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24-29 (Objective 24-4) The following unrelated events occurred after the balance sheet date but before...

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Accounting

24-29 (Objective 24-4) The following unrelated events occurred after the balance sheet date but before the audit report was prepared: 1. The granting of a retroactive pay increase 2. Declaration of a stock dividend 3. Sale of a fixed asset at a substantial profit 4. Determination by the federal government of additional income tax due for a prior year 5. Filing of an antitrust suit by the federal government a. Explain how each of the items might have come to the auditors attention. b. Discuss the auditors responsibility to recognize each of these in connection with the report

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