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Question 3
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Could the Audit be completed soon without any qualification? From the financial perspective, discuss and recommend objectively the most appropriate solution for Delima Enterprise Sdn Bhd (DESB) financial management and operations.
There are two possible answers to this question and the first is being “No, the audit could not be completed without any qualification.” However, the audit can be completed but with a qualified audit report.
The few reasons behind the qualification of the audit report are as follows: 1. The sum of RM250,000 account receivables was wrongly entered into another account in the General Ledger. To make matters worse, several pages of account receivable listing were missing causing it even more difficult for the auditors to track the transaction movement. 2. There is a breach of accounting standards FRS119- Employee Benefits as EPF was not contributed by the employer or deducted from the employees. With this, there was a breach as EPF (Employees Provident Fund) falls under FRS119 which states that, post-employment benefits such as pensions, other retirement benefits, post-employment life insurance and post-employment medical care.
Generally, a qualified audit report is issued when the auditor encountered one of two types of situations which do not comply with generally accepted accounting principles (GAAP), however the rest of the financial statements are fairly presented. A qualified audit report containing qualified opinion is issued when either of the following circumstances exists: 1. The auditor disagrees with the accounting treatment or disclosure of a matter in the financial statements * This type of qualification occurs when one or more areas of the financial statements do not conform to GAAP, but do not affect the rest of the financial statements from…...

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