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PERFORMING AUTOS LTD (Preparing for the audit (Financial statements…
PERFORMING AUTOS LTD
Preparing for the audit
Key risk areas
Audit procedures
Audit vs. Review differences
Financial statements
Bank's covenants
Current activities
Operating expenses
New turbocharger kits
Advertising
New tenant lease
HSI division
Qualitative
Quantitative
Asset values added to PAL's financial statement
Management income
Royalty income
Rental income
Expenses charged to PAL's income statement
Rashid family's personal tax returns
Potential tax consequences
Tax planning