6 Pages 1615 Words Financial Or Accounting

| March 17, 2019


From reading The Wall Street Journal, an individual can see that there are instances in which companies go back and restate prior years’ financial statements–usually including the prior years’ income statements. Those readers might ask why any restatement is necessary, considering that the financial statements had been audited and had received an unqualified (“clean”) opinion. Learn what you can about the situation, and prepare a report for the teacher, the class, and possibly other persons, which provides at least the following information: the name of the company involved the years of financial statements involved why there was a problem with the financial statements as originally issued the auditor(s) of those financial statements as originally issued any statements by the auditor(s)information about lawsuits filed against the company, its officers, its directors, its auditors, and any other parties you could find, which were filed as a result of the situation listed in part (c) above the traditional audit steps / processes / procedures which ought to have brought the issue / problem / disagreement to the attention of the individuals performing the audit, if any such steps / processes / procedures exist Be sure to check the AICPA Audit and Accounting Manual. We probably do not have a current issue in the library, so use what we do have. any audit steps / processes / procedures to be employed on future audits of that company, with the intention that the audit firm will become aware of a problem and be able to resolve it before issuing an audit report for that entity.

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