Independent auditor: An independent auditor is the one who audit the books of accounts of a company. An independent audit may be an individual or firm. Only certified public accountant can examine the books of accounts of the company.
Financial Statements: Financial statements are the part of
To identify: The responsibility claimed by independent auditor for the financial statements of the A company.
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- https://www.republictt.com/pdfs/annual-reports/RFHL-Annual-Report-2022.pdf Use the link above to c) Critically analyze any significant accounting policies and estimates disclosed in the notes to the financial statements. In your answer, indicate whether the company complied with the accounting standards and conventions.arrow_forwardRefer to Apple’s balance sheet. What is the total of Apple’s 2017 accounts payable? What is the total of its schedule of accounts payable?arrow_forwardRequired: Prepare a properly classified statement of financial position for HBI COMPANY as of December 31, 2021. Save your FS as pdf and upload it here.arrow_forward
- Using the Microsoft 10K for the Fiscal Year ended June 30, 2018 to answer questions: 7. In the financial statement, what is the balance of total deferred revenue for Microsoft at 2018 and 2017?8. What is in the balance of deferred revenue (refer to the footnotes of the financial statements in the Microsoft 10K)arrow_forwardAnswer at least 400 words. suppose your audit firm is in the intitial planning phase for the audit of apple for the year ended September 25, 2021. As the audit senior, you have been assaigned responsibility for gathering and summarizing information necessary to evaluate Apple's business risk. Required: Go to Apple's website (investor.apple.com) and explore the website. Click on the "SEC filings" link. Obtain the most recent SEC form 10-K (annual report for the fiscal year ended September 26, 2020) provided for Apple. Based on the information obtained from the website and your know ledge of the industry: 1. Prepare a memo discussing your understanding of Apple and its envirioment. Evaluate Apple's performance and the risk of misstatement, be sure to describe your reasoning.arrow_forwardAnswer at least 400 words. suppose your audit firm is in the intitial planning phase for the audit of apple for the year ended September 25, 2021. As the audit senior, you have been assaigned responsibility for gathering and summarizing information necessary to evaluate Apple's business risk. Required: Go to Apple's website (investor.apple.com) and explore the website. Click on the "SEC filings" link. Obtain the most recent SEC form 10-K (annual report for the fiscal year ended September 26, 2020) provided for Apple. Based on the information obtained from the website and your know ledge of the industry: 1. Prepare a memo discussing your understanding of Apple and its envirioment. Evaluate Apple's performance and the risk of misstatement, be sure to describe your reasoning. 2. Professional auditing standards provide guidance on the auditor's consideration of an entity's business risks. What is the auditor's objective for understanding and entity's business risks? why does an auditor not…arrow_forward
- 16) When creating a new QuickBooks data file for an existing company, QuickBooks automatically offsets accounts receivable balances with an entry to the:A) Uncategorized Expenses accountB) Uncategorized Income accountC) Opening Balance Equity accountD) Capital Stock account Group of answer choices A B C Darrow_forwardUnderCover Ltd sells and supplies security and surveillance equipment and other spyware, and also provides related services. The accountant of UnderCover Ltd is currently preparing its financial reports for the year ended 30 June 2020. The company is a reporting entity. The reports have not been completed as at 11 August 2020. Required: Explain (with reasons) in your own words how and where (including class/category where applicable) each of the events/transactions described below would be treated, recognised and/or disclosed in the financial reports of UnderCover Ltd for the year ended 30 June 2020. Note: You need to consider whether information about the event or transaction needs to be presented separately. Journal entries and actual disclosure notes are not required. On 6 July 2020, the government announced new regulations relating to the sale and use of drones (i.e. unmanned aerial vehicles). Part of the new regulations require that from 1 September 2020, drones can…arrow_forwardIf the errors were discovered in January 2018, what must be the entry to adjust 2017 Net Income/Retained Earnings assuming the books in 2017 are already closed? (Show your solutions, including the adjusting journal entry, in your attached working paper but just put the total debits/credits in the google form). *arrow_forward
- Question You work as a freelance accounting professional and have beenrecently engaged by the auditors of Life-Positive Inc. for anassignment. In examining the company’s records, you have extractedthe following information: Life-Positive’s Account Balances 2021 ($) 2022 ($) accounts payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales…arrow_forward18-Sohar LLC collecting information from the environment in which a company operates and can include competitor's websites, social media, credit rating agencies, and internet news, for strategic planning, when a company needs to consider market share, industry trends, and customer behaviors. The information collected by the company is known as a. Financial Qualitative information b. External information c. Internal information d. Accounting informationarrow_forwardChoose the correct. What is a letter of comments?a. A letter the SEC sends to a company indicating needed changes or clarifications in a registration statement.b. A questionnaire supplied to the SEC by a company suggesting changes in Regulation S–X.c. A letter included in a Form 10–K to indicate the management’s assessment of the company’s financial position.d. A letter composed by a company asking for information or clarification prior to the filing of a registration statement.arrow_forward
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