Diamond's Audit Committee concluded that a ''continuity'' payment made to growers in August 2010 of $20 million
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Question:
Diamond's Audit Committee concluded that a ''continuity'' payment made to growers in August 2010 of $20 million and a ''momentum'' payment made to growers in August/September 2011 of $60 million were not accounted for in the correct periods. Assume that a junior auditor of Deloitte's audit team has proposed that given the size of "the total liabilities and stockholders' equity" of Diamond of $1.226 billion, an adjustment of $20 million of grower payables is immaterial (1.63 percent) for fiscal 2010. Would you agree with the junior auditor? Why?
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