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auditing for the "Maybe It Was, But We Weren't" case - Research Paper Example
Finance & Accounting
Pages 15 (3765 words)
Auditing Research Paper for the "Maybe It Was, But We Weren't" Case EXECUTIVE SUMMARY This particular case, titled as "Maybe It Was, But We Weren't", has been viewed to be associated with the engagement of CPAs of a company named Friday & Co for the purpose of auditing the financial statements of Johnson Company…
Relating to this case, the determination of the reports issued by Friday as appropriate or otherwise, has been taken into concern as a primary objective of this paper. Moreover, the significant terms associated with auditing like ‘scope limitation’, ‘limited engagement and ‘piecemeal opinion’ have also been considered and related to the case in the discussion of this paper. Most significantly, how Friday should submit the auditor’s report to the Board of Directors as on its performance for the Year 3 and Year 2 from a comparative perspective has also been considered in the discussion of this paper. INTRODUCTION The perception of audit or auditing is principally described as a procedure of verifying and examining the accounting as well as financial records of a particular company. It has often been argued that the organizations belonging to this modern day context normally conducts auditing for the purpose of adding credibility to their respective financial statements resulting in analyzing along with recognizing the chief financial areas that are required to be enhanced. It has also been apparently observed in this regard that the modern organizations often attempt to prioritize auditing due to rising complexities particularly in the overall business or operational procedures and the decision-making systems (Gupta 1-2). ...
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