to draw attention which the financial position and loss or profit of an entity

Key audit areas, Key Audit Areas Key audit areas in detail (a) Asc...

Key Audit Areas Key audit areas in detail (a) Ascertainment of creditors and debtors: Insurance companies do not keep their personal ledgers in such a way as to prod

Why audit of procurement is considered important, The Department of Higher ...

The Department of Higher Education (DoHE) in the Ministry of Education awarded a contract for support of 60 computers to My IT Co. Ltd. and the contract conditions required the del

#first audit#, #what are the procedures of conducting audit for the first t...

#what are the procedures of conducting audit for the first time#

Work in progress, Work In Progress What such applies to goods for resa...

Work In Progress What such applies to goods for resale applies uniformly to work in progress even when the items present greater problems of valuation and ascertainment to the

Joint auditing, what is the role of a joint auditor

what is the role of a joint auditor

International, International, Assurance Auditing, Standards Board (IAASB) ...

International, Assurance Auditing, Standards Board (IAASB) The prologue to the International Standards on Quality Control, Auditing, Assurance and Related Services is issued to

Audit evidence and documentation, list and explain four factors that influe...

list and explain four factors that influence the auditor''s judgement regarding the sufficiency if the evidence obtain

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