Bill Jones, the president of AMTO, a nonpublic audit client of your firm, has come to you
Question:
The financial statements should follow Laotian generally accepted principles. Answer the following questions relating to thissituation.
Transcribed Image Text:
Question Yes No 1. Is this considered an audit of financial statements using a special-purpose 2. In performing the audit, must your firm consider GAAS to the extent the 3. If the financial statements are intended for use only outside the United financial reporting framework? standards are appropriate? States, must an audit report include an opinion on whether U.S. GAAP are followed? 4. If the resulting audit report will be used extensively both in the United States and in Laos, must the report include an opinion on whether U.S GAAP are followed? 5. If Laotian generally accepted auditing standards do not require the Lao- tian form of audit report, may your firm use the U.S. report form and modity it as necessary? tian form of audit report, may your firm use the Laotian report form? statements are intended solely for certain specified users? 6. If Laotian generally accepted auditing standards do not require the Lao- 7. Must a paragraph be added to the report indicating that the financial
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
Question Yes No 1 Is this considered an audit of financial statements using a specialpurpose financi...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Principles of Auditing and Other Assurance Services
ISBN: 978-0078025617
19th edition
Authors: Ray Whittington, Kurt Pany
Question Posted:
Students also viewed these Auditing questions
-
Your client, Great Value Hardware Stores, has come to you for assistance in evaluating an opportunity to purchase a controlling interest in a hardware store in a neighboring city. The store under...
-
Your client, Rich N. Ready, has come to you for advice. Rich is interested in many social welfare issues (e.g., access to higher education, welfare reform, and abortion rights). He wishes to use his...
-
Your client, Ashley, has come to you for some advice on computing her net income from property. (a) In February, Ashley sold all her investments and paid off her personal residence mortgage. On March...
-
Prerequisite: You will be using "utils.py" from Python 2 Assignment Task 1) In "utils.py," add a Python function called "calculate_fourier_coefficients" that calculates the coefficients of a Fourier...
-
Describe two ways to decrease the chance of contracting a cold.
-
Put the following sequences of terms in the order of increasing intension: a. conifer, Sitka spruce, tree, spruce, plant b. Italian sports car, car, vehicle, Maserati, sports car c. doctor of...
-
Prove that, in Rayleigh flow, the Mach number at the point of maximum temperature is \(1 / \sqrt{k}\).
-
Refer to the Kitchenhelp Coffeemaker example in the chapter. Suppose that Exhibits 8-6 and 8-7 remain the same but that engineers developed different numerical correlations, shown below, for the QFD...
-
On a bicycle, Serenity rides for 2 hours and is 24 miles from her house. After riding for 8 hours, she is 90 miles away. What is Serenity's rate?
-
In early 2014, Paul Bills, CFO of Harvard Business Publishing (HBP), sat down with David Wan, the companys CEO, to discuss budget preparations for the coming year. Bills noted that the performance of...
-
The following statements relate to auditor reporting on financial statements prepared using special-purpose financial reporting frameworks. For each, indicate whether the statement is correct or...
-
Indicate whether a CPA may provide each of the following services, and whether independence is required, by placing a check in the appropriatebox. May Provide; Independence May Provide; Independence...
-
You have been supplied data for the Supreme Plastic Company Ltd, and its industry averages: 1. Determine the indicated ratios for the Supreme Plastic Company. 2. Indicate the companys strengths and...
-
Compare the impacts of state/local regulations on GDPR. Discuss to whom those state/local regulations apply. Discuss how do state/local regulations affect corporate cybersecurity policy?
-
Discuss why Apple's industry is so competitive and how is this keen competition impacting the ethical risk in Apple's operations.
-
Discuss the concept of alignment and its importance to supply chain management.
-
3. Show how accounts receivable will appear on the December 31, 2023, balance sheet. Assets Current assets: Partial Balance Sheet Accounts receivable Less: Allowance for doubtful accounts 22,525
-
Critically discuss how can Google use its power to improve the lives of its stakeholders?
-
Sometimes students in chemistry labs determine percentage yields greater than 100%. Assuming there is no calculation error, how could this happen?
-
Suppose that A is an m n matrix with linearly independent columns and the linear system LS(A, b) is consistent. Show that this system has a unique solution.
-
Find the eigenvalues, eigenvectors, AM, and GM of each eigenvalue and decide whether the matrix is defective or not. Then, transform the matrix into either a diagonal or a Jordan matrix, whichever is...
-
What is attestation? Provide some examples of attestation engagements.
-
What is attestation? Provide some examples of attestation engagements.
-
What is a responsible party? Why is it necessary for the accountant to identify one?
-
Pharoah Enterprises purchased a delivery truck on January 1 , 2 0 2 5 , at a cost of $ 2 6 , 0 0 0 . The truck has a useful life of 7 years with an estimated salvage value of $ 5 , 9 1 0 . The...
-
Consider the following recurrence relation: A(1)=1, A(n) = 2A(n-1)+2"-1 Use the method of unraveling to find a closed form for A(n).
-
Given the following formula: Monthly Pay= [rate + rate / ([1+rate] ^(months) -1) X principle Where rate of 6% means 6/1200 and Months means number of years x 12 Possible data to test: Principle 12200...
Study smarter with the SolutionInn App