RSM323H1- Midterm Exam Guide - Comprehensive Notes for the exam ( 14 pages long!)

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11 Oct 2017

Document Summary

As the engagement partner for big boldov and best (b3) it is your responsibility to write the audit report for oreco mining corporation, a publicly listed company. Ninety five percent of the reports you write are clean opinions. You linger in the lunch room, watch the pot boil, and gather your thoughts. Tea in hand you return to your desk and reread the audit file so you can start your analysis supporting your decision. The first issue is how to present the financial statements. You were appointed as auditor this year, after a large institutional investor won a proxy war to remove the previous board of directors and bring in new management. Oreco"s auditors last year, shan, shaw and shah, llp (3s) are a reputable mid-size firm. However, while reviewing their working papers, you note that there was discussion over the client"s booking maintenance expenses as capital improvements. The amount booked as maintenance expenses was just at materiality.

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