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Lone Star College Financial Analysis Case Study

Lone Star College Financial Analysis Case Study.

I need an explanation for this Accounting question to help me study.

3 Research and Discussion Case

Case 10-52

Required:

  1. Put yourself in the role of Rand & Brink, CPAs, and evaluate separately each suggestion made in the meeting. What general term is applicable to most of the suggested actions?
  2. Could you assure the client that an unqualified audit report would be issued if your recom- mendations were followed on all the matters discussed? Explain.
  3. Would the discussion in this meeting cause you to withdraw from the engagement?

Case 12-45

Required:

  1. Were the auditors justified in issuing a qualified opinion in this situation? Discuss fully, including alternative courses of action.
  2. State your opinion as to the course of action that was appropriate in this situation.

Case 17-40

Required:

  1. Discuss the arguments for and against the auditors insisting that MPS begin expensing some portion of the construction costs rather than continuing to accumulate an ever- increasing asset. Indicate the position you would take as the auditor.
  2. Discuss whether the auditors should modify their report because of uncertainty about whether or not MPS can remain a going concern. Indicate the type of opinion that you would issue. (You need not limit yourself to a “going-concern” modification.)

Part a:
FASB Accounting Standards Codification
sections 360-10 and 450-20-25-2. Part b:
AICPA AU-C sections 570 and 700–706; PCAOB AS sections 2415 and 3101.

Lone Star College Financial Analysis Case Study

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