1.Contracts for the sale of the two properties were initially exchanged during the year ended 30 June 2005, and eventually were finalised before the end of 2005, so why were the auditors criticised for allowing the revenue to appear in the 2004/2005 accounts?

2.Why is there doubt over whether the revenue should have been recognised at all?

Answer rating: 100% (QA)

The auditors were criticized for allowing the revenue to appear in the 20042005 accounts because the ... View the full answer