Some members on the Audit Committee of Willow Ltd’s term will be ending in the current financial period and the board received the following nominations to replace them: 1 Ms Kain, a non-executive director, who is also a material customer of Willow Ltd. 2 Mrs Naidoo, who was a finance intern two (2) years ago before she left to complete her traineeship; she is now a qualified Chartered Accountant (SA). 3 Mr Botha, the current finance director. 4 Mrs Lang, a non-executive director on the board and a Chartered Accountant (SA) by profession. You are asked to evaluate the nominations and indicate whether the nominated individuals may be appointed to Willow Ltd’s audit committee in terms of the Companies Act. Choose the correct option

As the senior auditor assigned to the audit of Mayberry Company’s financial statement for the year-ended 31 December 2020. You are reviewing the financial statements and observed that current revenue reported amounted to US$ 18m and US$ 17m for the previous year. The financial report contains the following sections:     Chairman’s statement in which the chairman has commented that he is pleased to report an increase in revenue of 20% this year. ii. CEO’s review Corporate Social Responsibility Report iv. Operating review Financial Statements vi. Notes to the Financial Statements   Required:    What is the significance of the Chairman’s statement in the financial statements?     Identify the sections that would be included in ‘other information’ in the auditor’s report.   Describe the implications(s) of the section ‘other information’ in the auditor’s report as it relates to Mayberry Company.            Why should the auditor refer to the Chairman’s statement in the auditor’s…

Following a tendering process your firm has recently been appointed external auditor of Dazzle Ltd (Dazzle) for the year ending 31 July 20X1. The audit engagement letter is still to be signed. The previous auditor did not seek reappointment. Your firm has also been invited to provide tax planning and compliance work for the company. All of the shares of Dazzle are owned by two sisters: Ruby and Amber Dazzle. They are the only directors and spend on average three days a week managing Dazzle as they have other business interests. The company employs a full-time qualified accountant but does not have a Finance Director. Dazzle manufactures and sells high quality mirrors and light fittings, which are produced in the company’s workshop, in the North East of England. At peak times the company uses subcontractors to help with the manufacture of light fittings as they lack sufficient staff in this area. Due to changes in working practices as a result of covid-19 fewer people are permitted in…

Moranda and Sills, LLP, has served for over 10 years as the auditor of the financialstatements of Highland Credit Union. The firm is conducting its audit planning for the currentfiscal year and is in the process of performing risk assessment procedures. Based on inquiries andother information obtained, the auditors learned that the credit union is finalizing an acquisitionof a smaller credit union located in another region of the province. Management anticipatesthat the transaction will close in the third quarter, and, while there will be some challenges inintegrating the IT systems of the acquired credit union with Highland systems, the bank shouldrealize a number of operational cost savings over the long term.During the past year, the credit union has expanded its online service options for customers, who can now remotely deposit funds into and withdraw funds from chequing and savingsaccounts. The system has been well received by customers and the credit union hopes to continue…

Ann Johnson has audited the financial report of Quick Ltd for the year ended 30 June 2020. Although Ann’s audit fieldwork was completed on 14 August 2020, her auditor’s report was signed on 20 August 2020 and sent to management that day. The management of Quick Ltd advised Ann that their annual report, which will be mailed to shareholders on 10 October 2020, will also include an unaudited financial report for the first quarter ended 30 September 2020. Under the circumstances, Ann is responsible for undertaking subsequent events audit procedures through to:Select one:a. 10 October 2020b. 20 August 2020c. 14 August 2020d. 30 September 2020

Sunny Best is the engagement partner for the financial report audit of BigMac Ltd for the year ended 31 December, 2021. The following material events or transactions have come to Sunny Best’s attention before he is scheduled to issue his report on 28 February, On 1 February, 2022, a plant owned by BigMac Ltd was damaged by a flood, resulting in an uninsured loss of inventory. For each of the above events or transactions, discuss audit procedures that should have brought the item to the auditor’s attention, and indicate the treatment required in the financial report. Give reasons for your decision.

Suppose that you have been appointed to the financial report audit of Kent Ltd as an independent auditor. You are expected to:   Select one:a. Make a limited examination of ABC's accounting and business records. b. Express an opinion as to whether the financial report is prepared in accordance with an applicable financial reporting framework.c. Provide an opinion as to the attractiveness of ABC for future growth. d. Endorse the 100% correctness of ABC's financial report

Mrs.​ Hubbard, a mother of​ two, has been selected for an audit. Advise her on what to do to prepare for the audit and what to do if the audit does not turn out favorably.       Question content area bottom Part 1 To prepare for the​ audit: ​(Select all that​ apply.)     A. Mrs. Hubbard should hire an accountant or tax​ attorney, if necessary.   B. Mrs. Hubbard should anticipate probable questions and develop responses.   C. Mrs. Hubbard should gather all supporting documents.   D. Mrs. Hubbard should reexamine the areas where the IRS raised questions.

identifying the strengths and weaknesses in relation to member and make a recommendation as to whether member should remain on the committee or be replaced. The constitution and membership of a Sapphire’s audit committee is as follows: Member A – Chair of the Committee who, before retirement two years ago was the Finance Director of the company

You are an audit senior at Digby and Co and are completing the audit of ABC Ltd for the year-ended 31 December 2022. The following items are outstanding:   On 2 January 2023, Golf is Us, a major customer of ABC, was placed into administration owing £211,000. On 3 January 2022, the sales director left the company. The sales director is suing ABC for constructive dismissal. If successful, the claim amounts to £280,000. On 5 February 2023 there was a fire at the premises of the third party warehouse provider, which destroyed all inventory held there. Approximately one half of ABC's inventory was stored in these premises. The total value of inventory stored at the premises was £1,054,000. The financial statements include a £40,000 provision for an unfair dismissal case brought by an ex-employee of ABC. On 7 February 2023 a letter was received from the claimant's solicitors stating that they would be willing to settle out-of-court for £25,000. It is likely the company will agree to this.…