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As the CPA for a large organization, you were asked by
your manager to provide information to outside CPAs who are examining a
subsidiary that has been set up as a corporation. As part of their review, the
CPAs have asked you to provide them with the following explanations:
- The methodology used to determine deferred taxes
- The procedures for reporting accounting changes and error corrections
- The rationale behind establishing the subsidiary as a corporation
Prepare your response to the three questions. Before
submitting your response, your manager would like to know a little bit more
about the request. She has asked you to tell her what your professional
responsibilities are as a CPA, and the difference between a review and an
audit.
You should provide draft responses to the above questions
as well as providing your manager with a summary of your responsibilities in
one document (no more than 1,050 words).
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