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You, PA, have been asked to prepare the year-end financial statements of your sister. Betty is a ...

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You, PA, have been asked to prepare the year-end financial statements of your sister. Betty is a ...

You, PA, have been asked to prepare the year-end financial statements of your sister. Betty is a photographer, and is the sole shareholder of a small company called Best Weddings Ltd. She photographs weddings, graduations and schools, earning about $75,000 per year. Betty has said that she only needs the financial statements for her tax returns, and would like you to prepare the tax returns too.

Required:

A) Would you be able to prepare the financial statements for your sister? Why or why not?

B) If yes, what type of report would you prepare to accompany the financial statements?

C) Would you be able to prepare the tax returns for your sister? Why or why not?

Textbook

Auditing: The Art and Science of Assurance Engagements, Canadian Edition

Edition: 12^th

Authors: Arens, Elder, Beasley, Splettstoesser

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Auditing: The Art and Science of Assurance Engagements, Twelfth Canadian Edition, 12/E (Arens, Elder, Beasley, Splettstoesser)

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Auditing: The Art and Science of Assurance Engagements, Twelfth Canadian Edition, 12/E (Arens, Elder, Beasley, Splettstoesser)

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