How to recognize and measure provision regarding above issues in the financial statements of Verge for the year 2012 and 2013?
Comment on the matters to be considered, and explain the audit evidence you should expect to find during your file review in respect of the trade receivable recognized in relation to Cherry Co.
Evaluate the audit junior's concerns regarding the management of the audit of Sultana Co.
Explain the components of audit risk and, for each component, state an example of a factor which can result in increased audit risk.
Using the information provided, identify and describe FIVE audit risks and explain the auditor’s response to
each risk in planning the audit of Abrahams Co.
Describe substantive procedures you should perform to obtain sufficient appropriate evidence in relation to:
(i) Inventory held at the third party warehouses; and
(ii) Use of standard costs for inventory valuation.
Prepare a statement of profit or loss for the next year for APX Co using the information provided
Prepare a statement of financial position at the end of the next year for APX Co using the information above
Analyze and discuss the working capital financing policy of APX Co
Discuss the role of financial intermediaries in providing short-term finance for use by business organizations.
Advise whether the factor’s offer is financially acceptable to Widnor Co.