‘A’ restated its financial statements for the years ended 31 December 2014 and 2015 as well restated unaudited quarterly financial data for fiscal year 2015 for the first three quarters of 2016 due to the reporting of two errors reported in their historical consolidated financial statements. To ascertain: The two main reasons for A’s restatement and reasons for judging these issues as material, requiring restatement of financial statements.

Question

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Answer 1

Question

Chapter 9, Problem 12RQSC

a.

To determine

Introduction : ‘A’ restated its financial statements for the years ended 31 December 2014 and 2015 as well restated unaudited quarterly financial data for fiscal year 2015 for the first three quarters of 2016 due to the reporting of two errors reported in their historical consolidated financial statements.

To ascertain: The two main reasons for A’s restatement and reasons for judging these issues as material, requiring restatement of financial statements.

b.

To determine

Introduction: Restatement of financial statements is a clear indication that the results which were presented in prior period had been materially misstated.

To state : Implication of restatement on financial reporting quality and audit quality.

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Answer 2

Question

Chapter 9, Problem 12RQSC

a.

To determine

Introduction : ‘A’ restated its financial statements for the years ended 31 December 2014 and 2015 as well restated unaudited quarterly financial data for fiscal year 2015 for the first three quarters of 2016 due to the reporting of two errors reported in their historical consolidated financial statements.

To ascertain: The two main reasons for A’s restatement and reasons for judging these issues as material, requiring restatement of financial statements.

b.

To determine

Introduction: Restatement of financial statements is a clear indication that the results which were presented in prior period had been materially misstated.

To state : Implication of restatement on financial reporting quality and audit quality.

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Answer 3

Question

Chapter 9, Problem 12RQSC

a.

To determine

Introduction : ‘A’ restated its financial statements for the years ended 31 December 2014 and 2015 as well restated unaudited quarterly financial data for fiscal year 2015 for the first three quarters of 2016 due to the reporting of two errors reported in their historical consolidated financial statements.

To ascertain: The two main reasons for A’s restatement and reasons for judging these issues as material, requiring restatement of financial statements.

b.

To determine

Introduction: Restatement of financial statements is a clear indication that the results which were presented in prior period had been materially misstated.

To state : Implication of restatement on financial reporting quality and audit quality.

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Answer 4

Question

Chapter 9, Problem 12RQSC

a.

To determine

Introduction : ‘A’ restated its financial statements for the years ended 31 December 2014 and 2015 as well restated unaudited quarterly financial data for fiscal year 2015 for the first three quarters of 2016 due to the reporting of two errors reported in their historical consolidated financial statements.

To ascertain: The two main reasons for A’s restatement and reasons for judging these issues as material, requiring restatement of financial statements.

b.

To determine

Introduction: Restatement of financial statements is a clear indication that the results which were presented in prior period had been materially misstated.

To state : Implication of restatement on financial reporting quality and audit quality.

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Answer 5

Chapter 9, Problem 12RQSC

a.

To determine

Introduction : ‘A’ restated its financial statements for the years ended 31 December 2014 and 2015 as well restated unaudited quarterly financial data for fiscal year 2015 for the first three quarters of 2016 due to the reporting of two errors reported in their historical consolidated financial statements.

To ascertain: The two main reasons for A’s restatement and reasons for judging these issues as material, requiring restatement of financial statements.

b.

To determine

Introduction: Restatement of financial statements is a clear indication that the results which were presented in prior period had been materially misstated.

To state : Implication of restatement on financial reporting quality and audit quality.

Answer 6

Chapter 9, Problem 12RQSC

a.

To determine

Introduction : ‘A’ restated its financial statements for the years ended 31 December 2014 and 2015 as well restated unaudited quarterly financial data for fiscal year 2015 for the first three quarters of 2016 due to the reporting of two errors reported in their historical consolidated financial statements.

To ascertain: The two main reasons for A’s restatement and reasons for judging these issues as material, requiring restatement of financial statements.

Answer 7

Chapter 9, Problem 12RQSC

a.

To determine

Introduction : ‘A’ restated its financial statements for the years ended 31 December 2014 and 2015 as well restated unaudited quarterly financial data for fiscal year 2015 for the first three quarters of 2016 due to the reporting of two errors reported in their historical consolidated financial statements.

To ascertain: The two main reasons for A’s restatement and reasons for judging these issues as material, requiring restatement of financial statements.

Answer 8

b.

To determine

Introduction: Restatement of financial statements is a clear indication that the results which were presented in prior period had been materially misstated.

To state : Implication of restatement on financial reporting quality and audit quality.

Answer 9

b.

To determine

Introduction: Restatement of financial statements is a clear indication that the results which were presented in prior period had been materially misstated.

To state : Implication of restatement on financial reporting quality and audit quality.

Answer 10

Expert Solution & Answer

Answer 11

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Answer 12

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Answer 13

Ch. 9 - In the revenue cycle, the most significant...Ch. 9 - Which of the following statements is true...Ch. 9 - Prob. 4CYBK Ch. 9 - Prob. 7CYBK Ch. 9 - Prob. 8CYBK Ch. 9 - Prob. 9CYBK Ch. 9 - Prob. 10CYBK Ch. 9 - Prob. 11CYBK Ch. 9 - Prob. 12CYBK Ch. 9 - Prob. 13CYBK

Solution Summary: The author explains that A's restatement of financial statements and related disclosures is related to the correction of two errors reported in the historical consolidate financial statement.

Introduction: Restatement of financial statements is a clear indication that the results which were presented in prior period had been materially misstated.

To state : Implication of restatement on financial reporting quality and audit quality.

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Chapter 9 Solutions

Solution Summary: The author explains that A's restatement of financial statements and related disclosures is related to the correction of two errors reported in the historical consolidate financial statement.

Introduction: Restatement of financial statements is a clear indication that the results which were presented in prior period had been materially misstated. To state : Implication of restatement on financial reporting quality and audit quality.

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Chapter 9 Solutions

Introduction: Restatement of financial statements is a clear indication that the results which were presented in prior period had been materially misstated.

To state : Implication of restatement on financial reporting quality and audit quality.