Question

David Chatham conducted an audit of Olive Ltd for the year ended 30 June 2017 .David...

David Chatham conducted an audit of Olive Ltd for the year ended 30 June 2017 .David has just started his audit of Olive for the year ended 30 June 2018 .The audit fees for the year ended 30 June 2017 have not yet been paid .You are asked to state whether there has been a violation of the Accountants Code of Ethics and state which ethical principle has been violated and briefly providing a reason(s) for your opinion.

0 0
Add a comment Improve this question Transcribed image text
Answer #1

I hope this clarifies your question. Pls rate and comment in case of any query

Add a comment
Know the answer?
Add Answer to:
David Chatham conducted an audit of Olive Ltd for the year ended 30 June 2017 .David...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Katrina Ng is a manager on the audit of a not for profit entity.She is also...

    Katrina Ng is a manager on the audit of a not for profit entity.She is also a member of the Board of Directors for the not for profit entity,but the position is honorary and does not involve  her acting in a management capacity for the not for profit firm.You are asked to state whether there has been a violation of the Accountants Code of Ethics and state which ethical principle has been violated and  briefly providing a reason(s) for your opinion

  • Wrench and company,Chartered Accountants,keeps details of its clients in its computer  records at its office .Since it  also...

    Wrench and company,Chartered Accountants,keeps details of its clients in its computer  records at its office .Since it  also has time available it will allow its clients to use its computers if they require them.If necessary Wrench will arrange for members of its staff,mainly administration but sometimes from the audit branch to assist with the input of data for these clients.The staff from the Audit section can be involved in the audit of clients, depending upon the Audit Partners requirements.You are asked to...

  • The Berowra Accountants, have taken advertisements in the local newspaper with a bright colourful full page...

    The Berowra Accountants, have taken advertisements in the local newspaper with a bright colourful full page pictures of the staff and giving details of their being the top Accountants in the district and how they always get the highest tax deductions of all Accounting firms in the region.You are asked to state whether there has been a violation of the Accountants Code of Ethics and state which ethical principle has been violated and briefly providing a reason(s) for your opinion:

  • Alfred Jarmon , professional accountant, does the bookkeeping, prepares the tax returns and provides management services...

    Alfred Jarmon , professional accountant, does the bookkeeping, prepares the tax returns and provides management services for Luner  L td .When providing these services it frequently advises its clients to buy its computer equipment from Computer Services Ltd. Computer Services has agreed to pay Jarmon a 10% commission if the referral leads to sales for Computer Services.You are asked to state whether there has been a violation of the Accountants Code of Ethics and state which ethical principle has been violated...

  • Peter Beetson , a public accountant , provides tax services, management advisory  services,bookkeeping services  and conducts audits for...

    Peter Beetson , a public accountant , provides tax services, management advisory  services,bookkeeping services  and conducts audits for his Accounting practice .Peter also is the treasurer of the Northbridge Joggers Club ,a small not for profit club which he runs with on a weekend .You are asked to state whether there has been a violation of the Accountants Code of Ethics and state which ethical principle has been violated and  briefly providing a reason(s) for your opinion:

  • During an audit of the inventory records of Winthrop Ltd for the year ended June 30,...

    During an audit of the inventory records of Winthrop Ltd for the year ended June 30, 2019, the auditor discovered that the ending inventory balance was overvalued by $180,000. On further investigation, it was discovered that the ending inventory for the previous year was correctly counted and valued, but that the inventory balance as at June 30, 2017, was undervalued by $500,000. Spurred on by the concern for errors undetected in previous periods, a thorough investigation was carried out as...

  • QUESTION 7 Lady Ltd owns 25% of Gaga Ltd. Gaga’s profit after tax for the year ended 30 June 2017 is $50,000. The tax rate is 30%. During the year ended 30 June 2017, Lady sold $10,000 worth of invent...

    QUESTION 7 Lady Ltd owns 25% of Gaga Ltd. Gaga’s profit after tax for the year ended 30 June 2017 is $50,000. The tax rate is 30%. During the year ended 30 June 2017, Lady sold $10,000 worth of inventory to Gaga. These items had previously cost Lady $7,000. All the items remain unsold by Gaga at 30 June 2017. Lady’s share of Gaga’s profit for the year ended 30 June 2017 is: $11,975. $11,750. $8,225. $9,275.

  • You are a senior on the audit for the year ended 30 June 2018 of Office...

    You are a senior on the audit for the year ended 30 June 2018 of Office Supplies Ltd, A Perth-based manufacturer of customised office furniture. You are carrying out audit checks on cut-off at year end. Office Supplies maintains details of stock quantities on its computer and conducts a ‘wall-to-wall’ count of inventory when all operations cease at 30 June, and all inventory is counted in a single stocktake. The bulk of inventory is held in two adjoining warehouses owned...

  • On 1 July 2013 David Ltd acquired all of the share capital of Goliath Limited for a consideration...

    On 1 July 2013 David Ltd acquired all of the share capital of Goliath Limited for a consideration of $500,000 cash and a brand that was held in their accounts at a book value of $10,000 but at 1 July 2013 had a fair value of $24,000. At that date all the identifiable assets and liabilities were recorded at fair value with the exception of: The inventory was all sold by 30/6/14. The remaining useful life of the plant is...

  • On 1 July 2013 David Ltd acquired all of the share capital of Goliath Limited for a consideration...

    On 1 July 2013 David Ltd acquired all of the share capital of Goliath Limited for a consideration of $500,000 cash and a brand that was held in their accounts at a book value of $10,000 but at 1 July 2013 had a fair value of $24,000 At that date all the identifiable assets and liabilities were recorded at fair value with the exception of ASSET Inventory Land Plant (less depn) Book Value Market Value 12,000 28,000 10,000 25,000 20,000...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT