RSM323H1 Lecture Notes - Lecture 4: Net Income
Document Summary
Revenues have dropped in the last year due to a slower economy. This has reduced volumes as well as global prices. Chemicals are imported from all over the world in either finished form or raw form. Due to commodity price fluctuations, many of their purchases are on forward contracts. While small, the accounting department has averaged over ten years with the company. Finance was with large national (audit firm) along with one of your senior partners, emma big over twenty years ago. They remain good friends and ms. big is a shareholder and on the board of directors. Their previous auditors, prophet and lowes, merged with large. Cbi is concerned about the confidentiality of their information and has approached b3 to quote for the business. Cbi has always had a clean audit opinion. They have very tight reporting deadlines and a standard december 31 year end.
