Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. q.1. kpmg auditing firm is appointed to conduct an

Q.1. KPMG Auditing Firm is appointed to conduct annual audit of Dhofar Beverages Company for...

60.1K

Verified Solution

Question

Accounting

image

Q.1. KPMG Auditing Firm is appointed to conduct annual audit of Dhofar Beverages Company for the financial year 2020. During physical verification of management reports, the auditor found following overstated values: i. ii. iii. iv. Stocks (raw material): 17% overstatement in reported value of OMR 50,000 Account receivables: 11.6% overstatement in reported value of OMR 220,000 Operating Expenses: 24.5 % overstatement in reported value of OMR150,000 Depreciation Expense: 11.75 % overstatement in reported value of OMR 71,500 Required: a) In view of above the scenario, calculate consolidated overstated amount 10 Marks b) In view of the above scenario, which type of audit report will be issued by KPMG auditing firm? Justify your answer. 10 Marks Answer I Moll) a

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