Describe any 4 (Four) substantive procedures the auditor should perform to obtain sufficient and appropriate audit evidence in relation to the matters identified regarding the inventory valuation of Polobalancing Dog products.
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Describe any 4 (Four) substantive procedures the auditor should perform to obtain sufficient and appropriate audit evidence in relation to the matters identified regarding the
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- You are an audit supervisor of Ali & Babs partners and you are planning the audit of Little Angel Corporation, a listed company, for the year ending 31 March 2020. The company manufactures computer components and forecast profit before tax is GH¢33·6m and total assets are GH¢79·3m.Little Angel Corporation distributes its products through wholesalers as well as via its own website. The website was upgraded during the year at a cost of GH¢1·1m. Additionally, the company entered into a transaction in February to purchase a new warehouse which will cost GH¢3·2m. Little Angel Corporation’s legal advisers are working to ensure that the legal process will be completed by the year end. The company issued $5m of irredeemable preference shares to finance the warehouse purchase.During the year the finance director has increased the useful economic lives of fixtures and fittings from three to four years as he felt this was a more appropriate period. The finance director has informed the…You are an audit manager of Kartey and Associates and you are planning the audit of Nayaa Systems Ltd, a listed company, for the year ending 31 December, 2020. The company manufactures computer components and forecast profit before tax is GH¢33·6m and total assets are GH¢79·3m. Nayaa Systems Ltd, distributes its products through wholesalers as well as via its own website. The website was upgraded during the year at a cost of GH¢1·1m. Additionally, the company entered into a transaction in February to purchase a new warehouse which will cost GH¢3·2m. Nayaa company’s legal advisers are working to ensure that the legal process will be completed by the year end. The company issued GHS 5m of irredeemable preference shares to finance the warehouse purchase. During the year the finance director has increased the useful economic lives of fixtures and fittings from three to four years as he felt this was a more appropriate period. The finance director has informed the engagement partner that…Crunch Craft, a catering company, provides catering services to its customers. Customers normally pay for catering services after the service has been provided. In January 2022, Crunch Craft provided catering services worth $30,000 which it will receive in cash in February 2022. A senior accountant at Crunch Craft wants to record the $30,000 as an asset in the company’s Balance Sheet at the end of January 2022. Should the $30,000 be recorded as an asset in the company’s Balance Sheet at the end of January 2022? Explain, using the definition and recognition criteria of an asset in your explanation.
- a) Morning Delight Company manufactures cereals and operates five factories, six warehouses and five distribution depots in major cities in Ghana. The audit for the year ended 31 December 2019 is almost complete and the financial statements and auditor’s report are due to be signed shortly. Profit before taxation is Ghc 11.6 million. The following events have occurred subsequent to the year-end and no amendments or disclosure have been made in the financial statements. Event 1 – Fire Outbreak On 2 February 2020, a fire occurred at the largest of the distribution depots. The fire resulted in extensive damage to 41% of the company’s vehicles used for dispatching goods to costumers, however, there was no significant delays to customers’ deliveries. The company estimated the level of damage to the vehicles to be in excess of Ghc108,000. Only a minimal level of inventory, approximately Ghc 42,000, was damaged. Secure Insurance company, the insurers of Morning Delight Company has started…Bee Kay & Co has been appointed as an auditor of Syarikat Elektrik Fudu for the year ended 31 October 2020. During the year, Syarikat Elektrik Fudu obtained a long-term loan amounted RM35 millions from Glory Bank with the following financing agreement:1. The loan was secured by a fixed charge over two pieces of land and buildings of the company located in Alor Setar.2. Monthly installment rate of 5% started from 1 February 2020. The loan secured was used to expand the business. Syarikat Elektrik Fudu has increased the number of staff from 100 to 130 staff for the purpose of business expansion. During the planning process, Bee Kay & Co determined that the inherent risk of overstatement of payroll might be high as compared to prior financial year. (a) Explain THREE (3) procedures that Bee Kay should employ in examining the long-term loan from Glory Bank. (b) Describe TWO (2) audit procedures to be performed in the audit of payroll transactions in addressing the risk of…PatMart Co. Ltd is a new business that started trading on 1 January 2019. The following is a summary of transactions that occurred during the first year of trading: The owners introduced GH¢50,000 of capital, which was paid into a bank account opened in the name of the business. Premises were rented from 1 January 2019 at an annual rental of GH¢20,000. During the year, rent of GH¢25,000 was paid to the owner of the premises. Rates (a tax on business premises) were paid during the year as follows: For the period 1 January 2019 to 31 March 2019 GH¢500 For the period 1 April 2019 to 31 March 2020 GH¢1,200 A delivery van was bought on 1 January 2019 for GH¢12,000. This is expected to be used in the business for four years and then to be sold for GH¢2,000. Wages totaling GH¢33,500 were paid during the year. At the end of the year, the business owed GH¢630 of wages for the last week of the year. Electricity bills for the first three quarters of the year were paid totaling GH¢1,650. After…
- A. Jamal Textile Enterprise is a textile manufacturer operating in Selangor. The company was incorporated on 1June 2019 and closes its account annually on 31 December. All machinery purchased was imported from Taiwan and it was delivered on 1January2020, and the business commenced officially on 1February 2020. The following expenditure was incurred: (i) Purchased machinery that cost RM1,000,000 on 1June 2020 and paid deposit RM100,000 on the day of purchase, while the remaining RM900,000 was paid on 1November 2020. (ii) Purchased forklift on hire purchase term on 1January 2020. The total cost of the forklift is RM125,000, and Jamal Textile paid down payment of RM5,000. The total installment payment was RM48,000, excluding an interest amounting RM9,580. (iii) Purchased a new car (Proton X50) on 30December 2020 for the General Manager of the company costing RM120,000 . (iv) Purchased a computer with printer on 1April 2019 for RM5,500. This computer specification however was found to be…The company's equity and results (before tax) for the fiscal year 2021 are € 1,200,000 and € 390,000 respectively. How will these two sizes be formed (answer using a table) if there are the following observations of the statutory auditor: The company had created a provision for staff compensation for the first time with an amount of € 20,800 in 2017 and increased it by € 13,000 in 2020 and by € 3000 in 2021. According to an actuarial study, this provision at the end of the closed financial year 2021 should amount to € 44,800, of which € 33,500 concern the previous years. The company erroneously never depreciated the fixed asset acquired on 01/10/2019, with a purchase value of € 31,000 and a residual value of € 900. The useful life of this fixed asset is 12 years. During 2020, the company erroneously transferred to a multi-year / 5-year depreciation account an expense of € 16,000 Make as many annotations as necessary, and display your calculations. The answer must be in a table format…SydMel Ltd commences operations on 1 July 2020. One year later, on 30 June 2021, the entity prepares its first statement of comprehensive income and its first statement of financial position. The statements are prepared before considering taxation. The following information is available. Statement of Profit or Loss and other Comprehensive Income For the year ended 30 June 2021 Gross Profit $500,000 Salaries expenses (220,000) Rent expense (53,000) Long service leave expenses (51,000) Depreciation expense - Plant (30,000) Bad debt expense (20,000) Accounting Profit Before Tax $126,000 The Statement of Financial Position (Extract/partial) As at 30 June 2021 Assets: Cash $153,000 Inventories 199,000 Account receivables (net) 179,000 Prepaid rent 51,000 Plant 150,000 Accumulated depreciation - plant (30,000) 702,000 Liabilities: Revenue received in advance…
- Smith & Sons is a CPA firm that provides proprietary software to its clients. One of its software packages sells for $150 and contains pre-programmed tutorials on basic accounting concepts. Another product sells for $3,000 and contains Smith & Sons’ archive of accounting standards and articles, which Smith & Sons updates on a weekly basis and downloads to archive users for the two years following purchase of the product. If a customer purchases both software packages on June 1, 2021, how much revenue should Smith & Sons recognize for the year?a) Morning Delight Company manufactures cereals and operates five factories, six warehouses and five distribution depots in major cities in Ghana. The audit for the year ended 31 December 2019 is almost complete and the financial statements and auditor’s report are due to be signed shortly. Profit before taxation is Ghc 11.6 million. The following events have occurred subsequent to the year-end and no amendments or disclosure have been made in the financial statements.Event 1 – Fire OutbreakOn 2 February 2020, a fire occurred at the largest of the distribution depots. The fire resulted in extensive damage to 41% of the company’s vehicles used for dispatching goods to costumers, however, there was no significant delays to customers’ deliveries. The company estimated the level of damage to the vehicles to be in excess of Ghc108,000. Only a minimal level of inventory, approximately Ghc 42,000, was damaged. Secure Insurance company, the insurers of Morning Delight Company has started to…Pearl Ltd is preparing financial statements for the year ended on 30 June 2021. Identify and match each of the following statements to the most appropriate accounting treatment. An amount of $50 000 owing to Joyce Ltd for services rendered during May 2021. Damages awarded against Pearl Ltd resulting from a court case decided on 20 June 2021. The judge has announced that the amount of damage will be set at a future date, expected to be in September 2021. Pearl Ltd has received advice from its lawyers that the amount of the damages could be anything between $1 million and $3 million. Pearl Ltd involved in a litigation related to their products sold on 1 Feb 2021. Legal advisers estimate that it is reasonably possible that the company will lose the lawsuit. They also estimate the expenditure of this lawsuit to be $10,000. Pearl Ltd operates profitably in a factory that it has leased and on which it pays quarterly rentals. It decides to relocate its operations to another facility.…