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

You are required to finish each of these questions each

You are required to finish each of these questions, each worth 10 marks, total 30 marks. Please give the solutions in detail, show calculations and submit the solutions to Moodle using a single file, it can be Excel form ...

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 ...

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 ...

Write a 750- to 1050-word paper on fraud auditing and it

Write a 750- to 1,050-word paper on fraud auditing and IT auditing. Describe the different kinds of fraud andthe Fraud Triangle, an auditor's responsibility to identify and assess fraud. Describe the specific risks, bene ...

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 report assignmentinstructions activities you will

Audit Report Assignment Instructions (Activities you will perform to help you write your assignment report): • Public Company is Under Armour, Inc. • Access the financial statements for a recent year through the SEC fili ...

Assignment audit assurance and compliancebullthis

ASSIGNMENT: Audit, Assurance and Compliance • 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 s ...

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 ...

Auditor rotationread the article house counts on honor

Auditor Rotation Read the article, "House Counts on Honor Amongst Thieves: Votes Against Mandatory Auditor Rotation." Based on the information presented in the article, discuss the following: Article link: http://www.for ...

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 ...

  • 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