Overall Audit Strategy, Retail Industry

a) Engagement Characteristics Le Château * Entitys reportage deadline: The fraternitys fiscal year ends on the last Saturday in January. The geezerhood ended January 29, 2011 and January 30, 2010 cover a 52-week fiscal period * fiscal Reporting Framework: Canadian generally accepted deliver up principles * Reconcile to another reporting framework: The party go out be requisite to begin reporting under IFRS for the ass ending April 30, 2011 and will be required to prep ar an hatchway balance mainsheet and furnish information that conforms to IFRS for comparative periods presented. The Company began planning its transition to IFRS in 2009. A project squad was formed and a exposit conversion plan was created outlining the major(ip) phases of the transition to IFRS. External advisors were also act to assist in the IFRS conversion plan. The project team reports quarterly to the Audit Committee. * evaluate audit coverage: The consolidated finan cial statements include the accounts of the association and its wholly owned subsidiary which consists of 238 stores end-to-end Canada, including two locations in New York City.

* Reporting currency/ Currency Translation: Le Château reports its currency in Canadian dollars and legal proceeding denominated in unlike currencies and those of an integrated foreign operation atomic number 18 translated using the temporary method. Monetary assets and liabilities are translated into Canadian dollars at the evaluate in effect at the balance sheet date. Other assets and liabilities are translated at the rates prevailing at the transaction dates. Revenues and expenses are translated a t the average exchange rates prevailing duri! ng the year, just for the cost of inventory used and derogation and amortization, which are translated at exchange rates prevailing when the colligate assets were acquired. Gains and losses arising from the fluctuations in exchange rates are reflected in earnings. * Related Parties: Companies that are directly or...If you want to get a full essay, baffle it on our website: OrderEssay.net

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