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Audit Report - Cenovus Energy (Example)

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Audit Report: Cenovus Inc. Exploration The Compoany’s policy on accounting for exploration costs is that the costs incurred before the legal right to explore are obtained (pre-exploration costs) are immediate expensed in the income statement in the years in which the expense is incurred. On the other hand the costs that are incurred after the legal right to explore has been obtained are capitalized and amortized over a given period of time estimated by the company. However if it is company has a decommissioning liability to verify their existence Review the estimated life of the assets in question to verify the appropriateness of the useful life estimated by the company. Seek expert opinion on the risk-free interest rate used to ensure that it is appropriate. Corroborate the management explanation with the physical support documents where available. Enquire from the management on the frequency of which the management reviews the estimates to ensure that period is reasonable enough to give an accurate estimation. [...]

Order Description:

This is the case study/research paper related to audit a Canadian Energy company – Cenovus Inc in 2017. The main purpose for this paper is assuming you are an auditor and auditing the risk of misstatement for Cenovus in two areas (1) Exploration and (2)Decommissioning Liability. We are focusing on the risk for Estimation of these two parts. Please prepare a details audit report for these two areas for Cenovus Inc in 2017. Need the details and audit procedure for these risks of misstatement as well.

Subject Area: Accounting

Document Type: Proofreading

This project has already been completed by one of the Studybay experts. The client rated this project:

Project's rating is 5/5

Price $15

Words 550

Pages 2

Completed in 3 days

Expert Blake

Client Review

Good Writer! Highly Recommended!


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