Auditing Week 7 Hw Solutions

Week 7 HW Solutions 3-23a.(2)b.(3)c.(3) 3-24a.(3)b.(4)c.(1) 3-25a.(2)b.(3)c.(3) 3-27a.Items that subscribe not be imply in the analyseors floor ar: 1. That Optima is presenting comparative monetary arguings. (Both years financial statements earmark for be referred to in the canvass constitution.) 2. Specific description of the passing in method of accounting for long-term construction contracts subscribe to not be included in the report since it is discussed in the footnotes. But, the auditors report must state that there is a walk in accounting principles and refer to the footnote. 3. The fact that normal receivable confirmation procedures were not used should not be allow on since the auditor was able to satisfy him or herself d peerless chute audit procedures. 4. The lawsuit need not be discussed in the report since it has been included in a footnote. b.The followers deficiencies are in Allisons report: 1. The audit report is incomplete turn to nor dated and it does not contain a title. The audit report date should be the last day of report work. 2. The residuum sheet is as of a specific date, whereas the income statement and the statement of retained earnings are for a effect of time. The image split up should identify the period of time (usually one year). 3. thither are comparative statements, but the audit report identifies and deals with solo the current years financial statements. An opinion must overly be included for the prior period financial statements. 4. at that place is no separate introductory paragraph that states the financial statements audited, dates, and the responsibilities of management and the auditor. 5. There is no separate scope paragraph that describes what an audit is. deuce required sentences are completely omitted: An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the...If you want to exp! licate a full essay, order it on our website: BestEssayCheap.com

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