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Accounting
Could you please help me to answer these questions! Thank you very much!
QUESTION 2 1 QUALITATIVE CHARACTERISTICS Total 2 marks The auditor checking Company A's financial statements thinks that a sale of $1 million has not been included in the company's accounts. He found out this information 3 months after the financial statements had been finalised. The company's total sales is $10 million. There are conflicting reports from within the company as to: . The exact amount of the sale .The details of the sale Whether the sale actually happened REQUIRED Explain how the auditor's discovery affects the quality of the company's financial information. Base your answer on the Qualitative Characteristics of Financial Statements as per the NZ Framework. Specifically, focus on the two fundamental qualitative characteristics of relevance and faithful representation (previously called reliability) and the two enhancing qualitative characteristics of understandability, and comparability
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