Mr Hockey Issue 5.docx

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Department
Financial Accounting
Course
MGAD30H3
Professor
Julie Mc Donald
Semester
Spring

Description
5 The audit team should request the client for their reasoning on why the yearend provision for returns and allowances was set up for 200000 This number seems too low to account for the product quality issues which caused KHL to already start returning the low quality Kevlar sticks Thus the provision needs to be revised by the client For the reason of not having much information in the audit file on this issue there needs to be more documentation included in the audit file on the product quality issuesThere should a review done on the board of director minutes to check if MrHockey is taking the returns and allowances of the Kevlar sticks into consideration when calculating their allowance We should also match the journal entries of the general ledger for the sticks that have been already returned with the invoices To ensure that the yearend provision is accurate we should ask KHL to p
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