...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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.../InstructorResourceManual.pdf The case was prepared by Mark S. Beasley, Ph.D. and Frank A. Buckless, Ph.D. of North Carolina State University and .... Case 1.1: Ocean Manufacturing, Inc. Ocean Manufacutring Inc The New Client Acceptance ... www.studymode.com/.../ocean-manufacutring-inc-the-new-client-accept... Ocean Manufacturing, Inc.: the New Client Acceptance Decision: Case 1.1 Ocean ... Problem Solution: Harrison-Keyes Inc. Ayodeji Ajayi University of Phoenix ... Ocean Manufacturing, Inc.: The New Client Acceptance ... www.freecasestudysolutions.com/case-study-Ocean-Manufacturing-Inc-... Case 1.1 Ocean Manufacturing, Inc.: The New Client Acceptance Decision Ocean Manufacturing, Inc. is recommended as a ... ORDER NEW SOLUTIONS ... Solution Manual for Auditing Cases An Interactive Learning ... testbanksfor.com › All test banks and 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...
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... 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 The New Client Acceptance Decision Free ... www.studymode.com/.../ocean-manufacturing-inc-t... * 저장된 페이지 이 페이지 번역하기 20개 항목 - Free Essays on Ocean Manufacturing Inc The New Client ... Case 1.1 Ocean Manufacturing, Inc.: The New Client Acceptance Decision ... Ocean Manufacturing, Inc. The New-Client Acceptance Decision ... Ocean Manufacturing, Inc. - Research Paper - Svenjaj88...
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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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...s e c TIo n client acceptance C a s es inC lu de d in t his se Ction 1 3 1.1 Ocean Manufacturing, Inc. . . . . . . . . . . . . . . . . . . . . . . The New Client Acceptance Decision InsTrucTor resource Manual — Do noT copy or reDIsTrIbuTe InsTrucTor resource Manual — Do noT copy or reDIsTrIbuTe ocean Manufacturing, Inc. The new client acceptance Decision ins tr uC t ional o b je C t ive s [1] To c a s e 1.1 Mark S. Beasley · Frank A. Buckless · Steven M. Glover · Douglas F. Prawitt help students understand the process of considering a new prospective audit client and the factors that auditors commonly consider in making the acceptance decision. [2] To give students experience in computing and interpreting preliminary analytical procedures commonly used in obtaining an understanding of a prospective client during the client acceptance decision process. [3] To raise issues relating to auditor independence in the context of client acceptance, both in terms of financial interests and the provision of non-audit services. To illustrate the subjective and 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...
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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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...Case 1.1 [1] Five procedures an auditor can use in determining to accept a client are: • Evaluate the integrity of management • Identify special circumstances or unusual risks • Assess competency to perform the audit • Evaluate independence • Determine ability to use due care Auditing standards require competency, independence and due care. [2] The return on equity and assets along with the debt to equity ratio is lower than the industry. The profit margin is much greater than the industry average. These increased profits, if sustained, can keep the debt to equity ratio below average. [3] Evaluating the integrity of management is vital. If management is dishonest the engagement should not be accepted. In this case, management was honest and disclosed the past auditor differences of opinion and allowed the audit firm to talk to the previous auditor. The special circumstance of the goal of an IPO is an important consideration. Given the lack of experience in this industry and the lofty goal of the company, the audit firms’ legal liability is increased. In a litigious society, we decline any clients that put our firm at great risk. [4] [a] Having the CPA firm help develop and improve the IT system is beneficial for the company as it provides one stop shopping. Often it is easier to work with someone who is vested in other areas of your business. On the other hand, this creates an issue that they would be developing that which they...
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...MGW3401 – STRATEGIC MANAGEMENT Tenfold™ Organic Textile Case Analysis Report Lecturer: Dr Chong Yit Sean, Esther Tutor: Dr Tan Seow Kian, Sharon Cheok Huei Chun (24826200) Teoh Tong Aik (26094193) Florian Navintach Zeorelli Samerawickreme (24729833) Clement Marsha (25342754) Habiba Almahrooqi (25384589) Table of Contents Executive Summary 1.0 Introduction 1.1 Purpose of the report 1.2 Company information 1.3 Assumption 1.4 Methodology 1.5 Purpose of Report 2.0 Strategic Analysis 2.1 SWOT ANALYSIS 2.1.1 Strengths 2.1.2 Weaknesses 2.1.3 Opportunities 2.1.4 Threats 2.2 Main issues 2.2.1 Issue 1 2.2.2 Issue 2 3.0 Evaluation of Alternative Strategies 3.1 Alternative 1 3.2 Alternative 2 4.0 Implementation 5.0 Conclusion 6.0 Reference list 7.0 Appendix Executive Summary Tenfold™ Organic textile is a company that provides naturally dyed organic cotton products to consumers, manufacturers and retailers. Tenfold attracts its customers by being an environmentally responsible organization that produce apparel using eco-friendly and chemical-free dye. The purpose of this report it to analyze the strengths, weakness, opportunities and threats of Tenfold in order to address the main issues that the company can improve. Furthermore, using academic journals, two alternative strategies will be discussed to improve and enhance the organization’s strategic position. The first issue that Tenfold faces...
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...Discuss the shifts in demand and supply and the impact on prices and the profitability of individual producers that occurred in the cranberry industry in 2006-2007 resulting from the following facts: 1. Cranberries are no longer relegated to a Thanksgiving side dish. They can now be found in more than 2,000 products from muffin mix to soap. 2. Ocean Spray and other growers have unleashed a steady flow of new products, including new low-calorie drinks such as Diet Ocean Spray. The company has also introduced a line of “Grower’s Reserve” 100% natural juices, including a “Super Antioxidant” variety with blueberry, pomegranate, and cranberry juices. Last year Ocean Spray has its most successful year ever, posting $2 billion in revenue with 30% from outside the U.S. [1] Ocean Spray Cooperative has one of the great success stories in agricultural marketing cooperatives. Over the past 80 years the company has struggled in several industry dynamics, pricing, supply, demand issues, and macroeconomic factors but has overcome and be a leader in manufacturing and agricultural products. Cultivated cranberry production can be traced back to the 1800’s when Henry Hull, a ship captain based in Cape Cod notices that wild cranberries flourished when sand blew over them. he transplanted vines to what he called “cranberry yards” and manually spread sand to encourage growth. This practice proved successful, and by the 1850s, cranberry production had expanded both on the Cape and into...
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... from management to manufacturing (Figure 1). Who would imagine that anyone could profitably manufacture a textile product in San Francisco in 2002? With competition not only from lower-cost centers in the United States but also from China and other places in the Far East, a converted warehouse building in San Francisco was an unlikely location for this manufacturing business. Yet Brennan was not sure Timbuk2 could continue indefinitely to produce everything in San Francisco. While the pride and satisfaction of producing in San Francisco was ingrained in Timbuk2’s culture, and moving production elsewhere would be a huge change for a small company with local roots, Timbuk2 needed to remain profitable. Hence, Brennan knew there was no easy answer to the question on the table: Should Timbuk2 outsource some (or all) of its production to a Chinese firm? Figure 1: Timbuk2’s neighborhood in San Francisco This case was written by Professors Gérard Cachon (The Wharton School, University of Pennsylvania), Kyle Cattani (Kelley School of Business, Indiana University), and Serguei Netessine (The Wharton School, University of Pennsylvania) as the basis for class discussion rather than to illustrate effective or ineffective handling of an administrative situation. Some numbers in this case were adjusted to simplify the case analysis and to protect confidential business information. The authors are grateful to Brennan Mulligan for his assistance in writing this case. Copyright © 2007 by...
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...organization creates society. Identify, summarize and discuss arguments against business. INSTRUCTOR: TABLE OF CONTENTS 1.0. Introduction 1.1. What is business? 1.2. Forms of business 2.0. Negative effect/impact of business. 3.0. Conclusion 4.0. References 1.0. Introduction The role and impact of business organizations in any society can be aggrandized to be a major factor leading to the growth and development of economy in various countries across the globe. Business as a human activity has been able to assemble people, capital and innovation under controlled risk-taking, in order to create jobs and produce goods and services profitably which translated to an amount of wealth for business owners, employees, customers and society at large. In Africa, business activities have tremendously contributed to the economic growth experience and these has been boosted by internal and external factors. Internally, the emphases on business organization to create domestic business friendly environments, greater business discipline, have formally written values and principles, and open prospect to transact business globally has led to the growth of the African economy. However, the role and impact of business activities also have negative effects on the society which will be discussed and properly elaborated. 1.1. What is business? The term business does not have a specific definition as it has been defined in different ways by various scholars and business...
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...TATA NANO CASE STUDY MIDDLESEX UNIVERSITY Module: - International and cross cultural marketing Module leader: - Dr Michael Kourtoubelides Student name: - KANUPRIYA BANSAL Student number: - M00430431 EXECUTIVE SUMMARY Tata motors ltd. is a renowned automobile company of India and is a part of Tata group. It is a pioneer of commercial vehicles, utility vehicles, passenger vehicles and it is world’s fourth largest manufacturer of trucks and buses. Ratan Tata, the CEO of Tata group had a vision to design a car for a low income group family and he came with the design of Tata Nano in 2008, tagged as “ People’s car” which was created for all the sections of economy. The automakers were shocked that how could Tata motors achieve the price target of 1 lakh ($2500). Tata Nano’s car design won the Edison award in 2009 and best compact car award. Tata Nano was launched in March 2009. The spokesperson of Tata, Mr. Kant agreed that initially the marketing strategy as well as positioning and targeting strategies were inappropriate as it did not reach the targeted customers as a result sales dipped. Many policies were incorporated and the marketing strategy was altered. Tata group’s retail outlets, big bazaar and croma made open distribution. It tied up with banks to provide easy finance to targeted customers. “Happiness guaranteed” was an initiative by Tata motors to boost Nano sales by improving after sale service. Tata motors has international expansion plans...
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...On rare occasions, cargo can be stowed directly atop the hatch covers. Under Deck Stowage Usually empty flat rack containers are stacked in the second or third tier from the top side-by-side in the hold and cargo is loaded on top of these. One of NYK's many strong points is the long years of experience which has built up in the safe stowage of cargo such as in dispersing loads and securing. The size of holds depends on the vessel. Just as an example, when 40 foot flat rack containers are lined up in groups of four it is possible to make effective use of a 40' x 32' space. Heavy cargo that exceeds the weight restriction on gantry cranes is handled by floating cranes. Since direct loading and direct delivery are the rule in such cases, loading and unloading are coordinated with the vessel's cargo handling schedule. Therefore it is necessary to fully coordinate matters with all concerned beforehand. In shipping the term Break bulk derives from the phrase breaking bulk Break bulk products are mainly steel, lumber and wood. Before containers, goods were shipped in individual boxes, barrels, bales, bags, crates and many other methods of enclosing goods for a long sea voyage. Each item had to be manhandled, making the job of loading and off-loading cargo one of the most labour intensive of the maritime trades. The storage of items in the holds was a specialised business, not only for the preservation of the cargo, but to ensure that the ship was not subject to the shifting...
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...Lamp Place Incorporated Logistics Plan | Prepared for Scott Bennie - TMDT 1150 & James Peterson - COMM 2200 | April 10, 2011 Tom (Zaiyi) Liu INTT 2A | Executive summary Our consulting firm has been hired to assist Lamp Place Incorporated (LPI) with a product roll out in Canada. LPI wants to test the viability of the Canadian market by introducing a Prestige line of lamps. Previously, the lamps are being produced by an Indian supplier, who ships four containers of lamps (1,536 cartons) on a weekly basis to the Port of Halifax. After the arrival of these containers at the Port of Halifax, the lamps are then transferred to each of the LPI’s contracted distribution centres through rail and truck. The total cost of this whole process is $24,439 per week, or $1,270,815 per year. Currently, a new supplier based in Montreal has been identified as a comparable alternative to the India supplier. The Montreal supplier offers the same product with $8.10 higher unit price. But the transportation costs are significant lower, as it only costs LPI $11,000 per week and $572,000 per year. One thing to note is that, the Montreal supplier uses a 53’ container to transport the product; therefore, there will be a possibility of 100 more lamps to be shipped with every container. After an analysis both of the suppliers of their cost, convenience, environmental...
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...enterprises can be small and medium which has up to 250 employees and having annual return about Rs.250 million.” In Pakistan we can say that there are about more and less about 2 million small and micro level business and enterprises are exist. In among these 2 million there are about 400000 are form manufacturing side about 600000 from services side enterprises and about one million are exists from trade sector mean retailers. In Pakistan Small Medium enterprises is almost near to ninety percent of the whole business enterprise. It contributes a lot in almost every sector of Pakistan like manufacturing, agricultural and services based organizations. The part of every province in SME are contributed in SME Punjab province has the highest contribution about 65.26% share is in Punjab, KPK has about 12.21% while Sindh province has about 17.82% share in SME in total of 2.96 million units in Pakistan of which about 93.9% are established enterprises and 6.1% are household enterprises. Baluchistan share is about 2.09% in over all units in Pakistan. All sectors are very important in SME but manufacturing sector is very important in SME in context to the economic development. Manufacturing sector has about 66.5% of shares in SME which is the highest one in over all sectors in Pakistan. Other is household, wholesale; retail or restaurants, agriculture farming and poultry sectors are also contributing in SME. Main problems that are faced...
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