case ass 2.doc

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Department
Financial Accounting
Course
MGAB02H3
Professor
G.Quan Fun
Semester
Fall

Description
Telco Corporation: Auditor Report 2012 Produced by: Rachel Ng ROLE: My role is an external auditor, independent of the entity, Telco Corporation. The following auditor report will perform unbiased and professional accountancy to review and finalize the corporation’s 2012 fiscal year end financial statements. USERS AND OBJECTIVES: 1. CIBC CIBC is the primary user of Telco Corporation’s financial statements. Its objective is to assess the possibility of acquiring 40% ownership interest in Telco. Therefore, the corporation’s 2012 financial statements are helpful for CIBC to review the corporation’s performance through assessing its profits and ratios. CIBC must ensure their profits and return on acquiring Telco’s ownership interest. In return Telco will be able to raise $2 million by issuing stock to the public. 2. Metro Bank Metro Bank is also a user of Telco Corporation’s financial statements. Its objective is to assess the possibilities of providing Jason a bank loan. Metro Bank will review Telco Corporation’s financial position, performance, trends and profits to ensure repayment of the loan in the future. Metro Bank must also consider whether Telco will successfully utilize the loan to continue growth and extend profits in the rural niche, which also ensures repayment. CONSTRAINTS: 1. As a private corporation, Telco Corporation must report financial informati
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