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Ajax and Sons' Housing services Inc You have been assigned to the audit of Ajax and Sons' Housing services Inc. (ASHS) for its year
Ajax and Sons' Housing services Inc You have been assigned to the audit of Ajax and Sons' Housing services Inc. (ASHS) for its year ended December 31, 2022. You are very excited about this opportunity as it is your first assignment since your recent promotion to audit senior and you are anxious to "run your own show". Your audit partner has given you the following information. The company started 5 years ago and is in the business of providing repairs to homes in Greater Sudbury and Surrounding areas. There are 4 main regional managers for Chelmsford & Azilda, The Valley & Garson, Sudbury, and lively and copper Cliff. The company is owned by Ajax Hitherson and his wife, Donna and her brother, Ajax's brother-in law Carl. Their two sons, Raymond and Michael have been in the business since its inception as employees. Carl owns 5% of shareholdings but is inactive in the companies day to day operations. He is happy to receive his share of profits in the form of dividends. Donna oversees the financial information but has no formal training. She is a self-taught bookkeeper that used tutorials and you tub to learn how to track revenues and expenses. The audit partner had a quick interview with Donna who had much to say about the day-to-day operations of the business. The conversation was recorded, and the transcription is included in Appendix 1. Ajax has his H.B. Comm from Laurentian University and is familiar with GAAP. He has sent your firm a draft trial balance with is included in Appendix 2.
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