Noved inc a public company engaged ora to inspect its, Ask an Expert

Accounting

Noved, Inc., a public company, engaged Ora to inspect its financial statements for the year ended 31st December, 2011. The financial statements of Noved, Inc., for the year ended 31st December, 2010, were examined by Jones, whose 30th March, 2011, auditor's report expressed an unqualified opinion. The report of Jones is not presented with the 2011-2010 comparative financial statements.
Rao's working papers contain the subsequent information that does not appear in footnotes to the 2011 financial statements as prepared by Noved, Inc.:

• One director, appointed in 2011, was previously a partner in Jones's accounting firm. Jones's firm provided financial consulting services to Noved during 2009 and 2008, for which Noved paid just about $1,600 and $9,000, correspondingly.

Evaluate how does above bullet point affect Ora's audit report to Noved's Board of Directors?

View complete question

Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9740278

Have any Question?Write your Review or question?

Related Questions in Financial Accounting

Question 1 an organization owes pound300000 tax at 17x4 and

Question 1 . An organization owes £300,000 tax at 1.7.X4 and £450,000 at 30.6.X5. Its income statement for the year to 30.6.X5 includes a tax charge of £400,000. How much tax was actually paid in the year to 30.6.X5?

Accounting financial assignment -question - in recent years

Accounting Financial Assignment - Question - In recent years a number of companies have gone into liquidation (been 'wound up') because they have not been able to meet their liabilities when they fell due. In Australia, ...

The ipl just signed sachin to a contract consisting of

The IPL just signed Sachin to a contract consisting of eight, end-of-year payments worth $9 million each, with the first payment precisely one year from today. On the other hand, Dhoni recent deal calls for six annual pa ...

Assessment 1develop complex spreadsheetsthis is an

Assessment 1 Develop Complex Spreadsheets This is an assessment that may be worked on in study time and as homework. Assessment presentation should be completed in a manner that is appropriate to professional business re ...

Can you please help me with thishow do restrictions affect

Can you please help me with this. How do restrictions affect net assets in Not- For -Profit organization or health care?

Lease classification considering firm guidance issues

Lease Classification, Considering Firm Guidance (Issues Memo) Facts: Tech Startup Inc. ("Lessee") is entering into a contract with Developer Inc. ("Landlord") to rent Landlord's newly constructed office building located ...

Establish and maintain accounting info systems and provide

Establish and maintain accounting info systems and Provide management accounting information Assignment - Assignment 1 - Case Studies Case Study 1 - Review the case study information below and complete the steps mentione ...

Finance final exam -answer the following questions based on

FINANCE Final Exam - Answer the following questions based on the course presentation, text, and any outside relevant sources. Use citations and show your work where applicable. 1. Strategic and Financial Planning a. Defi ...

What has been strides position on dividend payouts in the

What has been Strides' position on dividend payouts in the past (pattern, relationship with earnings, etc.)? What factors affected its dividend policy?

Scenario assume that a manufacturing company usually pays a

Scenario: Assume that a manufacturing company usually pays a waste company (by the pound to haul away manufacturing waste. Recently, a landfill gas company offered to buy a small portion of the waste for cash, saving the ...

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

Recent Questions

Ask Financial Accounting Expert