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Test Bank for Auditing, 12th Edition John R. Taylor, Alan Millichamp 2024.
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Test Bank for Auditing, 12th Edition John R. Taylor, Alan Millichamp 2024.
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Test Bank for Auditing, 12th Edition John R. Taylor, Alan Millichamp
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Solution Manual For Auditing, 12th Edition by John R. Taylor, Alan Millichamp
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, AUDITINGj MILLICHAMP j&
j TAYLOR
PRACTICE j QUESTIONS j – j CHAPTERS j 21-32
1. Chugalug jLtd jhas jthree jsubsidiary jcompanies jand jis jengaged jin ja jjoint jventure jwith
jan jItalian jcompany jcalled jIntervole. jIt jhas jan jagreement jwith jone jof jits jmajor jsuppliers
jwhereby jthey jshare jinformation jso jthey jcan jarrange jfor jmaterials jdeliveries jon ja j‘just-in-
time’ jbasis.
The jwife jof jthe jmanaging jdirector j, jwho jruns jher jown jfurnishings jbusiness, jwon ja
jtender jto jsupply jand jfit jtables jand jchairs jto jthe jconference jarea jin jthe jhead joffice.
jChugalug jis jalso jpart jof ja jbusiness jconsortium jwhich jshares jgood jpractice jand jlobbies
jthe jlocal jMember jof jParliament jto jmake jrepresentations jto jthe jgovernment jon jtheir
jbehalf. jThis jis joperated jthrough jthe jlocal jChamber jof jCommerce. jChugalug jowns
jshares jin ja jrival jcompany, jGluggit jplc jwhich jit jshows jas jan jinvestment jin jits jStatement
jof jFinancial jposition.
a) What jis jmeant jby ja j‘related jparty’
b) Which jof jthe jinvolvements jof jChugalug jshown jabove ja jnot jinvolvements jwith
jrelated jparty
2. You jare jan jaudit jmanager jwith jTickett j& jRun. jOne jof jyour jclients, jBolington jLimited,
jhas jrecently jasked jyour jfirm jto jperform ja jlimited jreview jof jthe jfinancial jstatements.
During jyour jreview, jyou jdiscovered ja jcash jpayment jof j$50,000. jYou jhave jasked jthe
jcompany jfor jdetails jof jthis jpayment, jand jthe jdirectors jhave jtold jyou jthat jit jwas jan
jagency jfee, jand jthey jcannot jtell jyou jany jmore jdetails jas jthe jcompany jwould jlose jits
jcompetitive jadvantage. jProfit jbefore jtax jis j$2m.
Your jaudit jsupervisor jis jhappy jwith jthis jexplanation, jand jhas jproposed ja jdraft jreview
jreport jwith jthe jfollowing jopinion jparagraph:
'Based jon jour jreview jnothing jhas jcome jto jour jattention jwhich jindicates jthat jthe jfinancial
jstatements jdo jnot jgive ja jtrue jand jfair jview'.
Discuss jthe jvalidity jor jotherwise jof jthe jsuggested jopinion, jand jdiscuss jthe
jappropriateness jof jalternative jopinions jand jsuggest jsuitable jwording jfor jthe jopinion jyou
jconsider jto jbe jmost jappropriate.
Use jthe jinformation jin jthe jfollowing jparagraphs jto janswer jquestions j3 jand j4
You jare jthe jauditor jof jWhizzipop jplc ja jmanufacturer jof jsoft jdrinks. jThe jdraft
jconsolidated jfinancial jstatements jfor jthe jyear jended j30 jSeptember j2X11 jshow jrevenue
jof j$125 jmillion j(2X10 j– j $114 jmillion), jprofit jbefore jtaxation jof j$12.4 jmillion j(2X10 j–
j$10.9 jmillion) jand jtotal jassets jof j$110 jmillion j(2X10 j– j$93 jmillion).
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