Auditing - report on the audit of Perfect Pies Lmt Essay

Auditing - report on the audit of Perfect Pies Lmt - Essay Example The company’s reserves have also increased during the current financial year which shows that its investors are considering the company lucrative and are planning to have a long term association with it. The company’s current ratio is also very much stable and presents the fact that the company is utilizing its resources prudently. We have been appointed as the statutory auditor of the company, for the financial year ended March 31, 2012, in order to express an opinion whether the financial statement of the company are free from any misstatement and represent a true and fair view of the affairs of the company. By analyzing the financial performance of the company in the prior year, and considering the asset base, the company has been classified as SME (small and medium sized entity). The audit methodology, risk coverage and materiality have all been considered and devised which are relevant for the audit of a SME. The materiality has been calculated by averaging out the profit of the current year and prior year and applying a haircut of 5% which is suitable for SMEs. After the completion of the interim audit, no such event was identified which could question that the financial statements of the company are materially misstated. ... Due to uncontrollable circumstances, appropriate test of details could not be performed on the closing stock balance, whereas, the result of the test of details on debtor balance has also highlighted few grey areas. Certain discrepancy has also been observed in the carrying value of the non-current assets. Stocks The period from December to May is the busy season, during which our limited number of staff tries to cater a diverse and complex array of client, it becomes difficult sometimes to provide sufficient number of individual in an audit team to carry out the audit as planned. Due to the mentioned issue, the stock count of Perfect Pies Limited at its Wolverhampton site could not be performed. Audit procedure in such situation was only curtailed to management’s enquiry and placing reliance on the client provided schedule. During the visit to the Wolverhampton site, the audit team acquired the detailed report of the stock from the stock keeper and reconciled the total balanc e as of the report with the carrying value of the stock as reported in the financial statement. The previously mentioned audit procedure is quite successful to acquire comfort over the completeness and valuation of the stock balance. As per the applicable financial reporting framework, stock balance is valued at the lower of cost or net realizable value. Without actually assessing the physical condition of the stock it is not possible to identify he stock item over which the NRV testing should be performed. There’s also a chance that the stock item mentioned in the stock list might not be present at all, thus it is important to count the stock as either ‘tag to floor’ or ‘floor to tag’. Since all of the above procedure could

Film Noir Essay Example | Topics and Well Written Essays - 1250 words - 1

Film Noir - Essay Example Hence, the significance of film neo-noir is that they draw upon or relate the image, the notion and the putative rules of film noir. The approach of the research paper is to identify the attributes that Spicer argues â€Å"neo-noir has remained a form that continues to accommodate complex, difficult ideas whereby existentialist attitudes continue to flourish.† Using the film Memento (Nolan), I can present how these neo-noir attributes have been presented in the film. Perhaps Memento has the most complex neo-noir feature as it provides a space in which the audience can, if not force, to deliberate the nature of identity. Though the question of identity is a repeated theme in neo-noir films, it is in Memento that has directly addressed this concern. The film depicts an antihero whose memory maybe or is faulty and his experience of time is confusing and is uncertain about his past and not sure about the meaning of the present activity he has engaged in and the very fabric of his identity (Nolan 217). Therefore, depicting that it consists attributes of neo-noir. The film is much concerned with the dark side that emphasizes loneliness, alienation and the fear that any or all activity being carried out by the character may be futile and meaningless. Therefore, the choices taken by the noir protagonist are never the real ones; lack the opportunity of escaping the bonds of convention, except via a hollow freedom represented by money, power, sex, and pro mise of adventure. Moreover, in the film, Memento, the noir antihero (Leonard) is often acting from desperation instead of rational choice, reacting to an inchoate, contingent world dominated by blind chance, which is often threatening and carries an undercurrent of violence that at any moment they can strike. Therefore, being an instant in the film of attributes stated by Spicer’s in his essay as being a neo-noir. The protagonist in Memento, has anterograde amnesia, and is unable to