Premium Essay

Burnaby Wholesalers

In:

Submitted By simkabla
Words 1749
Pages 7
Audit Assignment
Case: Burnaby Wholesalers Ltd.
INTRODUCTION:
Burnaby Wholesalers Ltd. is a closely held company. The company distributes building materials, hardware, and related products to retail stores that service the “do-it-yourself” home improvement market. The company operates in a very competitive industry and the company’s profit margins and sales have both been decreasing during the last several years as new competitors have entered the market. The company’s fiscal year end is Sep 30th. Our firm Able & Quick, CPAs was hired to perform the audit for the fiscal year ended Sep 30th 2014. Prior to the current fiscal year, Burnaby Wholesalers was audited by another public accounting firm. The client changed auditors immediately after completion of the audit for the year ended September 30, 2013, following the predecessor firm’s issuance of a qualified (GAAP) opinion on the financial statements because the auditors were not satisfied with the valuation of the client’s inventories.
KEY USERS & CONCERNS:
The main users of Burnaby Wholesalers include: * Owners/Shareholders who are concerned about profitability and sustainability of the company. * Management/CEO of the company who would be interested in showing increased earnings and profitability of the company to earn bonuses/incentives, etc. * Investors/Bankers whose primary concern is the profitability and cash flow of the company to ensure a return on their investment and recovery of the principal investment.
ENGAGEMENT RISK/INHERENT RISK FACTORS: * Burnaby Wholesalers Ltd is a new client—first time audit of the client. * Prior auditors issued a qualified (GAAP) opinion on last year’s audit due to misstatements in valuation of inventory. * Client operates in a competitive industry. * Profit margins and sales have been decreasing over the last few years—management

Similar Documents

Free Essay

A Decision Analysis of the Gondola Line Project

...A Decision Analysis of the Gondola Line Project Simon Fraser University’s main campus is situated atop Burnaby Mountain where currently 18,200 students commute to school during the week. This means heavy traffic and commute during the week where hordes of students make their way to and from the university on a daily basis. Even though, the university is only 2.7 kilometres away from the nearest Skytrain station, the mountain adds another 300 meters due to its elevation. Additionally, the growing number of students in the university is projected to reach 25,000 in the near future. Apart from the SFU campus, there is a community of 3,000 individuals, that is expected to increase to 10,000 in the future (Fisher and Rolin, 2011, P.2).This brings forth a challenge to urban and city planners as they brainstorm and submit proposals to city council to avoid an eminent transit nightmare. A highly publicized and debated solution to the eventual growth of Burnaby Mountain was brought forward to the transit committee. The proposal included an upgrade to the transit system from the current method of bussing students to installing a high capacity Gondola Line from the mountain to the nearest Skytrain station. This idea brought the transit committee, Translink, into a situation where they had to make a decision which involved thousands of commuters and millions of dollars. The decision involved various and revolving variables which the committee had to decide upon. First, following...

Words: 592 - Pages: 3

Premium Essay

Marketing Plan

...Business marketing plan By: Abhijit Kumar Singh, Ali Altaweel, Robin Singh Parmar FALL: 2014 | | | | | INTRODUCTION TO MARKETING TAUGHT BY DEBORAH LAWTON | Executive Summary The following plan outline suggests marketing strategy and tactics for David’s Tea, a high quality loose- leaf tea provider that has aggressively expanded since its creation in 2008. David’s Tea has over a hundred stores located across Canada and the United States, and is continuing to expand the company in terms of locations and diversities of tea. For potential and current customer, David’s Tea targets the young, traditional and non -traditional tea drinkers, baby boomers and health conscious. It is offering a healthy and trendy drink to its customers. David’s Tea has strong brand with unique quality and blends, new flavours. The quality tea imported from all around the globe and is highly customized for the consumer. David’s tea focused on high customer service with their expert employees. The tea market in North America is expanding widely and steadily due to the health awareness of the mass population. David’s tea has cashed this scope and used this opportunity to expand their business. David’s tea is established and financially strong, and in need of a solid marketing plan to continue their explosive growth. Company History David Segal was a 28-year-old tea loving entrepreneur, when he started his business with his cousin Herschel Segal, who was a Canadian retail pioneer. They both...

Words: 2527 - Pages: 11

Premium Essay

Bebe Fiancial Statement Analysis

...Financial Statements Final Project for Dr. Rimona Palas TABLE OF CONTENTS Executive Summary ………………………………………………………………………………………… 3 Background …………………………………………………………………………………………………………… 5 Marketing Analysis………………………………………………………………………………………… 11 Porter Analysis ………………………………………………………………………… 11 SWOT Analysis ……………………………………………………………………………… 14 Financial Statements Overview ………………………………………………………… 18 Ratio Analysis ………………………………………………………………………………………………… 20 Risk Analysis …………………………………………………………………………………………………… 28 Credit risk Analysis ………………………………………………………………………………… 28 Bankruptcy Analysis …………………………………………………………………………………… 29 Valuation ……………………………………………………………………………………………………………… 30 Conclusions ………………………………………………………………………………………………………… 33 Appendix…………………………………………………………………………………………………………………… 35 1. EXECUTIVE SUMMARY Since 1976 BEBE designs, develop and produces a line of contemporary women’s apparel and accessories. Nowadays operates 285 stores in United States and 9 stores overseas. In addition 1% of its sells are done to 14 international licenses. BEBE is publicly traded on the NASADAQ for a value over 1.2 billion. BEBE targets women between the ages of 21 and 35 who are concern about fashion. During the last four years BEBE has expanded its number of stores markets and product lines, particularly in 2004 with a change of management. BEBE’s industry...

Words: 11308 - Pages: 46

Premium Essay

Costco

...Annual Report 2012 2012 YEAR ENDED SEPTEMBER 2, 2012 THE COMPANY Costco Wholesale Corporation and its subsidiaries (Costco or the Company) began operations in 1983 in Seattle, Washington. In October 1993, Costco merged with The Price Company, which had pioneered the membership warehouse concept, to form Price/Costco, Inc., a Delaware corporation. In January 1997, after the spin-off of most of its non-warehouse assets to Price Enterprises, Inc., the Company changed its name to Costco Companies, Inc. On August 30, 1999, the Company reincorporated from Delaware to Washington and changed its name to Costco Wholesale Corporation, which trades on the NASDAQ Global Select Market under the symbol “COST”. As of December 2012, the Company operated a chain of 622 warehouses in 41 states and Puerto Rico (448 locations), nine Canadian provinces (85 locations), Mexico (32 locations), the United Kingdom (23 locations), Japan (13 locations), Korea (nine locations), Taiwan (nine locations, through a 55%-owned subsidiary) and Australia (three locations). The Company also operates Costco Online, electronic commerce web sites, at www.costco.com (U.S.), www.costco.ca (Canada), and www.costco.co.uk (United Kingdom). CONTENTS Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Letter to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...

Words: 38858 - Pages: 156

Premium Essay

Costco Financial Statement Analysis

...stoAnnual Report 2010 2010 year ended august 29, 2010 THE COMPANY Costco Wholesale Corporation and its subsidiaries (“Costco” or the “Company”) began operations in 1983 in Seattle, Washington. In October 1993, Costco merged with The Price Company, which had pioneered the membership warehouse concept, to form Price/Costco, Inc., a Delaware corporation. In January 1997, after the spin-off of most of its non-warehouse assets to Price Enterprises, Inc., the Company changed its name to Costco Companies, Inc. On August 30, 1999, the Company reincorporated from Delaware to Washington and changed its name to Costco Wholesale Corporation, which trades on the NASDAQ under the symbol “COST.” As of December 2010, the Company operated a chain of 582 warehouses in 40 states and Puerto Rico (425 locations), nine Canadian provinces (80 locations), the United Kingdom (22 locations), Korea (seven locations), Taiwan (six locations, through a 55%-owned subsidiary), Japan (nine locations) and Australia (one location), as well as 32 warehouses in Mexico through a 50%-owned joint venture. CONTENTS Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Letter to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Map of Warehouse Locations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...

Words: 42703 - Pages: 171

Free Essay

No Essay Only Download

...UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ፤ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended September 30, 2014. អ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to . or Commission file number 333-172973 1MAY200918354900 NBTY, Inc. (Exact name of registrant as specified in its charter) DELAWARE (State or other jurisdiction of incorporation or organization) 11-2228617 (I.R.S. Employer Identification No.) 2100 Smithtown Avenue Ronkonkoma, New York (Address of principal executive offices) 11779 (Zip Code) (631) 567-9500 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes អ No ፤ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ፤ No អ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)...

Words: 83058 - Pages: 333

Free Essay

Working Capital

...Business Plans Handbook Business Plans A COMPILATION OF BUSINESS PLANS DEVELOPED BY INDIVIDUALS NORTH THROUGHOUT AMERICA Handbook VOLUME 16 Lynn M. Pearce, Project Editor Business Plans Handbook, Volume 16 Project Editor: Lynn M. Pearce Product Manager: Jenai Drouillard Product Design: Jennifer Wahi Composition and Electronic Prepress: Evi Seoud Manufacturing: Rita Wimberley Editorial: Erin Braun ª 2010 Gale, Cengage Learning ALL RIGHTS RESERVED. No part of this work covered by the copyright herein may be reproduced, transmitted, stored, or used in any form or by any means graphic, electronic, or mechanical, including but not limited to photocopying, recording, scanning, digitizing, taping, Web distribution, information networks, or information storage and retrieval systems, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the publisher. This publication is a creative work fully protected by all applicable copyright laws, as well as by misappropriation, trade secret, unfair competition, and other applicable laws. The authors and editors of this work have added value to the underlying factual material herein through one or more of the following: unique and original selection, coordination, expression, arrangement, and classification of the information. For product information and technology assistance, contact us at Gale Customer Support, 1-800-877-4253. For permission to use material...

Words: 121839 - Pages: 488

Premium Essay

Shangri La Hotel Singapore

...Annual Report 2012 TABLE OF CONTENTS 2 3 4 6 11 15 15 21 23 24 24 25 29 29 CORPORATE INFORMATION FINANCIAL HIGHLIGHTS CHAIRMAN’S STATEMENT DIRECTORS AND COMPANY SECRETARY SENIOR MANAGEMENT MANAGEMENT DISCUSSION AND ANALYSIS Performance Review Corporate Debt and Financial Conditions Treasury Policies Investment Properties Valuations Financial Assets Held for Trading – Trading Securities Development Programmes Disposal and Dilution of Interest Management Contracts for Hotels Owned by Third Parties 30 30 Prospects Human Resources 185 186 90 92 85 86 87 32 33 62 81 83 CORPORATE SOCIAL RESPONSIBILITY REPORT OF THE DIRECTORS CORPORATE GOVERNANCE REPORT INDEPENDENT AUDITOR’S REPORT CONSOLIDATED STATEMENT OF FINANCIAL POSITION STATEMENT OF FINANCIAL POSITION CONSOLIDATED INCOME STATEMENT CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 88 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED CASH FLOW STATEMENT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FIVE YEAR SUMMARY ABBREVIATIONS CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr KUOK Khoon Ean (Chairman and CEO) Mr LUI Man Shing (Deputy Chairman) Mr Madhu Rama Chandra RAO (CFO) Mr Gregory Allan DOGAN (COO) Non-executive Directors Mr HO Kian Guan Mr Roberto V ONGPIN Mr HO Kian Hock (alternate to Mr HO Kian Guan) Independent Non-executive Directors Mr Alexander Reid HAMILTON Mr Timothy David DATTELS Mr WONG Kai Man Mr Michael Wing-Nin CHIU Professor LI Kwok Cheung Arthur EXECUTIVE COMMITTEE Mr KUOK Khoon...

Words: 64444 - Pages: 258

Free Essay

Test2

...62118 0/nm 1/n1 2/nm 3/nm 4/nm 5/nm 6/nm 7/nm 8/nm 9/nm 1990s 0th/pt 1st/p 1th/tc 2nd/p 2th/tc 3rd/p 3th/tc 4th/pt 5th/pt 6th/pt 7th/pt 8th/pt 9th/pt 0s/pt a A AA AAA Aachen/M aardvark/SM Aaren/M Aarhus/M Aarika/M Aaron/M AB aback abacus/SM abaft Abagael/M Abagail/M abalone/SM abandoner/M abandon/LGDRS abandonment/SM abase/LGDSR abasement/S abaser/M abashed/UY abashment/MS abash/SDLG abate/DSRLG abated/U abatement/MS abater/M abattoir/SM Abba/M Abbe/M abbé/S abbess/SM Abbey/M abbey/MS Abbie/M Abbi/M Abbot/M abbot/MS Abbott/M abbr abbrev abbreviated/UA abbreviates/A abbreviate/XDSNG abbreviating/A abbreviation/M Abbye/M Abby/M ABC/M Abdel/M abdicate/NGDSX abdication/M abdomen/SM abdominal/YS abduct/DGS abduction/SM abductor/SM Abdul/M ab/DY abeam Abelard/M Abel/M Abelson/M Abe/M Aberdeen/M Abernathy/M aberrant/YS aberrational aberration/SM abet/S abetted abetting abettor/SM Abeu/M abeyance/MS abeyant Abey/M abhorred abhorrence/MS abhorrent/Y abhorrer/M abhorring abhor/S abidance/MS abide/JGSR abider/M abiding/Y Abidjan/M Abie/M Abigael/M Abigail/M Abigale/M Abilene/M ability/IMES abjection/MS abjectness/SM abject/SGPDY abjuration/SM abjuratory abjurer/M abjure/ZGSRD ablate/VGNSDX ablation/M ablative/SY ablaze abler/E ables/E ablest able/U abloom ablution/MS Ab/M ABM/S abnegate/NGSDX abnegation/M Abner/M abnormality/SM abnormal/SY aboard ...

Words: 113589 - Pages: 455