Reliability of financial reporting Efficiency and effectiveness of operations Compliance with laws and regulations In 3–4 paragraphs, complete the following:

Discuss the meaning of each of the following major objectives: Reliability of financial reporting Efficiency and effectiveness of operations Compliance with laws and regulations Discuss how they might be satisfied at Bovar Company. Prepare an unadjusted misstatement audit schedule with a comment on your judgment of the audit findings based on the following audit results for Bovar. Bovar has the following misstatements (any amount more than 5% of current assets, total assets, and income before taxes): Understated allowance for uncollectible accounts: $95,000 estimated based on analytical procedures Accounts receivable or sales cutoff misstatements: $60,000 estimated population misstatements based on the sample, including sampling error ($60,000 accounts receivables or sales were not included in the cutoff reporting period.) Difference between physical inventory and book figures: $120,000 actual population misstatements. (The physical inventory is higher than the book figures by $120,000.) Unrecorded liabilities: $285,000 estimated population misstatements based on the sample, including sampling error Repairs or expense items that should have been capitalized: $90,000 estimated based on analytical procedures
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