financial statement, reduce investor risk and consequently reduce the cost of capital of the preparer of the financial statements. In accordance with the US GAAP, auditors must release an opinion of the overall financial statements in the auditor's report. Auditors can release three types of statements other than an unqualified/unmodified opinion. The unqualified auditor's opinion is the opinion that the financial statements are presented fairly. A qualified opinion is that the financial statements
Words: 396 - Pages: 2
Audit Issues 1. Many large companies hire their law firm(s) to provide tax opinions that certain tax planning strategies have a reasonable of being sustained on an audit. Can the auditor rely on representation letters from third parties to avoid auditing these opinions? Briefly explain why or why not. No, the auditor cannot rely on representation letters from law firms to avoid auditing these opinions. The auditor can only rely on the tax opinion of a specialist as defined in AU Section 326 Part
Words: 462 - Pages: 2
financial community and members of the public. All these people could be reliant on the quality of the auditor’s work, even though they are not party to the contract between the client and the audit firm. The reliability of the financial reports and the audit report is potentially damaged if the auditor does not act with integrity (honesty), objectivity (being independent), with professional competence and due care (executing the work with the required level of skill and attention), confidentiality
Words: 10923 - Pages: 44
improvements on things such as design and innovation. Annual Report These initiatives are explained further in the company’s annual report. The annual report is a way for shareholders to receive important documents and information about the business. This report includes research and development, marketing information, financial reports, and subsidiary activity for all new future plans. Each company is required to send an annual report to the shareholders to keep them abreast of the company’s
Words: 1164 - Pages: 5
Introduction This assignment is to investigate the company’s financial and non-financial information before making an engagement for audit. Barnes Fischer’s is an auditing company which will investigate Ocean Manufacturing and upon evidence will decide whether to accept them as a client or not. Ocean Manufacturing, Inc. Ocean Manufacturing, Inc. is a small- to medium- sized company which manufactures home appliances such as toasters, blenders, and trash compactors. In the past few years the company
Words: 2282 - Pages: 10
Audit Assignment Case: Burnaby Wholesalers Ltd. INTRODUCTION: Burnaby Wholesalers Ltd. is a closely held company. The company distributes building materials, hardware, and related products to retail stores that service the “do-it-yourself” home improvement market. The company operates in a very competitive industry and the company’s profit margins and sales have both been decreasing during the last several years as new competitors have entered the market. The company’s fiscal year end is Sep
Words: 1749 - Pages: 7
agencies like Mercer, Kelly, timesjob.com and the likes. I was also given the TA Process followed by the Actuant India and compare it with the other companies to benchmark the process. Week 4 During the 4 – 5th week I was asked to present an initial report on how Social Media Employer Branding can be used by the company. During this time it involved meeting with Project guide where we discussed the possibilities. Also what would be relevant with respect to Actuant. Week 5 I
Words: 653 - Pages: 3
unit is a group report. Please refer to your Unit Learning Guide for further information in regard to submission and the marking criteria. Below is a choice of topics for the group report. Your report should be based on ONE of these topics. Choice 1 Topic: Accounting for intragroup transactions. During a financial year it is common for companies within the economic entity (group) to transact with each other. The following is an extract from Note 32 of the BHP Billiton Annual Report 2013. Transactions
Words: 841 - Pages: 4
1.0 INTRODUCTION Based on case study A Delima, students are required to identify issued based on certain topics. Before that, we are required to present our ideas and evaluate plans and strategies to overcome problems by applying relevant techniques during our class. In this case relate to the concept of true and fair view of Financial Statement and focused on skills and attitudes of people in an organization. Moreover, this case make us understand and shows accountant should comply with the Malaysia
Words: 3017 - Pages: 13
Assurance on sustainability reports: An International Comparison (1) Archival study ! global compustat I. Abstract Identify the factors associated with: Decision to voluntary purchase assurance The choice of the assurance provider A company needs to enhance credibility through assurance and choice of assurance provider will be a function of company, industry and country related factors. Findings: Companies seeking to enhance the credibility of their reports and build their corporate reputation are
Words: 9858 - Pages: 40
