...Ocean Manufacturing, Inc. การตัดสินใจรับงานสอบบัญชี วัตถุประสงค์การเรียนรู้ 1. เข้าใจประเภทของข้อมูลที่เกี่ยวข้องกับลูกค้าการตรวจประเมินที่คาดหวังไว้ 2. ระบุขั้นตอนที่ผู้สอบตัดสินใจยอมรับลูกค้าที่คาดหวังไว้ 3. ระบุและประเมินปัจจัยที่สำคัญต่อการตัดสินใจรับงานสอบบัญชี 4. เข้าใจกระบวนการในการสร้างและแสดงให้เห็นถึงข้อเสนอแนะที่เกี่ยวกับการรับงานสอบบัญชี บทนำ บริษัทบัญชีของ Barnes และ Fischer เป็นบริษัทตรวจสอบบัญชีรับอนุญาตแห่งชาติขนาดกลาง ปัจจุบันมีหุ้นส่วนที่เป็นผู้เชี่ยวชาญมากกว่า 6,000 คน ที่จ่ายเงินเดือนให้สำหรับปี1994 ส่วนใหญ่บริษัทจะให้บริการตรวจสอบและบริการด้านภาษี แต่เมื่อเร็วๆนี้ก็ประสบความสำเร็จในการสร้างระบบสารสนเทศ ในการให้คำปรึกษาทางธุรกิจสำหรับลูกค้าทั้งที่ไม่ได้รับการตรวจสอบและที่รับการตรวจสอบ ที่ไม่ได้จดทะเบียนในตลาดหลักทรัพย์ ในช่วงกลางเดือนมกราคม 2012 คุณได้เลื่อนตำแหน่งเป็นผู้จัดการฝ่ายตรวจสอบคนใหม่ในสำนักงานของ Barnes และ Fischer ที่ตั้งอยู่ในตะวันตกเฉียงเหนือแปซิฟิก คุณดำรงตำแหน่ง Senior Audit มาแล้ว 3 ปี จากการที่ได้ร่วมงานกับ Barnes และ Fischer มา 5 ปีแล้ว งานแรกของคุณคือเป็นผู้จัดการฝ่ายตรวจสอบบัญชี ที่ช่วย Audit Partner ในการตัดสินใจรับงานสอบบัญชี Partnerได้อธิบายให้ทราบถึงสิ่งที่ลูกค้าคาดหวังว่าบริษัทเป็นผู้ผลิตขนาดกลางเกี่ยวกับเครื่องใช้ภายในบ้านเล็กๆ เมื่อเร็วๆนี้Partnerได้พบกับประธานบริษัทที่ห้องประชุมท้องถิ่น ประธานชี้ให้เห็นว่าหลังจากการประชุมบริษัทได้ตัดสินใจที่จะยุติความสัมพันธ์กับผู้สอบบัญชีในปัจจุบัน ประธานอธิบายถึงเหตุผลหลักที่ยุติการสร้างความสัมพันธ์กับบริษัทตรวจสอบบัญชีรับอนุญาตแห่งชาติ เพราะบริษัทวางแผนที่จะเสนอขายหุ้นส...
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...Case 1.1 Ocean Manufacturing, Inc.: The New Client Acceptance Decision Ocean Manufacturing, Inc. is recommended as a prospective audit client of Barnes and Fischer, LLP. I believe that Barnes and Fischer should accept the client because of Barnes and Fisher's opportunities in consulting and information technology (IT) development, Ocean Manufacturing, Inc.'s sound management/business model and past successful audits, and primarily, the growth potential of Ocean Manufacturing, Inc. following its planned IPO. Ocean Manufacturing has a favorable market position in the Home Appliance Industry. This is a market that Barnes and Fisher has not focused on and would be an "excellent opportunity for Barnes and Fischer to enter a new market." In addition to entering a new market, Barnes and Fisher would have multiple opportunities for consulting regarding Internal Controls and also in IT Development. Ocean wants advice and guidance for the IPO and troubleshooting its IT system. Barnes and Fisher's local IT Team is "confident they will be able to diagnose Ocean's Control Weaknesses and help Ocean overcome current difficulties." Currently, Ocean Manufacturing Inc. is not Publicly Traded, therefore, its Audit and Internal Controls have been more relaxed but still in accordance with PCAOB. Until the IPO occurs, Barnes and Fischer will be able to offer consulting advice, and according to the PCAOB, will be allowed to engineer the IT Control system after the IPO. The previous...
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...Accept or Decline Ocean as an Audit Client.. .......... p. 6 Step 5: Important Risk Areas and Factors ........................................................................... p. 7 Step 1: Client Acceptance Decision Process Barnes and Fisher needs to decide whether it will accept the auditing request of Ocean Manufacturing Inc. or not. In the process of the client acceptance decision five steps are necessary in order to come to a result. The first step of this process is to gain information about client’s company background. Ocean Manufacturing Inc. is a home appliances company, offering products like toasters, blenders, and trash compactors. It is currently considering an Initial Public Offering (IPO) within the next five years in order to increase current capital to be able to continue expansion and growth in the upcoming years. In the last 12 years it has been audited by 3 different auditors and wants Barnes and Fisher to audit its company for the year 2011. Barnes and Fisher, a national CPA company, should issue its opinion on the 2011 financial statement and help to improve current processes. The second step involves evaluating the risk factors or potential changing factors of risk of the client Ocean Manufacturing, Inc. Thereby Barnes and Fisher need to take three different kinds of risk into consideration: audit, client and business risk. Audit risk is likely to...
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...solution manuals Download Solution Manual for Auditing Cases An Interactive Learning Approach 5th Edition by Beasely. Solution Of Ocean Manufacturing Inc Free Essays 1 - 30 www.papercamp.com/group/solution-of-ocean-manufacturing.../page-0 Free Essays on Solution Of Ocean Manufacturing Inc for students. ... ACCT 805AE Case 4 Ocean Manufacturing, Inc The Osprey Group Feb 21, ... Auditing: r c aSe S t h at diSc uSS topicS rel ated to thiS Section 1.1 Ocean Manufacturing, Inc. . Case 1 1 Ocean Manufacturing Inc Free Essays 1 - 30 www.papercamp.com/group/case-1-1-ocean-manufacturing-inc/page-0 Case 1.1 Ocean Manufacturing, Inc.: The New Client Acceptance Decision Ocean Manufacturing, Inc. is recommended as a prospective audit client of Barnes ... 60 Free Essays on Ocean Manufacturing Inc The New Client ......
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...CASE 1.1 Ocean Manufacturing, Inc. The New Client Acceptance Decision [2] What nonfinancial matters should be considered before accepting Ocean as a client? How important are these issues to the client acceptance decision? Why? I believe the IT issues are important to consider but after speaking to Barnes and Fischer’s IT department they feel that diagnosing the weakness in controls that they should be able to handle the IT system being used. I also feel that the turnover is important but that this turnover was due to personal issues so this can also be disregarded. The fact that the company is considering IPO in the future would be a great investment in Barnes and Fischer to broaden the industry representation. I believe these are all very important when deciding to represent this company. [5] [a] Prepare a memo to the partner making a recommendation as to whether Barnes and Fischer should or should not accept Ocean Manufacturing, Inc. as an audit client. Carefully justify your position in light of the information in the case. Include consideration of reasons both for and against acceptance and be sure to address both financial and nonfinancial issues to justify your recommendation. See first memo [b] Prepare a separate memo to the partner briefly listing and discussing the five or six most important factors or risk areas that will likely affect how the audit is conducted if the Ocean engagement is accepted. Be sure to indicate specific ways in which the audit firm...
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...sometimes difficult nature of the judgments involved in the client acceptance decision, and to give students the opportunity to justify a recommendation on client acceptance in the presence of both significant positive and negative factors. [5] To help students understand how information gathered in the client acceptance process can help the auditor in planning the audit if the client is accepted. [4] KEY FACTS The student takes on the role of a newly promoted audit manager recently given the task of considering factors and making a recommendation with respect to the acceptance of a new prospective client. The request to consider the engagement was received two weeks past the client’s fiscal year-end. The accounting firm, Barnes and Fischer, LLP, is a medium...
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...5A. MEMORANDA Barnes and Fischer should not accept Ocean Manufacturing, Inc., because the risks associated with this client outweigh the benefits of accepting the engagement. We feel as though, after a conducting a thorough investigation on Ocean, accepting the client would elevate our engagement risk—which could ultimately harm our firm. The risks associated with this client include: Ocean Manufacturing has had problems with their auditors. Over the past 12 years Ocean Manufacturing switched auditors three times and had problems agreeing on auditing fees. The previous auditor had two major problems with Ocean: Ocean’s complex IT system and managements’ tendency to aggressively reflect year-end accruals and revenue in order to meet creditor requirements. In addition, there have been many problems with tracking and recording transactions that occur within the entity. All of these are risk factors can lead to known or likely material misstatements being present within the company’s financials, and ultimately they the potential to cause engagement complications. Judging from the past, if we ask Ocean to change or alter any aspects regarding their business, it is likely they will drop our firm’s services and search for another auditor. There have also been problems related to Ocean’s management: The previous Controller, who poorly managed the company’s IT system, resigned from the company; the present Controller lacks the experience the company needs; and the Vice-President...
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...Case 1.1: Ocean Manufacturing, Inc. 1. Identify five procedures an auditor should perform in determining whether to accept a client. Which of these five are required by auditing standards? (check slides) - Obtain and review available financial information - Inquire of third parties about integrity of prospective client and its management - Consider circumstances that require special attention, unusual business or audit risks - Consider the technical competency of potential audit staff and supervision * AS No. 10: Supervision of the Audit Engagement * AU 210 Training and Proficiency of the Independent Auditor - Consider if acceptance would violate regulatory or the Code of Professional Conduct 2. Using Ocean’s financial information, calculate relevant preliminary analytical procedures to obtain a better understanding of the prospective client and to determine how Ocean is doing financially. Compare Ocean’s ratios to the industry rations provided. Identify any major differences and briefly list any concerns that arise from this analysis. Industry Industry 2011 Standards 2010 Standards ROE 8.94% 20.33% 7.11% 26.22% ROA 4.54% 6.62% 3.78% 8.10% Assets to Equity 1.97 3.30 1.88 2.82 A/R Turnover 11.69 7.49 13.11 6...
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...Acct 4080 Ocean Manufacturing Case 1. 1) Obtain and review financial information about the prospective client: annual reports, interim statements, registrations statements, Form 10-k’s, and reports to regulatory agencies. 2) Detailed criminal background checks of senior managers. 3) Evaluate the public accounting firm’s independence with regard to prospective clients. 4) Inquire of the prospective clients’ bankers, legal counsel, underwriters, analysts, or other persons who do business with the entity for information about the entity and its management. 5) Consider the need for individuals possessing special skills or knowledge to complete the audit (e.g., IT auditor, valuations specialist, industry specialist) 2. Overall, after calculating a few of Ocean Manufacturing ratios and comparing them with the industry, the company’s figures are not performing up to others in the industry. ROE = NI/Stockholder Equity (2011,2010)= 8.9% and 7.1% ROA = NI/Assets= 4.5% . 3.8% Both return on equity and assets are lower than industry ratios but are improving. Accounts Rec Turnover—could not calculate without % of credit sales from cash sales. Profit Margin = Operating income/ Sales(rev) = 5.5%, 6.0% PM are also low compared to the industry average. 3. There are a few non-financial items the company should consider. a) The VP of finance was charged with a misdemeanor related to illegal gambling. Raises questions about the tone at the top and the integrity...
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...are required by the auditing standards. 3) The following non-financial should be considered before accepting Ocean as a client are a high auditor turnover rate should be a major red flag and should be looked into. Also the new complicated computer system could effect the auditor getting all the information in a timely manner. There might be inadequate controls over the new system requiring more substantive tests. There is also a VP with a gambling problem and a new controller. Some of the non financial decisions are more important to consider than others. Like for example the fact that the client was hesitant to allow communications between auditors. This could be a cover up for a reason not to accept the client. 4) a) Barnes and Fischer will be able to provide help with the IT and financial statements audit according to the AICPA as long as they merely help implement and don't design the software. b) The situation doesn't violate the AICAP. This is because of rule 101 of the AICPA which says materiality is not to bw considered in a case of direct financial interest on the part of the auditor. If indirect like this case then materiality is considered but it is clear his interests are...
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...American society and Economy – BMAN 20610 Has Affirmative Action had any positive results? Should the policy be abandoned? ‘Affirmative Action has had an indelible imprint on the university environment’ [1] With primary focus on the impact that affirmative action (AA) has had to African Americans in regard to College admission, this essay will seek to ascertain to what extent the policy has lead to positive results. While in addition, evaluating whether this policy is both a legitimate and a necessary feature within Universities in contemporary America, or should be abandoned. Following President Johnson signing into law, executive order 11246 in 1965, the concept of affirmative action was formed and subsequently integrated within the college admission process in the United States. The primary intention of the policy was to ‘redress the disadvantages associated with overt historical discrimination’. [2] While furthermore, seeking to ensure that institutions, such as Universities, were more ‘representative of the populations they serve’. [3] Since the implementation of the policy, throughout American University Campuses and the corridors of power in Washington, both debate and discourse has taken place in regard to the fairness and necessity of the practice of Affirmative Action within the College Admission process. As asserted by Garcia, those in favour of Affirmative action programs within Colleges viewed that the implementation of the policy was evidently ‘a...
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...changes in the ecosystem, even the details of the ecological process affected are unknown (O’Neill et al., 1997). This affects the biodiversity and water and carbon fluxes at local and regional levels (Herkert et al., 2003). The fragmentation is an important driver of the biological diversity losses world wide (Turner, 1996; Bender et al., 1998; Fahrig, 2002; Fischer and Lindenmayer, 2007). It divides large tracts of forest into smaller isolated tracts surrounded by anthropocentric environments (SAF, 1998). Fragmentation results in the reduction in habitat quality and biodiversity loss (Barnes et al., 1998). Society of American Foresters (1998) reported that sustained declines and fragmentation of the forestland base may lead to the mutilation of our forest ecosystem’s ability to protect water flow and quality, to provide healthy and diverse forest habitat, and to remain a viable economic resource that provides recreation, timber, and other forest products. In every forest ecosystem, fragmentation does occur naturally and in general, it is less extensive and systematic than fragmentation caused by anthropogenic activities (Barnes et al., 1998). The natural forest fragmentation is repairable and contributes to the dynamic heterogeneity in the forested landscape. Forest fragmentation is a threat to biodiversity (Armsworth et al., 2004). Ritters et al (2002) reported that fragmentation is so pervasive that edge effects potentially influence ecological processes on most forested lands...
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...1 2 1. “Sight Unseen” Written by Brandon Barnes (ASCAP), Joseph Principe (ASCAP), Timothy McIlrath (ASCAP), Zach Blair (ASCAP). Published by Sony/ATV Tunes LLC / Do It To Win Music (ASCAP). Produced by Bill Stevenson. Performed by Rise Against. Courtesy of Geffen Records under license from Universal Music Enterprises. 2008 Geffen Records 2. “THISKIDSNOTALRIGHT” Written by Aaron R. Bruno. Published by AWOLNATION Music (BMI)/Red Bull Media House GmbH (AKM/AUME). Produced by Aaron R. Bruno. Performed by AWOLNATION. Courtesy of Red Bull Records. 2013 Red Bull Records, Inc. 3. “Evil Friends” Written by Portugal. The Man and Danger Mouse. Published by WB Music Corp. (ASCAP) and Approaching Airballoons (ASCAP). All rights OBO itself and Approaching Airballoons administered by WB Music Corp. Sweet Science / Copyright Copyright Control (ASCAP). Performed by Portugal. The Man. 2013 Atlantic Recording Corporation for the United States and WEA International Inc. for the world outside of the United States. 4. “Walk On Air” Written by Minus The Bear. Published by World Party 2000 Music (BMI). Produced by Matt Bayles. Performed by Minus the Bear. Courtesy of Minus the Bear. 2013 Minus the Bear 5. “Angel” Written by Martin Lee Gore. Published by © 2012 EMI MUSIC PUBLISHING LTD. All Rights for EMI MUSIC PUBLISHING LTD in the US & Canada are Controlled and Administered by EMI Blackwood Music Inc. (BMI). Performed by Depeche Mode. Courtesy of 2013 Venus Note Ltd., under exclusive license...
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...Google 순간 검색을 사용할 수 없습니다. 검색어를 입력한 후 Enter를 누르세요. 자세히 알아보기 Google연결 속도 문제로 순간 검색이 중지되었습니다. 검색하려면 Enter를 누르세요. 검색하려면 Enter를 누르세요. 스크린 리더 사용자는 여기를 클릭하여 Google 순간 검색을 설정 해제하시기 바랍니다. × 자주 오세요? Google을 홈페이지로 설정하는 건 어떠세요? 좋아요 싫어요 +누구? 검색 이미지 지도 Play YouTube 뉴스 Gmail 드라이브 캘린더 더보기 * 번역 * 도서 * Blogger * 사진 * 동영상 * * 모두 보기 | ------------------------------------------------- 양식의 맨 위 숨겨진 입력란 | | | Google 검색I’m Feeling Lucky 양식의 맨 아래 Account Options 로그인 * 검색 환경설정 * * 고급검색 * 언어도구 * * 웹 기록 웹문서 이미지 지도 동영상 블로그 더보기검색 도구 뉴스 도서 게시판 Q&A 애플리케이션 특허 * 검색 환경설정 * 언어 (Languages) * 고급검색 * 웹 기록 * 검색 도움말 모든 언어 모든 언어 한국어 웹 모든 날짜 모든 날짜 지난 1시간 지난 1일 지난 1주 지난 1개월 지난 1년 기간 설정... 기간 맞춤설정 시작일종료일 ------------------------------------------------- 양식의 맨 위 양식의 맨 아래 모든 결과 모든 결과 사전 완전일치 서울특별시 서울특별시 * 자동검색됨 * ------------------------------------------------- 양식의 맨 위 양식의 맨 아래 검색결과 약 935,000개(0.27초) 검색결과 웹문서 [PDF] client acceptance - Textbook Test Banks textbooktestbank.com/.../BBGP_InstructorResource_... * 저장된 페이지 이 페이지 번역하기 acceptance decision process. To raise ... gathered in the client acceptance process can ... Ocean Manufacturing, Inc. are in the healthcare services industry. Ocean Manufacturing Inc...
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...APPLE, Inc. What is Strategic Management, and why is it critical to the success of an organization in meeting its goals and mission? What is Strategic Management? The concept of "strategy" is based in a war scenario, the constant fights and battles over the centuries have caused the military to start thinking before you act- the battles are analyzed and planned in advance. In General Sun Tzu’s words: “The general who wins a battle makes many calculations in his temple ere the battle is fought.” When translating it to today’s Strategic Management’s words, it means: “Those companies and individuals who win in the business world make much calculation, planning and deliberations on their strategy and plans. Those who plan less have lower chance of success, much less those who don’t plan anything at all.” (Soo, 2011). Developing a Strategic Planning increases the likelihood that in the future, the organization will be in the right place at the right time. Strategic Management collects all activities and processes utilized by an organization in order to align resources and actions with mission, vision and strategy throughout the organization. When applied correctly, strategic management activities transform the vision into performance and enable the plan to evolve and grow as requirements and other circumstances change. Apple – Both sides of the fruit The right side In researching the Apple’s success, we can find a myriad of reports appreciating this fact....
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