Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1-where in the audit report (which section) would

1-Where in the audit report (which section) would the following statements be appropriately reported: Choose...

80.2K

Verified Solution

Question

Accounting

image

1-Where in the audit report (which section) would the following statements be appropriately reported: Choose from "Opinion", "Basis for opinion", "Key audit matters", "Emphasis of matter", "Other matter", "Responsibilities of management", "Responsibilities of auditor", "Report on other regulatory requirements" a- "The client changed its inventory accounting method from FIFO to Weighted Average, leading to an increase in net income by $ 10000 and an increase in inventory valuation by $ 15000". b- "The client did not sufficiently disclose all of the details of its transactions with related parties, according to the requirements of IAS 24, the fact that has a material effect on the presentation of accounts receivable in the statement of financial position" "To deal with the difficulties of auditing accounts receivable, we doubled the number of the previously planned confirmations with accounts receivable". d="Management of the client is responsible for the preparation and fair presentation of the financial statements" 23 What is meant by a very material scope restriction, and how does it affect an auditor's opinion

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Medical Sciences
1.2K views

7. Describe the role of lateral inhibition in sensation. How does this relate to the on...

Physics
1.2K views

An ambulance traveling eastbound at 114.0 km/h with sirens blaring at a frequency of 6.50 ✕...

Psychology
1.2K views

what developmental goals in early Alaska guidlines checklis support child's learning social and emotional?

General Management
1.2K views

Question 1 Comprehensively assess the impact of the Budgeting and Budgetary Control practices on Financial Performance of...

General Management
1.2K views

Discussion: How your company Vitamin Shoppe defines itself using support information to discuss this topic. Also, discussion on...

General Management
1.2K views

Prompt: Your main post should include the vision, your summary data, the productivity findings, and the customer...

Algebra
1.2K views

7 of 50 Opal has a Personal Auto Policy with Underinsured Motorists limits of 100...

Accounting
1.2K views

Explain the different ways in which accounting can be used to support environmental and sustainability...

Accounting
1.2K views

ABC Company had the following net operating income or losses over a 5-year period: ...

Accounting
1.2K views

The table below contains selected information from recent financial statements of Leviz Corporation, and Metilda...

Accounting
1.2K views

Part 1. ABC Manufacturing is trying to decide whether to eliminate Department Z, which has...

Accounting
1.2K views

Barron Corp. has an operating income of $100,000, average invested assets of $600,000, and a...