ACCO 304 - WK 1(2)(3) - Saved to my Mac ces Mailings Review View 1-19 (Objective 1-1) James Burrow is the loan officer for the National Bank of Dallas. National has a loan of $325,000 outstanding to Regional Delivery Service, a company specializing in delivering products of all types on behalf of smaller companies. National's collateral on the loan consists of 25 small delivery trucks with an average original cost of $24,000. Burrow is concerned about the collectibility of the outstanding loan and whether the trucks still exist. He therefore engages Samantha Altman, CPA, to count the trucks, using registration information held by Burrow. She was engaged because she spends most of her time auditing used automobile and truck dealerships and has extensive specialized knowledge about used trucks. Burrow requests that Altman issue a report stating the following: 1. Which of the 25 trucks is parked in Regional's parking lot on the night of June 30, 2013. 2. Whether all of the trucks are owned by Regional Delivery Service. 3. The condition of each truck, using the guidelines of poor, good, and excellent. 4. The fair market value of each truck, using the current "blue book for trucks, which states the approximate wholesale prices of all used truck models, and also using the poor, good, and excellent condition guidelines. a. For each of the following parts of the definition of auditing, state which part of the preceding narrative fits the definition: (1) Information (2) Established criteria (3) Accumulating and evaluating evidence (4) Competent, independent person (5) Reporting results 3-4 (Objective 3-1) What are the purposes of the opinion paragraph in the auditor's report? Identity the most important information included in the opinion paragraph. 3-5 (Objective 3-1) On February 17, 2014, a CPA completed all the evidence gathering procedures on the audit of the financial statements for the Buckheizer Technology Corporation for the year ended December 31, 2013. The audit is satisfactory in all respects except for the existence of a change in accounting principles from FIFO to LIFO inventory valuation, which results in an explanatory paragraph on consistency On February 26, the auditor completed the tax return and the draft of the audit report. The final audit report was completed, attached to the financial statements, and delivered to the client on March 7. What is the appropriate date on the auditor's report? ACCO 304 - WK 1(2)(3) - Saved to my Mac ces Mailings Review View 1-19 (Objective 1-1) James Burrow is the loan officer for the National Bank of Dallas. National has a loan of $325,000 outstanding to Regional Delivery Service, a company specializing in delivering products of all types on behalf of smaller companies. National's collateral on the loan consists of 25 small delivery trucks with an average original cost of $24,000. Burrow is concerned about the collectibility of the outstanding loan and whether the trucks still exist. He therefore engages Samantha Altman, CPA, to count the trucks, using registration information held by Burrow. She was engaged because she spends most of her time auditing used automobile and truck dealerships and has extensive specialized knowledge about used trucks. Burrow requests that Altman issue a report stating the following: 1. Which of the 25 trucks is parked in Regional's parking lot on the night of June 30, 2013. 2. Whether all of the trucks are owned by Regional Delivery Service. 3. The condition of each truck, using the guidelines of poor, good, and excellent. 4. The fair market value of each truck, using the current "blue book for trucks, which states the approximate wholesale prices of all used truck models, and also using the poor, good, and excellent condition guidelines. a. For each of the following parts of the definition of auditing, state which part of the preceding narrative fits the definition: (1) Information (2) Established criteria (3) Accumulating and evaluating evidence (4) Competent, independent person (5) Reporting results 3-4 (Objective 3-1) What are the purposes of the opinion paragraph in the auditor's report? Identity the most important information included in the opinion paragraph. 3-5 (Objective 3-1) On February 17, 2014, a CPA completed all the evidence gathering procedures on the audit of the financial statements for the Buckheizer Technology Corporation for the year ended December 31, 2013. The audit is satisfactory in all respects except for the existence of a change in accounting principles from FIFO to LIFO inventory valuation, which results in an explanatory paragraph on consistency On February 26, the auditor completed the tax return and the draft of the audit report. The final audit report was completed, attached to the financial statements, and delivered to the client on March 7. What is the appropriate date on the auditor's report