The fieldwork for the December 31, 2016 audit of Treble ...

[Facerro]

Question 1

The Sarbanes-Oxley Act includes additional communication requirements for auditors of public companies.
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Question 2

The fieldwork for the December 31, 2016 audit of Treble Corporation ended on March 17, 2017. The financial statements and auditor's report were issued and mailed to stockholders on March 29, 2017. In each of the material situations (1 through 5) below, indicate the appropriate action (a, b, c, d, or e). The possible actions are as follows:

a.	Adjust the December 31, 2016 financial statements.

b.	Disclose the information in a footnote in the December 31, 2016 financial statements.

c.

Request the client revise and reissue the December 31, 2016 financial statements. The revision should involve an adjustment to the December 31, 2016 financial statements. d. Request the client revise and reissue the December 31, 2016 financial statements. The revision should involve the addition of a footnote, but no adjustment, to the December 31, 2016 financial statements. e. No action is required. The situations are as follows: ________ 1. On January 16, 2017 a lawsuit was filed against Treble for a patent infringement action that allegedly took place in early 2014. In the opinion of Treble's attorneys, there is a reasonable (but not probable) danger of a significant loss to Treble. ________ 2. On February 19, 2017, Treble settled a lawsuit out of court that had originated in 2015 and is currently listed as a contingent liability. ________ 3. On March 30, 2017, Treble settled a lawsuit out of court that had originated in 2014 and is currently listed as a contingent liability. ________ 4. On February 2, 2017, you discovered an uninsured lawsuit against Treble that had originated on August 30, 2013. There is a reasonable (but not probable) danger of a significant loss to Treble. ________ 5. On April 7, 2017, you discovered that a debtor of Treble went bankrupt on January 22, 2017, due to a major uninsured fire that occurred on January 2, 2017. Auditing and Assurance Services ¦ Arens, Elder, Beasley, Hogan ¦ 17th Edition Buy Test-Bank Related Topics AnsweredPrepare a balance sheet in proper form for Brampton Cleaners for the period ended December 31, 2017. ... Accounting AnsweredStock purchased on December 15, 2015, which becomes worthless in March 2016, produces a STCL since ... Accounting AnsweredA corporation has a tax year ending December 31, 2016. When is the due date for the corporate income ... 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Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium. Answer Preview Only 29% of students answer this correctly Facerro Member Posts: 139 Reply 2 on: Aug 21, 2022 Excellent olderstudent Member Posts: 339 Reply 3 on: Yesterday Gracias! Print « previous next » Homework Clinic Social Science Clinic Accounting The fieldwork for the December 31, 2016 audit of Treble ...   Did you know? Coca-Cola originally used coca leaves and caffeine from the African kola nut. It was advertised as a therapeutic agent and "pickerupper." Eventually, its formulation was changed, and the coca leaves were removed because of the effects of regulation on cocaine-related products. Did you know? Inotropic therapy does not have a role in the treatment of most heart failure patients. 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[Facerro]

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