ADMS 2500 - Term Project Part 1

CASE STUDY: HARRISONS LTD You are a new staff member of Monet & Associates, a mid-sized accounting firm and have been assigned to an engagement team that is conducting the financial report audit for Harrisons Ltd (Harrisons). The engagement team, under the guidance of the engagement partner, Vince Mater, is currently performing a preliminary risk assessment of the audit client. The following documents have been provided to you: Memo from audit partner, Vince Mater, dated 6thJanuary 2020 which includes a summary of the initial audit procedures undertaken by the engagement partner for the 31 December 2019 audit. A relevant industry outlook report provided by the Australian Construction Industry Forum published on 7 November 2019.   REQUIRED: You have been asked to assess the inherent risk of the client and perform preliminary analytical procedures as part of the audit planning process in obtaining an understanding about the client’s business and indicate where there is an increased…

From the SEC’s websiteLinks to an external site., access any company’s recent 10-K (within the last two years) and review the Management & Discussion Analysis (MD&A) and the Auditor’s Report (Report of Independent Registered Public Accounting Firm).  Share the following: Discuss one item from the Management & Discussion Analysis (MD&A) that you found interesting. From the Auditor’s Report, share your thoughts on the information provided in the report. Do you have any concerns?

^ >>> QUESTIONS 4 You are the financial controller of Omega, a listed entity which prepares consolidated financial statements in accordance with International Financial Reporting Standards (IFRS® Standards). The financial statements for the year ended 30 September 2018 are due to be published shortly. A trainee accountant who is assigned to your department is reviewing the financial statements as part of a training exercise. She has prepared a list of queries arising out of this review. Query One When I look at the statement of financial position, one of the categories of non-current assets is 'investment properties and another category is 'property, plant and equipment' - in which all other properties are included. Surely we invest in all our properties, so why have two categories for them in the statement of financial position? How do we decide what goes where? note to the financial statements states that investment properties are measured at their fair values and not depreciated.…

Please analyze, assess, and synthesize the Annual Report or Form 10-K or Form 20 - F (whatever they call it in that jurisdiction) of the company you choose. You can usually find it on the Company's website in Investor R. Introduction 2. Industry situation and company plans A. Management Letter B. B. Review Company's Products and Services 3. Financial Statements A. Income Statement B. Cash Flow Statement C. Balance Sheet D. Accounting Policies 4. Financial Analysis & Ratio A. Financial Analysis B. Ratio C. Market Indicator Financial Ratios 5. References 6. Complete Calcuation of Part 4 in excelLimi

Review the following independent auditors’ report: To the Board of Directors and Shareholders Company XYZ"We have audited the accompanying balance sheets of XYZ Company as of December 31, 2020, 2019 and 2018, and the related statements of income, retained earnings, and cash flows for the years then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the Caribbean. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.An audit includes examining, on test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the…

Review the following independent auditors’ report: To the Board of Directors and Shareholders Company XYZ "We have audited the accompanying balance sheets of XYZ Company as of December 31,2020, 2019 and 2018, and the related statements of income, retained earnings, and cash flowsfor the years then ended. These financial statements are the responsibility of the Company’smanagement. Our responsibility is to express an opinion on these financial statements basedon our audits. We conducted our audits in accordance with auditing standards generallyaccepted in the Caribbean. Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements are free of materialmisstatement.An audit includes examining, on test basis, evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accounting principles usedand significant estimates made by management, as well as evaluating the overall…

Review the following independent auditors’ report: To the Board of Directors and Shareholders Company XYZ "We have audited the accompanying balance sheets of XYZ Company as of December 31,2020, 2019 and 2018, and the related statements of income, retained earnings, and cash flowsfor the years then ended. These financial statements are the responsibility of the Company’smanagement. Our responsibility is to express an opinion on these financial statements basedon our audits. We conducted our audits in accordance with auditing standards generallyaccepted in the Caribbean. Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements are free of materialmisstatement.An audit includes examining, on test basis, evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accounting principles usedand significant estimates made by management, as well as evaluating the overall…

Chapter 1: Introduction of Auditing A. Section 267 and 271 of the Companies Act 2016 respectively require for the private and public companies to appoint an auditor for each financial year. An auditor should ensure that the financial statements of the company are prepared in accordance with the relevant accounting standards. An auditor is guided by the auditing standards in order to obtain reasonable assurance that the financial statements are free from material misstatements. Required: i. Explain two (2) benefits of a financial statements audit performed by an approved company auditor. i. Explain the tem 'reasonable assurance'. i. Explain two (2) importance of auditing standards to an auditor in performing the assigned duties.

The remuneration of the auditors in many countries need to be disclosed in _________________________ Auditors report Annual financial statements of the Company All of companies announcements Company's Magazine

What is the propuse of a statement of activities in government-wide financial reporting?

Need an answer for question B (i ii)     (b) Obtain the most recent annual reports for TWO FTSE 100 companies of your choice (NOTE: you need to make sure the companies chosen have more than one operational segment and thus have meaningful segment notes for analysis). Examine the segmental disclosures provided in the segment notes of the annual reports by the selected two companies and comment on the following:i. Based on extracts from the segment notes,• how much and what segmental information is provided in the segment notes?• discuss whether the companies are in compliance with the relevant accounting standard, and• discuss the similarities and differences between their disclosure practices. ii. Comment on whether the information is useful and sufficient to allow shareholders to make informed investment decisions   Please don't share the answers if possible because it will cause plagiarism. thank you for your support.

Consider the following material and independent situations (i) to (iii) below.In each situation, the following dates apply:• Balance date: 30 June 2021• Date of audit report: 16 August 2021• Audited financial report and audit report sent to shareholders: 23 August 2021• Annual general meeting: 30 September 2021(i) The client purchased raw materials that were received before the financial year end. The purchase was recorded based on its estimated value. The supplier’s invoice, received on 30 July 2021, showed that the cost was substantially different from the estimated value.(ii) On 10 August 2021, the directors signed a contract to upgrade the client’s airconditioning system. The first payment of $100,000 is due on 1 September 2021. Work will be completed by 30 June 2022, and the final contract payment will be made at that time.(iii) On 25 August 2021, the general manager informed you that on 18 August 2021 the directors decided to sell land that the client was holding as a long-term…

II. Case Studies / Problem Solving . Below are summaries of cases studied in class. Please read each case, analyze the facts, and provide a brief solution to the problem. The auditors of JKL Company are about to conclude their audit. Before they completely finish, they observe a pre-publication copy of the company’s annual report to shareholders in the CFO’s office. In the annual report, the auditors read that the company is seeking to expand its operation by acquiring a small firm. Should the auditors react to this information? What ought they do?

assgt_mgmt1000_open_s3_22.xls complete the questions Using the Microsoft excel workbook below to provide solutions for the directors and board members of KPT Enterprises, regarding their financial reporting requirements: a. Using the "2020 Quarterly Revenue" worksheet provide the relevant formulas to complete the worksheet. b. In the same worksheet, dynamically apply the following formats for Qtrl through Qtr4 for all revenue types: i. Values over $65,000 should be red and bolded ii. Values under or equals to $15,000 should be green and italicized

Client Name: The Boeing Company Entity and Environment Category:  Industry, Regulatory, and External Factors Year ended:  2022   Completed by:   Reviewed by: Business Risk Factor Response Possible Effect(s) on the Audit What is the level of competition in the industry and does this level of competitiveness present any risks for the entity?     Do technological factors present any risks for the entity?     Do general economic conditions present any risks for the entity?     Does the regulatory environment present any risks for the entity?     Does the legal/political environment present any risks for the entity?     Do accounting principles, including those that are industry-specific or determined by a regulatory authority, present any risks for the entity?     Do social/environmental factors present any risks for the entity?     Are there any other external factors that present a risk for the entity?

Case Study: Auditor's Responsibility for Non-Financial Information As an experienced auditor at a reputable accounting firm, you've been assigned to audit a large manufacturing company's financial statements. In addition to financial data, the company also discloses non-financial information related to sustainability, environmental impact, and social responsibility in its annual report. Your audit team is tasked with evaluating the reliability and accuracy of both financial and non-financial information to provide stakeholders with a comprehensive understanding of the company's performance and operations. During the audit process, you implement various procedures to fulfill your responsibility for auditing non-financial information: 1. Understanding Non-Financial Reporting Frameworks: Begin by familiarizing yourself with relevant non-financial reporting frameworks and standards, such as the Global Reporting Initiative (GRI) or the Sustainability Accounting Standards Board (SASB). These…

Objective: As an accounting student enrolled in the Advanced Accounting course, this assignment aims to apply your theoretical knowledge to practical examples from the financial statements of George Weston Limited (GWL) or any other Public Canadian Company from the last four to five years. By analyzing specific aspects of the financial statements, you will demonstrate proficiency in understanding and interpreting accounting principles related to business combinations, consolidation of non-wholly owned subsidiaries, intercompany transactions, joint ventures or special purpose entities, and foreign currency transactions. Assignment Details: Select any of the annual reports of George Weston Limited or Any other Public Canadian Company from the last four to five years. Identify and analyze examples from the financial statements that demonstrate your understanding in at least four of the following topics: 1. Business Combination 100% acquisition 2. Consolidation of Non-Wholly Owned…

The Directors of Aspen PLC have recently appointed your audit firm to act as their external auditor. Aspen PLC is a FTSE-250 fast growth company specialising in cloud computing solutions. As part of the audit services, you have been requested by the Directors of Aspen PLC to undertake the following services:▪ the external audit of the company’s annual financial statement▪ taxation services; and ▪ consultancy services relating to the trialling and implementation of a new, stateof-the-art information technology systemYour audit firm has not worked for Aspen PLC before but does act as auditor for its biggest rival, another FTSE-250 company Priory Mason PLC. Required: (a) Identify and explain the professional and ethical issues that your firm should consider with regards to the services requested by Aspen PLC, stated above. What safeguards should be implemented to address these issues?  (b) Critically discuss the five key principles of ethics.  (c) An auditor must never disclose a…

Imagine Mr Mohammed Azam is a renowned auditor at Muscat in Sultanate of Oman. He conducts audit of Dry Dock Company S.A.O.C. He has prepared the audit report after completion of audit engagement; now, he is in the process of organizing the audit documentations to provide evidence in respect of audit procedure performed and relevant evidence obtained relating to transactions recorded in the financial statements. The auditor finalized the audit report on 1st June 2020. Based on the above information about audit documentation of Dry Dock Company S.A.O.C you are required to identify the date within which audit documentation must be completed. a. On or before 15th July 2020 O b. None of the options c. On or before 1st July 2020 d. On or before 15th August 2020

You are a new staff member of Monet & Associates, a mid-sized accounting firm and have been assigned to an engagement team that is conducting the financial report audit for Harrisons Ltd (Harrisons). The engagement team, under the guidance of the engagement partner, Vince Mater, is currently performing a preliminary risk assessment of the audit client. The following documents have been provided to you: Memo from audit partner, Vince Mater, dated 6th January 2020 which includes a summary of the initial audit procedures undertaken by the engagement partner for the 31 December 2019 audit. A relevant industry outlook report provided by the Australian Construction Industry Forum published on 7 November 2019.   REQUIRED: You have been asked to assess the inherent risk of the client and perform preliminary analytical procedures as part of the audit planning process in obtaining an understanding about the client’s business and indicate where there is an increased likelihood of…

**Objective Question:** In the context of accounting practices, what term refers to the mandatory periodic rotation of audit firms tasked with auditing a company's financial statements to enhance independence and objectivity? a) Financial disclosure b) Audit rotation c) Tax planning d) Cost accounting

Reading and Interpreting Audit Opinions Twitter Inc. financial statements include the following audit report from Pricewaterhouse Coopers LLP. Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders of Twitter, Inc. Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of Twitter, Inc. and its subsidiaries (the "Company") as of December 31, 2018 and 2017, and cash flows for each of the three years in the period ended December 31, 2018, including the related notes and financial statement schedule listed in the index appearing under Item 15.2 (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway…

Part ARequired1. Using the information above, complete the calculation of accounting ratios andpercentages and comment briefly on the performance of the company for the twoyears. ( 25 Marks)2. By reference to requirement 1, identify the areas that are subject to increased auditrisk and describe the further audit work you would perform in response to those risks.( 25 Marks)Part BBy reference to Part A:1. What is the purpose of using analytical procedures on the client’s performancemeasurement system? ( 10 Marks)2. What are some of the key factors that impact group interaction in an auditassignment? ( 10 Marks)

You are the audit senior on the audit of Fox Electronics Ltd (FEL) for the year ended 30 June 2020. FEL is an Australian listed company that retails electronic equipment. During the year, FEL expanded rapidly both locally and overseas, particularly to France and Brazil. As a result of this rapid expansion its accounts receivable in countries both increased considerably.   Required Explain the auditing procedures you would undertake to obtain necessary assurance that all subsequent events have been identified and considered before completion and signing of the auditor’s report.