David Rose & Sons Ltd. (DRS) is an owner-managed machinery manufacturer that specializes in producing small electric utility tractors for commercial use in Vancouver, British Columbia.

accounting

Description

David Rose & Sons Ltd. (DRS) is an owner-managed machinery manufacturer that specializes in producing small electric utility tractors for commercial use in Vancouver, British Columbia. David Rose, the sole shareholder, started the business in 2005; his son, Johnny, is the controller.


DRS recently won a bid from a large client. To ensure that DRS can deliver this large order, the new client wants to review the audited financial statements before finalizing the contract. In particular, they have indicated that they are interested in seeing the extent of DRS revenue. 


You are an associate articling with the firm of S & Creak Chartered Professional Accountants (SC). DRS has recently engaged SC as the auditor for the company. In prior years, DRS’s financial statements were audited by a local public accounting firm. Stevie, the partner responsible for the file, has already dealt with all client acceptance issues. 


 

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