From the SEC's websiteLinks to an external site, access any company's recent 10-K (within the last two years) and review the Management & Discussion Analysis (MD&A) and the Auditor's Report (Report of Independent Registered Public Accounting Firm). Share the following: Discuss one item from the Management & Discussion Analysis (MD&A) that you found interesting. From the Auditor's Report, share your thoughts on the information provided in the report. Do you have any concerns?
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- Obtain a copy of The State of New Jersey's recent Comprehensive Annual Financial Report (CAFR). This may commonly be obtained online. It would be best, but not absolutely necessary, to use a CAFR that has a Certificate of Excellence in Financial Reporting from the Government Finance Officers Association. Answer the following questions related to your CAFR. (A) What are the inclusive dates of the fiscal year? (B) Identify the name and address of the independent auditor. Is the auditor's opinion unmodified? If not, describe the modification. Is the opinion limited to the basic financial statements, or does the opinion include combining and individual fund statements? (C) Does the report contain an organization chart? A table of contents? A list of principal officials? A letter of transmittal? Is the letter of transmittal dated and signed by the chief financial officer? List the major items of discussion in the letter of transmittal. (D) Does the report include a Management's Discussion…Describe the audit procedures you would use to learn about each of the situations listed. Begin by identifying all of the audit procedures you would use to learn about situation 1. (Select the 4 choices that apply.) A.Analyze legal expense for the period under audit and review invoices and statements of legal counsel for indications of contingent liabilities. B.Review records for unusual journal entries made to the equity accounts (Common stock and Retained earnings) subsequent to year-end. C.Discuss, specifically, any related party transactions with management and include information in letter of representation. D.Obtain letters from all major attorneys performing legal services for the client as to the status of pending litigation or other contingent liabilities. E.Confirm details of stock transactions with registrar and transfer agent. F.Review financial statements of affiliate, and where related party transactions are apparent, make direct…Who is responsible for preparing financial statements? Discuss the responsibility and functions of CPA with evidence from annual report regarding auditing of financial statements. Also name the different Financial statements that are audited by external auditors at Zamil industrial.
- Review the following independent auditors’ report: To the Board of Directors and Shareholders Company XYZ"We have audited the accompanying balance sheets of XYZ Company as of December 31, 2020, 2019 and 2018, and the related statements of income, retained earnings, and cash flows for the years then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the Caribbean. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.An audit includes examining, on test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the…Determine the following as a result of your audit: subquestion a. How much is the correct amount of interest expense that should be reported in its Statement of Comprehensive Income for the period ending December 31, 2023? subquestion b. As an audit manager, you review the working papers of your audit staff and senior auditor and summarized the proposed adjusting entries (PAJE’s): Your proposed adjusting journal entry will include a credit to premium on note payable of? please show solution.Review the following independent auditors’ report: To the Board of Directors and Shareholders Company XYZ "We have audited the accompanying balance sheets of XYZ Company as of December 31,2020, 2019 and 2018, and the related statements of income, retained earnings, and cash flowsfor the years then ended. These financial statements are the responsibility of the Company’smanagement. Our responsibility is to express an opinion on these financial statements basedon our audits. We conducted our audits in accordance with auditing standards generallyaccepted in the Caribbean. Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements are free of materialmisstatement.An audit includes examining, on test basis, evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accounting principles usedand significant estimates made by management, as well as evaluating the overall…
- Review the following independent auditors’ report: To the Board of Directors and Shareholders Company XYZ "We have audited the accompanying balance sheets of XYZ Company as of December 31,2020, 2019 and 2018, and the related statements of income, retained earnings, and cash flowsfor the years then ended. These financial statements are the responsibility of the Company’smanagement. Our responsibility is to express an opinion on these financial statements basedon our audits. We conducted our audits in accordance with auditing standards generallyaccepted in the Caribbean. Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements are free of materialmisstatement.An audit includes examining, on test basis, evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accounting principles usedand significant estimates made by management, as well as evaluating the overall…Please choose a public company financial statement, a 10k or an annual report. Review the footnote disclosures related to intercompany activity. How important is this activity to the consolidated group? Where do you find this information? Be sure to post a link or attach the document to your posting.A CPA has been asked to audit the financial statements of a publicly held company for the first time. All preliminary verbal discussions and inquiries among the CPA, the company, the predecessor auditor, and all other necessary parties have been completed. The CPA is now preparing an engagement letter.. Required: a. List the items that should be included in the typical engagement letter in these circumstances. b. Describe the benefits derived from preparing an engagement letter. (AICPA, adapted) 4 2
- Which of the following engagement planning procedures would most likely assist the auditor in identifying related-party transactions before the balance-sheet date?a. Interviewing internal auditors about their reporting responsibilities.b. Reviewing accounting records for recurring transactions occurring near year-end.c. Inspecting communications with the client’s legal counsel regarding recorded contingentliabilities.d. Scanning the minutes for significant transactions with members of the board of directorsWhat are key audit matters? How do these affect the format of the audit report? maximum 200 words)b) Stewart Jones is reviewing the results of the subsequent events audit procedures. Stewart iswriting a report for his audit partner based on these results and will be attending a meetingtomorrow with the partner and representatives of the company to discuss them. The issue will bewhether the financial report should be amended, or additional notes included for thesesubsequent events.Many of the items are not material and Stewart will recommend that no action be taken withrespect to these. However, there are several items that Stewart believes are material and shouldbe discussed at the meeting. These are as follows.(a) The board is planning to issue shares in a private placement on 15 August. (b) The share issue is to fund the purchase of a 60 per cent stake in another company. Thenegotiations are in the final stages and although the contract is not yet signed it will be signedby 15…Which of the following is a requirement of the Sarbanes–Oxley Act of 2002?a. Registration of all auditing firms with the Public Company Accounting Oversight Board.b. Annual inspection of all auditing firms registered with the Public Company Accounting Oversight Board.c. A monetary fee assessed on organizations issuing securities.d. Overall assessment of the work of the SEC each year.