Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Auditing Expert

You are the auditor of ABC Company and the audit process is nearly complete. The audit report is due to be signed next week. Though, the following additional information on two material events has been presented to you. The company's year end was on 30 June 2012. Event 1 - Occurred on 10 July 2012. The new products scheduled to be marketed in August 2012 have been found to be insecure for use. The company estimated that the value of inventory of RM250,000 has to be revalued at RM100,000. Event 2 - Occurred on 5 August 2012 Production of the company's factory was stopped for one day due to the machine breakdown.

a) Justify whether the events are adjusting or non-adjusting events according to ISA 10 Events after the Reporting Period.

b) State whether Event 1 is adjusting or non-adjusting event. Describe why you say so.

c) State whether Event 2 is adjusting or non-adjusting event. Describe why you say so.

Auditing, Accounting

  • Category:- Auditing
  • Reference No.:- M9709

Have any Question? 


Related Questions in Auditing

Internal essaywhile there is no minimum length i anticipate

Internal Essay While there is no minimum length, I anticipate one to two pages (single spaced, Times New Roman 12 font) for each question. I would look for clear and well-argued submissions showing your depth of knowledg ...

Objectivesthis assignment is designed to assess students

OBJECTIVES This assignment is designed to assess students' ability to: - Produce a concise detailed report about the importance of information security audit policy and its components - To have excellent understanding re ...

Smith a certified public accounting firm was engaged to

Smith, a certified public accounting firm, was engaged to audit the financial statements of the Sky-is-the-Limit company. The company has its own IT installation. While obtaining an understanding of internal control, Smi ...

Background informationthis assignment is based on the

Background information This assignment is based on the Professional Application Question 2.37 in your e-text. Fellowes and Associates Chartered Accountants is a successful mid-tier accounting firm with a large range of c ...

Assignmentchoose a publicly traded company and research its

Assignment Choose a publicly traded company, and research its annual report. (If you cannot find it online, you can go to the U.S. securities and Exchange Commission Web site and locate a copy). These results have been a ...

Develop critical analysis skills in relation to auditor

Develop critical analysis skills in relation to auditor independence and issues in accepting audit engagements. Background information This assignment is based on the Professional Application Question 2.37 in your e-text ...

Questionnbspinstructions this assignment is to be submitted

Question:  Instructions: This assignment is to be submitted in accordance with assessment policy stated in the Subject Outline and Student Handbook. It is the responsibility of the student who is submitting the work, to ...

Accounting questionyour firm recently signed a letter of

Accounting Question: Your firm recently signed a letter of engagement to audit CitCo, the local city and county government. Over your morning cup of coffee you open the local newspaper and read the following: Police are ...

Assignment question 1impulse pty ltd impulse is an

Assignment Question ( 1) Impulse Pty Ltd (Impulse) is an entertainment system manufacturer that was established in 2005. Your audit firm King & Queen have been the auditor of Impulse since its formation. The audit report ...

Audit assurance and compliance assignmentquestion 1

Audit, Assurance and Compliance Assignment Question 1 - Impulse Pty Ltd (Impulse) is an entertainment system manufacturer that was established in 2005. Your audit firm King & Queen have been the auditor of Impulse since ...

  • 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