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npeelman npeelman
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6 years ago
Sean Clem has done a review engagement and prepared the tax return for your web design business for the last five years. The books and records have always been well organized, although year end adjusting entries have been required. You do some of the accounting yourself and the rest of the accounting records are handled by your wife, who is also an employee of the business.
This year, you would like to expand your business to provide ISP (internet service provider) services to your clients. This would entail you purchasing additional computer equipment and software. You are also considering hiring an additional employee (you currently have three), and you are looking at obtaining a loan for $100,000 from the bank. The bank says that you should have your records audited, but you are not sure what this will mean.
Required:
A) What would Sean say to you about the differences between an audit and a review?
B) Identify the issues that Sean needs to consider during the planning of the audit.
Textbook 
Auditing: The Art and Science of Assurance Engagements, Canadian Edition

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


Edition: 12th
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charleshardtcharleshardt
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6 years ago
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npeelman Author
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6 years ago
Smart ... Thanks!
kh540941
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Yesterday
this is exactly what I needed
carston
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2 hours ago
This site is awesome
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