Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
You are the partner in charge of the audit of Drugs4U Ltd, a company which develops, manufactures and sells to the a trade market a wide range of drugs which promote healthy living. The financial year end is 31st December and you are currently reviewing the notes of the planning meeting held between the Finance Director, your audit manager and yourself in November. The company has had a successful year so far with turnover already exceeding HK$500M.A new accounting package has been introduced by the company. It was developed by the ex IT director who left following an argument with the finance director over the lack of testing of the new software - it was not run in parallel at all due to time and cost. It has been running for under a month and the finance director has not recruited a new IT director because he considers that they are not necessary within the company. He has better things to do.New shares have been issued to fund a new drug called Argaiv which it is hoped will revolutionise exercise routines worldwide. These totalled HK$10M at nominal / face value and the company received HK$20M from this. The development costs for Argaiv and other products exceed HK$50M and the finance director proposes to capitalise this amount. A HK$75M bank loan has also been taken out - with the security on the loan being the land and buildings which the company owns outright at Sizewell in the United Kingdom. However the land has been suspected of being contaminated with a radioactive metal - the source of which is as yet unknown.Required:1) Explain what is meant by 'audit risk' using, as your starting point, the diagram used during teaching and applying it to the above scenario.2) Identify the factors to be considered and audit work to be undertaken when planning the audit.
Objectivity - External Auditor Report Many accounting figures are subjective and contain substantial terms of subjective judgment. Many more business transactions have financ
importance of debtors circularisation
Questionable Payments In some countries, business is often gained by bribing ministers or public officials or officers of companies or firms with whom one wishes to do business
For each threat explain how it might be avoided.
advantage and disadvantage of joint auditor?
Assessment tasks: This assignment requires you to revisit the case of the collapse of US energy giant Enron Ltd. Your revisit starts with a reading of the excerpts from memos
Disclosure Requirements - Investment In common terms, the following items have to be disclosed in the concern to all investments: (a) The accounting policies about:-
Furniture, Fixtures and Disposal of Non-Current Assets Furniture, fixtures and fittings The only matter here to note is the depreciation of fittings and fixtures. Since
Question: Part A (i) List and define five audit procedures for obtaining audit evidence. (ii) Why is it necessary to obtain corroborating evidence for inquiry and obser
Q. What is Transferred Basis? Transferred Basis - A transferred basis is the foundation of property in the hands of a transferor, donor or GRANTOR. In this sense a prior owner'
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd