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Consider each of these latest positions and describe the implications of their duties on the internal control system. Moreover, describe what problems could occur if these positions are made.
The auditor must consider materiality and audit risk when planning and performing an examination of the financial statements in accordance with auditing standards.
For auditors to give a reasonable assurance that the financial statements are free from material misstatements, legislation establishes rights and duties.
Write a letter to the management of DLC Ltd. describing the objectives, characteristics and responsibilities of internal and external audit.
Explain how the objectivity of the external auditor might be threatened or appear to be threatened:
List tests of controls the auditor of CWL would perform to evaluate if the controls are operating efficiently.
Commissions received of $312 were entered in the cash account however omitted from Commissions Received account.
You are needed to make an Income Statement for the period ending 31.12.2010
Describe the accounting term for each of the opening balances at 1 November 2009 and illustrate the heading under which each will show on the balance sheet.
Make an income statement for the year ended 31 December 2011 and a statement of financial position as at that date, as per the IAS 1 Presentation of Financial Statements.
Make a Statement of Cash Flows for the year ended 31st December 2012 by using the Indirect Method, and complying with IAS 7.
List down four user groups of Financial Statements and Accounting Information and in brief explain the specific information each group would be interested in.
Make an Overhead Analysis Sheet for the period, by using suitable bases of apportionment.
Compute the number of units to be manufactured and sold to reach the expected target profit. Suppose Tax rate to be 20% and Production Capacity exists. (Give your answer to the closest unit).
ELECTRONICS Plc is a Public Company engaged in retail business of Computer Gadgets and Car Audio Accessories. The given Trial Balance has been extracted from the books of business as at 31st Decembe
By using the gearing ratios computed in answering part (b) of the question, in brief examine the significance of gearing if you were thinking of investing in some ordinary shares in one of the three
Make the following financial statements for the year ended 31 May 2008 for Macdillon in accordance with IAS 1 Presentation of Financial Statements:
The Harvest Manufacturing Company owns a factory that manufactures waterproof footwear. The given is a summary of the transaction of the company throughout the financial year ending 31 May 2008.
The Sales Ledger Control account and the Purchases Ledger Control account for the month ended 31 October 2008 for Misfit Ltd.
Give three causes of depreciation and for each give an illustration of the type of fixed asset for which that cause is suitable.
You are to study the given financial statements for two similar kinds of retail store and then answer the below questions:
Explain four areas in which the internal audit department at UTM Hotels might carry out reviews of system or the operational performance.
What is the auditor’s right under the Companies Act.
Explain tests of control and list the test of control which the auditor would perform on this system.
You are provided with the given information relating to Cello Ltd. The accountant is presently preparing the budget for the next three months ending 30 June 2010.