Refer a below image for the above asked independent situations, in a detailed way of explanation.
3-26 (OBJECTIVES 3-4,3-5,3-6, 3-7, 3-8) For the following independent situations, assume than you are the audit...
sued. If you lave no ate report for each alternative materiality level. 3-26 (OBJECTIVES 3-4,3-5,3-6, 3-7, 3-8) For the following independent situations, assume that you are the audit partner on the engagement: 1. A number of frozen yogurt stores have opened in the last few years and your client, YogurtLand, has experienced a noticeable decline in customer traffic over the past several months that has caused you to have substantial doubt about Yogurt Land's ability to continue as a going...
For the following independent situations, assume that you are the audit partner on the engagement: A number of frozen yogurt stores have opened in the last few years and your client, YogurtLand, has experienced a noticeable decline in customer traffic over the past several months that has caused you to have substantial doubt about YogurtLand’s ability to continue as a going concern. Intelligis Electronics is a manufacturer of advanced electrical components. During the year, changes in the market resulted in...
A number of frozen yogurt stores have opened in the last few years and your client, YogurtLand, has experienced a noticeable decline in customer traffic over the past several months that has caused you to have substantial doubt about YogurtLand’s ability to continue as a going concern. Intelligis Electronics is a manufacturer of advanced electrical components. During the year, changes in the market resulted in a significant decrease in the demand for their products, which are now being sold significantly...
In-cla the appropriate report for each alternative materiality level): (1) Unmodified opinion-standard wording Unmodified opinion explanatory paragraph 3 Unmodified opinion-nonstandard report wording 14) Qualified opinion GAAP departure 15) Qualified opinion-scope limitation (6) Disclaimer (7) Adverse 3-26 (OBJECT 16 CONIECTIVES J-4,3-5, 3-6, 3-7, 3-8) For the following independent situations, assume that you are the audit partner on the engagement: 1. A number of frozen yogurt stores have opened in the last few years and your client, Discus Yogurtland, has experienced a...
3-25 (OBJECTIVES 3-4, 3-5, 3-6, 3-7, 3-8) For the following independent situations, assume that you are the audit partner on the engagement: 1. Auto Delivery Company has a fleet of several delivery trucks. In the past, Auto Delivery had followed the policy of purchasing all equipment. In the current year, they decided to lease the trucks. The method of accounting for the trucks is therefore changed to lease capitalization. This change in policy is fully disclosed in footnotes. 2. You...
The following are independent situations for which you will recommend an appropriate audit report Subsequent to the date of the financial statements as part of his post-balance sheet date audit procedures, a CPA learned that a recent fire caused heavy damage to one of a client's two plants; the loss will not be reimbursed by insurance. The newspapers described the event in detail. The financial statements and footnotes as prepared by the client did not disclose the loss caused by...
Requirements: Identify which of the conditions requiring a deviation from a standard unmodified opinion audit report is applicable, if any. Then, state the level of materiality as immaterial, material, or highly material. If you cannot decide the level of materiality, state the additional information needed to make a decision. (If a box is not used in the table leave the box empty; do not select a label.) For each situation, do the following: a. Identify which of the conditions requiring...
.Providing bookkeeping services to an audit client 5-18 (Objectives 5-5, 5-6) Each of the following situations involves a possible violation of the IESBA's Code of Ethics, For each situation, state the fundamental principle related the situation and whether it is a violation. a. Fadl Shaker is a CPA, but not a partner, with three years of professional experience with Shaker & Shaker, CPAS. He owns 25 shares of stock in an audit client of the firm, but he does not...
Please answer: What are the Material Level, the Additional Information, and the auditing report of 6 situations below 1) Auto Delivery Company has a fleet of several delivery trucks. In the past, Auto Delivery had followed the policy of purchasing all equipment. In the current year, they decided to lease the trucks. The method of accounting for the trucks is therefore changed to lease capitalization. This change in policy is fully disclosed in footnotes. Given condition is "No conditions are...
For the following independent situations, assume you are the audit partner on the engagement. For each situation, using the framework for reporting decisions, identify the appropriate audit report from the list below and briefly explain your choice. a) Unmodified opinion b) Unmodified opinion with material uncertainty related to going concern paragraph c) Unmodified opinion with emphasis of matter or other matter paragraph d) Qualified opinion - inappropriate accounting policy or material misstatement e) Qualified opinion - scope limitation f) Disclaimer...