How do you, as the auditor, know that all minutes have been made available to you?

ASSIGNMENT

The minutes of the board of directors of the Tetonic Metals Company for the year ended December 31, 2019, were provided to you.

Meeting of March 5, 2019
The meeting of the board of directors of Tetonic Metals was called to order by
James Cook, the chairman of the board, at 8:30 a.m. The following directors were in attendance:

Irene Arnold James Cook Brian McDonald
Robert Suarez Larry Holden Tony Williams
Mary Beth Cape Heather Jackson
The board approved the minutes from the November 22, 2018, meeting. The board reviewed the financial statements for the most recent fiscal year that ended December 31, 2018. Due to strong operating results, the board declared an increase in the annual dividend to common shareholders from $0.32 to $0.36 per common share payable on May 10, 2019, to shareholders of record on April 25, 2019.

Tony Williams, CEO, led a discussion of the seven core strategic initiatives in the 2019–2021 strategic plan. The most immediate initiative is the expansion of Tetonic operations into the Pacific Northwest. The board approved an increased budget for 2019 administrative expenses of $1 million to open offices in the Portland, Oregon, area.

Mr. Williams also led a discussion of a proposed acquisition of one of Tetonic’s smaller competitors. The board discussed synergies that might be possible if the operations of the acquired company could be successfully integrated with the operations of Tetonic. The board granted Williams and the management team approval to continue negotiations with the other company’s board and management.

The board continued its discussion from prior meetings about the October 2018 report from the Environmental Protection Agency (EPA) regarding dust im- pact at Tetonic’s zinc refineries. Legal counsel for Tetonic updated the board on the status of negotiations with the EPA regarding findings contained in the report. The board asked management to include an update on the status of any resolutions for its next meeting. The board also asked management to schedule a conference call, if necessary, for the board if issues need to be resolved before the next meeting. Officer bonuses for the year ended December 31, 2018, were approved for payment on April 14, 2019, as follows:
Tony Williams—Chief Executive Officer $375,000
Mary Beth Cape—Chief Operating Officer $250,000
Bob Browning—Chief Financial Officer $225,000

The Audit Committee and the Compensation Committee provided an update of issues discussed at each of their respective meetings.
The meeting adjourned 5:30 p.m.
Meeting of October 21, 2019

See also  Discuss the pros and cons of using an outside source for financial preparation. Original Answers Only

The meeting of the board of directors of Tetonic Metals was called to order by James Cook, the chairman of the board, at 8:30 a.m. The following directors were in attendance:
Irene Arnold James Cook Brian McDonald
Robert Suarez Larry Holden Tony Williams
Mary Beth Cape Heather Jackson The board approved the minutes from the March 5, 2019, meeting. Tony Williams, CEO, provided an overview of financial performance and operating results for the 9 months ended September 30, 2019. Given the volatility in the economy, Tetonic sales have fallen by over 8 percent compared to the same period in 2018. To address the drop in revenues, Tetonic has scaled back mining operations by a similar percentage to reduce labor and shipping costs. Bob Browning, CFO, updated the board on discussions with banks that will be financing the acquisition of the Tetonic competitor. The terms of the $7 million financing include a floating interest rate that is 2 percent above prime over the 10-year life of the loan. Payments will be made quarterly, and Tetonic will have to maintain compliance with certain loan covenant restrictions that are tied to financial performance. The board approved the acquisition and related loan trans- action and scheduled a closing date for the financing to be November 1, 2019. To prepare for the proposed acquisition, the board approved an increase in the capital expenditures budget of $1.5 million to cover costs of expanding computer operations, including new servers. The new equipment is needed to successfully integrate IT operations at Tetonic and the acquired company. The equipment will be installed in December 2019. Existing equipment that was purchased in 2017 will no longer be used in the IT operations at Tetonic.
The board discussed the creation of an incentive stock option plan for senior exec-
utives as a way to better align management and shareholder incentives. Consultants from a compensation advisory firm and tax attorneys from a national accounting firm led a discussion of the components of the proposed plan, including discussion of The board asked the consultants to revise the plan based on comments received at the meeting for presentation at the board’s next meeting. Tetonic’s external auditor provided an update of its interim work related to tests of the operating effectiveness of internal controls over financial reporting.
The audit partner presented a written report that provided information about three deficiencies in internal control considered to be significant by the auditor. Legal counsel for Tetonic updated the board on final resolution of the EPA re- port findings. The final settlement requires Tetonic to modify some of the air handling equipment at its zinc refineries, which is expected to cost about $600,000.

See also  Select at least 2 balances on the financial statements. Describe the principal assertion of the selected account balance (existence, completeness, etc.)

No other penalties were imposed by the EPA.

The Audit Committee and the Compensation Committee provided an update of issues discussed at each of their respective meetings.

a. How do you, as the auditor, know that all minutes have been made available to you?

b. Read the minutes of the meetings of March 5 and October 21. Use the following format to list and explain information that is relevant for the 2019 audit:

Information Relevant to 2019 Audit Audit Action Required
1.
2.
c. Read the minutes of the meeting of March 5, 2019. Did any of that information pertain to the December 31, 2018, audit? Explain what the auditor should have done during the December 31, 2018, audit with respect to 2019 minutes

Custompaper.help is an academic writing platform that provides students and professionals with quality services to ease their assignment challenges. With a wide range of services, the platform has become one of the leading academic writing service providers in the market due to its reliability and affordability. Below, we shall discuss some of the services which Custompaper.help provides:

Essay Writing Service
The essay writing service provides customers with quality essays on any subject or topic they requested within a given deadline. The writers at custompaper are experts in their respective fields, and they ensure customer satisfaction by producing original content with thorough research involved backed up with strong evidence from reliable sources available online or offline. All essays come with free plagiarism reports as well as revisions if needed so that customers can trust that they are getting high-quality work for their money’s worth.

Research Paper Writing Service
This is another popular service offered by custom paper help wherein customers are assisted in conducting research papers according to their needs and requirements within specified deadlines. Writers at custom paper help have vast knowledge about various topics belonging to different disciplines such as Management, Arts & Humanities, History etc., allowing them to craft impeccable research papers every time regardless of the complexity or urgency level requested by customers. Additionally, all our research papers come along with proper citation formats which ensures customer’s safety when it comes to plagiarism issues while also helping them save time on formatting procedures thus improving overall efficiency even further!

See also  Prepare a critical thinking analysis to determine whether the sale of the cottage would be considered business income or a capital gain.

Dissertation Writing Service
CustomPaperHelp also offers dissertation writing assistance for those who need it most – students preparing for graduation or professionals wanting to further refine their skills through higher education levels such as Master/PhD degrees etc, Our team of writers consists of experienced individuals having Master’s/PhD degrees themselves so you can rest assured that your dissertation will be handled expertly from the start till the end! Furthermore, we offer unlimited revisions until your complete satisfaction is achieved, along with regular checkups being done throughout the process just so everything goes according to course without any hiccups!

Editing And Proofreading Services
If you already have written an essay but want professional feedback before submitting it, then CustomPaperHelp also offers editing & proofreading services which helps in identifying & rectifying errors present in assignments like grammar mistakes, spelling mistakes, punctuation problems etc., thereby ensuring top-notch quality work, before submission takes place! We understand how important accuracy & consistency are when it comes to grading systems used at universities nowadays, so taking extra care during this phase becomes absolutely essential if good grades are desired afterward!

Coursework Help
For those who find coursework difficult due to complications of being quite technical in nature; CustomPaperHelp extends its support here too, by providing quality solutions every single time – starting from understanding concepts properly up until composing flawless answers following university guidelines closely enough making sure no loopholes remain whatsoever! Whether it’s related math problem-solving algorithms or lengthy home assignments – our expert panel has got you covered from head-to-toe leaving no stone unturned during this very crucial stage since final grades depend largely upon the success rate achieved here successfully!

Assignment Help
Assignments form an integral part of getting better scores & ultimately, a degree itself (in case pursuing a masters/PhD) – something only possible if precision is made a priority right away; otherwise, chances of failure increase exponentially over a time period detrimentally affecting performance evaluation systems later down road drastically hence stressing timely importance completion prior commencement other operations associated same project altogether consistently meeting high standards expected each situation respectively! Here too, CustomPaperHelp presents comprehensive solution package exceeding expectations beyond point offering optimal values therein ensuring maximum satisfaction reached under circumstances prevailing accordingly without fail…proving once more why people trust us implicitly without second thought whatsoever!!

Calculate your paper price
Pages (550 words)
Approximate price: -

Why Choose Us

Quality Papers

We value our clients. For this reason, we ensure that each paper is written carefully as per the instructions provided by the client. Our editing team also checks all the papers to ensure that they have been completed as per the expectations.

Professional Academic Writers

Over the years, our Acme Homework has managed to secure the most qualified, reliable and experienced team of writers. The company has also ensured continued training and development of the team members to ensure that it keep up with the rising Academic Trends.

Affordable Prices

Our prices are fairly priced in such a way that ensures affordability. Additionally, you can get a free price quotation by clicking on the "Place Order" button.

On-Time delivery

We pay strict attention on deadlines. For this reason, we ensure that all papers are submitted earlier, even before the deadline indicated by the customer. For this reason, the client can go through the work and review everything.

100% Originality

At Custom Paper Help, all papers are plagiarism-free as they are written from scratch. We have taken strict measures to ensure that there is no similarity on all papers and that citations are included as per the standards set.

Customer Support 24/7

Our support team is readily available to provide any guidance/help on our platform at any time of the day/night. Feel free to contact us via the Chat window or support email: support@acmehomework.com.

Try it now!

Calculate the price of your order

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

Custom Paper Help has stood as the world’s leading custom essay writing services providers. Once you enter all the details in the order form under the place order button, the rest is up to us.

Essays

Essay Writing Services

At Custom Paper Help, we prioritize on all aspects that bring about a good grade such as impeccable grammar, proper structure, zero-plagiarism and conformance to guidelines. Our experienced team of writers will help you completed your essays and other assignments.

Admissions

Admission and Business Papers

Be assured that you’ll definitely get accepted to the Master’s level program at any university once you enter all the details in the order form. We won’t leave you here; we will also help you secure a good position in your aspired workplace by creating an outstanding resume or portfolio once you place an order.

Editing

Editing and Proofreading

Our skilled editing and writing team will help you restructure you paper, paraphrase, correct grammar and replace plagiarized sections on your paper just on time. The service is geared toward eliminating any mistakes and rather enhancing better quality.

Coursework

Technical papers

We have writers in almost all fields including the most technical fields. You don’t have to worry about the complexity of your paper. Simply enter as much details as possible in the place order section.