Audit Report Modifications

1892 words - 8 pages

INDEPENDENT AUDITOR’S REPORT
Board of Directors, Stockholders, Owners, and/or Management of
Keystone Computers & Networks, Inc

We have audited the accompanying balance sheet of Keystone Computers & Networks, Inc. (the “Company”) as of December 31, 20XX and the related statements of income, retained earnings, and cash flows for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.
The major audit issue involved will be determining that the client has properly categorized costs between research and development (those costs involved in establishing ...view middle of the document...

AUDITOR’S SIGNATURE
Auditor’s name and address

KCN Analysis of Audit Strategy

| | | |
|Section |Purpose |Content |
| | | |
|OBJECTIVES OF THE ENGAGEMENT |To describe the services that are to be|The objectives are (1) audit of KCN's financial |
| |rendered to the client. |statements for the year ended 12/31/X5, and (2) |
| | |issuance of a letter on compliance with covenants of |
| | |the client's letter of credit agreement. |
| | | |
|BUSINESS AND INDUSTRY |To describe the nature of KCN's |KCN sells and services micro-computers, networking |
|CONDITIONS |business and industry. |hardware and software to business customers. The |
| | |industry is sensitive to economic conditions and very|
| | |competitive, with KCN competing with companies much |
| | |larger than itself. KCN’s long-term success depends |
| | |on its ability to attract and retain qualified |
| | |information technology personnel. The annual growth |
| | |in spending for information technology products and |
| | |services is expected to be 6% per year for the next |
| | |three years. |
| | | |
|PLANNING MEETINGS |To indicate meetings held with client |At this point, one meeting has been held with client |
| |and with CPA engagement team. |personnel and one with the engagement team. |
|OWNERSHIP AND MANAGEMENT |To describe the owners and management |KCN is privately owned by Terry Keystone, Mark |
| |of the company. ...

Other Essays Like Audit Report Modifications

Aarkstore - ConocoPhillips Oil & Gas Exploration and Production Operations and Cost Analysis - Q3, 2014

4806 words - 20 pages high risk overseas assets. To focus on low-cost and lower-risk legacy shale and oil sand assets in North America, Europe, Asia and Australia, the company completed a transaction with Oando Energy Resources, a subsidiary of Oando PLC, for the sale of its Nigeria upstream business for a total sales price of US$1.5 billion. ConocoPhillips Oil & Gas Exploration and Production Operations and Cost Analysis is the latest report from GlobalData, the

503 Champion Equality Essay

2400 words - 10 pages talk, which is why each carer needs to be matched to each customer to help with the barriers. Inclusion barriers also include financial and the size of the care package not giving the carer and the customer enough time for them to be in the community with support. However this is not an excuse for not doing nothing and not meeting the customer’s needs the expectations is that as many modifications are to be made as possible to lift the

MBA assignment

2957 words - 12 pages Initiate the Development Project Pass the Change Management Gate Implement the Change Report the Results Link Problem Management to Changes Periodically Audit the CMP Activity-9: It is very important to train the employees about the new system for Smooth operation Any flaw in the new system Action plan setting in a critical situation Knowledge sharing Reporting in the new system http://www.anu.edu.au/staff/student-administration

Enterprise Riskmangemnt

2910 words - 12 pages struggle with where to locate the day-to-day oversight of ERM. Driscoll (2011,3) points out that in most firms; the Chief Financial Officer (CFO) is cited to be the senior executive with direct oversight of the core ERM team. The ERM teams report to the CFO, however the CEOs still hold great degree of accountability for the ERM. In the organization structure it is worth noting that ERM teams interface as well as rely on internal audit staff

Benchmarking: Lester Electronics Inc

5637 words - 23 pages map and important elements that make a business successful. Growth strategies are designed to help a business reach maximum shareholder wealth. While Lester is reviewing its overall valuation to determine how to move forward with a impending corporate merger as well modifications with its vendor portfolio, the reorganization of Lester’s business activities could increase efficiency and expand its market by taking advantage of its strong

Ethical Hacking

5637 words - 23 pages into a network; they also analyze security policies and procedures, report vulnerabilities to management, and recommend solutions. SysAdmin, Audit, Network, Security (SANS) Institute Founded in 1989, this organization conducts training worldwide and offers multiple certifications through GIAC in many aspects of computer security and forensics. white box model A model for penetration testing in which testers can speak with company staff and

Linux As A Personal Desktop Operating System

5191 words - 21 pages within another. For example, if you wanted to show some sales data from a spreadsheet within your sales report, then you can easily embed your Excel spreadsheet within your Word document. In Microsoft parlance, this is known as Object Linking and Embedding (or OLE). With OLE, the embedded object inherits the functionality of the application it was created in (so in the example cited here, the embedded Excel spreadsheet inherits the functionality

The Separation Of Capital Ownership And Control

1577 words - 7 pages The argument of whether the separation of capital ownership and control is an efficient form of organization has constantly been a controversial issue. The criticism whether the controllers’ act is in the best interest of the owners’ wills never end as long as hired managers operate management. As the number of public companies has been increasing over the course of this century, meanwhile the American style of contact based corporation has

The Versatility And Flexibility Of OLED's

1014 words - 5 pages In April 1, 2002, organic light emitting diodes gain rise in the scientific community with their published, more practical form at Ames Laboratory. “Scientists at the U.S. Department of Energy's Ames Laboratory, in collaboration with scientists at the University of Michigan, Ann Arbor, have developed and demonstrated a novel, fluorescence-based chemical sensor that is more compact, versatile and less expensive than existing technology of its

Comparing The Moral Virtues Of Antony And Julian The Apostate

1103 words - 5 pages Roman emperor Julian the Apostate and Christian leader Antony both exhibited many qualities of character during their existence. Both of them led very distinctive lives although shared several ethical values. Book 25 of “The Later Roman Empire” and the book “Early Christian Lives” show concrete evidence of this. In the following essay, I will argue how both leaders’ lives were devoted to their religious beliefs and their mutual cardinal virtues

Living In A Cashless Society

1637 words - 7 pages , he said “People value their ability to make some of their purchases using their cash, with absolutely no record, electronic log, or audit trail of those transactions, as a way to safeguard their privacy.” That I have found to be true. In most African communities, hardly will you see somebody giving out his or her identity because there is a fear that the person might use such information in getting something illegally (Arbeau, 2009). I am not

Related Papers

Atlanta Home Loan Essay

1616 words - 7 pages arrive at the conclusion that responses received provide sufficent appropriate audit evidence regarding the assertion being audited: The reliability of confirmations: The auditor has to understand the reliability of the responses because even though the responses are obtained from the external sources, circumstances may affect the reliability. Responses may carry some risks of interception, frauds, and modifications. Information obtained may

Examination Of Prospective Financial Information And Review Of Financial Statements

2245 words - 9 pages iii. A statement that an audit has not been performed, that the procedures undertaken provide less assurance than an audit and that an audit opinion is not expressed; (e) Statement of negative assurance; (f) Date of the report; (g) Auditor’s address; and (h) Auditor’s signature. * The Unmodified Report An unmodified report is issued when the auditor believes, based on the evidence obtained that there is no material

Easyclean Essay

2515 words - 11 pages or audit committee participation, Management’s philosophy and operating style, Organizational structure, Assignment of authority and responsibility, andHuman resource policies and practices. Specifically we have evaluated each of these seven components and rated their effectiveness; we placed an emphasis on controls relating to accounting procedures, transaction recording, and control over assets. Additionally, our evaluation over the various

Proposal Modeling Essay

4285 words - 18 pages regulations for which a contractor or subcontractor-- (1) Used one cost accounting practice to estimate costs and a changed cost accounting practice to accumulate and report costs under the contract or subcontract; or (2) Used a noncompliant practice for purposes of estimating or accumulating and reporting costs under the contract or subcontract. Agency head or head of the agency means the Secretary, Attorney General, Administrator, Governor