Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

During the audit of Bryant Industries, Janet Smith, the auditor, reviewed matters with the company's president, Brock Morton, that were supposed to be included in a written client representation letter. Unfortunately, she received the letter below:
February 20, 2011
To Janet Smith, CPA:
Regarding your audit of the financial statements for Bryant Industries, as of December 31, 2010, for the purpose of expressing an opinion on the fair presentation of financial position, results of operations, and cash flows in conformity with generally accepted accounting principles, we confirm to the best of our knowledge and belief that the following representations were made to you during your examination. There were no:
• a. Plans or intent to materially affect the carrying value or classification of either assets or liabilities.
• b. Unasserted claims that our lawyer has determined are probable and must be disclosed according to GAAP.
• c. Compensating balance or other restrictive arrangements on cash balances.
• d. Agreements to repurchase previously sold assets.
• e. Regulatory agency communications concerning noncompliance with financial reporting practices.
• f. Violations of laws or regulations that should be disclosed in the financial statement or as a basis for loss contingencies.
• g. Capital stock repurchases or options that are reserved for conversions, warrants, etc.
Regards,
Brock Morton, President
Bryant Industries
Required:
• (a) Based on this letter, identify at least five other matters that Brock Morton's representation letter should specifically confirm.
• (b) What other problems exist with the letter provided to Janet Smith?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M939284

Have any Question? 


Related Questions in Accounting Basics

Accounting information systemsfor this assignment research

Accounting Information Systems For this assignment, research the Internet or Strayer databases to locate a firm that was involved in a fraud and / or embezzlement case. Explain how the firm's accounting information syste ...

1 what does it mean to create a culture of honesty openness

1. What does it mean to create a "Culture of Honesty, Openness, and Assistance?" Give some examples from an organization with which you have been affiliated. (250 words) 2. Review the section Preventing Fraud-A Sumary an ...

Accounting assignmentthree personal trainers at an upscale

Accounting Assignment Three personal trainers at an upscale health spa / resort in Sedona, Arizona, want to start a health club that specializes in health plans for people in the 50+ age range. The trainers Donna Rinaldi ...

Assume that you recently graduated and have just reported

Assume that you recently graduated and have just reported to work as an investment advisor at the onof the firms on Wall Street. You have been presented and asked to review the following Income Statement and Balance Shee ...

Assignment - you are an investment analystas the cfo of

Assignment - You Are an Investment Analyst As the CFO of your corporation, you are in charge of preparing and analyzing financial statements that will be presented to potential investors and creditors. However, before yo ...

Write a 700- to 1050-word summary of your teams discussion

Write a 700- to 1,050-word summary of your team's discussion regarding IFRS versus. GAAP. The summary should be structured in a subject-by-subject format. Include an introduction and a conclusion. Your discussion should ...

Additional information1 the company during the year paid

Additional Information 1. The Company during the year paid AED 200,000 for security deposit and bank charges of AED 40. 2. The Warehouse reported inventory stock count of AED 286,500. 3. XYZ Company's confirmation ,( Cus ...

Accountingbulluse the internet to research an annual report

Accounting • Use the Internet to research an annual report of a retail company. • Then, imagine you are an investor or creditor; suggest the ratios that you believe would provide an investor or creditor with the most imp ...

Discussion questions 1 and 2dq 1 accounting equationas you

Discussion Questions 1 and 2 DQ #1: Accounting Equation As you have learned in this week's readings, the Accounting Equation is Assets = Liabilities + Owners' Equity. Is the accounting equation true in all instances? Pro ...

You are starting your own internet business you decide to

You are starting your own Internet business. You decide to form a company that will sell cookbooks online. Justcookbooks.com is scheduled to launch 6 months from today. You estimate that the annual cost of this business ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro