Lec 9 - Midterm takeup

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University of Toronto Scarborough
Financial Accounting
Julie Mc Donald

MGTD61 Wk 9 Mar. 14, 2011 Midterm Take-up Question 1 Nothing in the caseabout lying about sales He was vocal that sales declined for last two months, wasnt lying Dont have to increase testing last two months Numbers made sense when he told you about client If you found out sales were consistent and they lost client, then lied Told the truth, doesnt matter amount of testing Increase substantive if reason to believe sales are wrong Fact that told the truth means sales arent wrong Pick and choosewhen to choosesubstantive Already started audit, already doing a lot of this stuff Already confirmed long-term debt, done before If client violates debt convenant, then need to disclose besides going concern implications Going concern, NEVER say resign Accounting casethat had audit implications to it Never going to have pure accounting case Disclose and revalue assets not done, what are implications to report Whenever accounting issue, talk about impact to audit Do not turn into accounting casewo implications to audit Up to client with the auditor to figure if going concern Economic dependence: MD&A Cannot go back and preplan, done before the audit, can never get that back www.notesolution.com
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