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

Question 1ryan withdrew cash from the business to pay his

Question 1 Ryan withdrew cash from the business to pay his personal cell phone bill. The expanded accounting equation changes include __________. A. increase in both cash and withdrawal B. decrease in both cash and withd ...

Accountingthe accepted microsoft office versions for this

Accounting The accepted Microsoft Office versions for this assignment are Microsoft Office 2013 (for PC) and Microsoft Office for Mac 2011 (for Macintosh). Students may use a more recent version if available. Select a pe ...

Question 1 the following are the selected entries for

Question 1 The following are the selected entries for Lehman Hospital for December 31, 2015 and 2014. Create Lehman Hospital's Balance Sheet. 2015 2014 Bonds Payable $64,000,000 $65,000,000 Current Assets 21,000,000 18,0 ...

How do finance and accounting play a role in ethics and

How do finance and accounting play a role in ethics and sustainable positive social change? How might you use accounting or finance to support this role that you described above?

Forwards and options respond to each of the following

Forwards and Options Respond to each of the following questions (notice that there are main questions and sub-questions below some of the main questions - don't miss any!) 1. Suppose you enter into a long 6-month forward ...

Assignmentresearch the foreign corrupt practices actaddress

Assignment: Research "THE FOREIGN CORRUPT PRACTICES ACT" Address, at a minimum, the following: The rationale for the Act (i.e. why was it implemented) What the Act prohibits How the Act impacts businesses nationally, and ...

Accounting discussion questionbulluse the internet to

Accounting Discussion Question • 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 credit ...

Key information for the plant city divisionkey information

Key Information For The Plant City Division Key information for the Plant City Division (PCD) of Barkley Industries for 2015 are as follows: Revenues $15,000,000 Operating Income 1,800,000 Total Assets 10,000,000 PCD man ...

Part one - sage transactionsyou will be given a fictitious

PART ONE - SAGE TRANSACTIONS You will be given a fictitious company which you will need to set up, record two months of transactions and produce financial statements for. You will need to use your professional judgement ...

Assume a local subway reported the following results for

Assume a local Subway reported the following results for April and May August September Unit Sales      2,000             2,500 Cost of Food Sold  $   1,000  $         1,250 Wages and Salaries      1,525             1,67 ...

  • 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

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

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen