Reporting Addendum

Reporting Addendum - Reporting Addendum & Problems...

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Reporting Addendum Problems
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Non-Audit Engagements Review services and compilation engagements What types of companies?
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Review standards i. Adequate planning and proper execution i. Possess or acquire sufficient knowledge of the business i. Plausibility
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REVIEW ENGAGEMENT REPORT To [person engaging the public accountant]: We have reviewed the balance sheet of XYZ Limited as at ……………200X, and the statements of income retained earnings, and cash flows for the year then ended. Our review was made in accordance with generally accepted standards for review engagements and accordingly consisted of enquiry, analytical procedures and discussion related to information supplied to us by the company. A review does not constitute an audit, and consequently, we do not express an audit opinion on these financial statements. Nothing has come to our attention as a result of our review that causes us to believe that these financial statements are not, in all material respects, in accordance with generally accepted accounting principles. Carney, Black and Heath, LLP Chartered Accountants Toronto, Canada Date
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A compilation involves The purpose Not intended to provide any assurance Compilation services .
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NOTICE TO READER To [person engaging the public accountant] We have compiled the balance sheet of Client Limited as at December 31, 200X, and the statements of income, retained earnings, and cash flows for the [period] then ended from information provided by management (the proprietor). We have not audited, reviewed or otherwise attempted to verify the accuracy or completeness of such information. Readers are cautioned that these statements may not be appropriate for their purposes. Carney, Black and Heath, LLP Chartered Accountants Toronto, Canada Date Lack of Independence I am not independent of X Limited because my spouse owns 25 percent of the shares of the company.
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Problem 1: Types of report . What types of report (unqualified, qualified, adverse, denial) should the auditors generally issue in each of the following situations? a. Client-imposed restrictions limit very significantly the scope of the auditor’s procedures. b. The auditors decide that it is necessary to make reference in their report of another public accounting firm (the secondary auditor). c. The auditors believe that the financial statements have been stated in conformity with generally accepted accounting principles in all respects other than a disclosure of a material uncertainty.
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Problem 2: audit Dunbar’s wholly owned U.S. subsidiary. a.
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This note was uploaded on 10/22/2009 for the course ACCT 70360 taught by Professor Pathak during the Spring '09 term at Windsor.

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Reporting Addendum - Reporting Addendum & Problems...

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