2 pages/≈550 words
Accounting, Finance, SPSS
Auditing Drea Tech Company (Case Study Sample)
I need to do a Case Write-up for the case attached. This is an AUDITING class so all proper auditing terminology must be used.source..
Auditing Drea Tech Company
The auditor should ensure that the increased income of 33% is treated appropriately. It is supposed to show a True and Fair view of the company's affairs at the end of the accounting period (GAAS, 2013). Drea's internal auditors should understand that the sales relate to the items that have been shipped because they determine the right revenue amounts.
The auditor should ensure that the profit and loss account is supposed to show the right picture of the company's business for the right trading period. It does not make sense to record the sales that have actually not been realized (GAAS, 2013). The auditor understands that the users of Drea's financial statements will be deceived by the increased sales revenues because they are a misstatement of the company's actual trading.
The auditor should ensure the manner in which the accounts department executes the different recording procedures is one that is in line with the International Accounting standards. The different items of production should be reordered in the best way possible because this determines the quantity that is to be part of the sales revenues of the particular accounting period in question.
The overstatement that is shown in the income statement affects the true and fair view of the company's affairs ...
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