Snemalna Knjiga Besedilo
- 17
- CL's internal control is ineffective, so we don't need to do TOC, we need to do more ST.
- Therefore, the Account Receivable CR and IR are high, so we can set a lower DR.
- Yes, and our materiality should be set lower.
- 23
- We believe that Corn's receivable should be recognized as bad debt.
- I think Corn Farm will be able to repay the debt until the liquidation closes.
- 20
- Customers sample
- I will write a confirmation letter and send it to the client.
- -Sam doesn't want to sign an engagement letter, but Levin tells sam the importance of engagement letter. Through communication, they finally sign the engagement letter.
- 18
- Substantive testing of CL's Accounts Receivable accounts.
- I'll check that the account balance is existence and rights obligations and completeness.
- -Then Carina have a deep conversation with Sam again. Carina considers that based on the current situation, Corn company is temporarily unable to repay the accounts in the future. Finally, Sam agreed to take bad debt.
- 26
- CL Seed Production Group Lnc
- 1
- -Carina sends the largest 10 customers amount list to Levin, Levin sends debtor confirmation to those debtors.
- -As a client of CL, Corn Farm owes $50,000, and promises to pay back at the end of next year. -Corn Farms suffered a flood this year that destroyed crops and stockpiles, so they had to declare bankruptcy.
- -Finally, after confirming that there are no material issues in other accounts, Hero audit firm issued an unqualified opinion to CL's financial statements, indicating that they believe that the financial statements is true and fair.
- - The Hero audit team return to the company to share the ideas afer receiving the company's revised financial report.
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