Dog Foods, Inc. Audit AC555 – External Auditing Devry University Professor Dorothy Brandt Keller Graduate School of Management Introduction Smackey Dog Foods, Inc. is a private own dog food manufacturer. The company was started by three sisters in the suburbs of Chicago. Smackey’s clientele are veterinarians, local pet stores and groceries stores. Smackey is in the process of expansion, and the purchase of new equipment produced the demand for an independent audit. The company has
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Lecture 5 Audit of the Sales and Collection Cycle Summary of the Audit Process Phase 1 Plan and design an audit approach 1. Accept client and perform initial planning 2. Understand client’s business and industry 3. Assess client business risk 4. Perform preliminary analytical procedures 5. Set materiality & assess acceptable audit risk and inherent risk 6. Understand internal control and assess control risk 7. Gather information to assess fraud risk 8. Develop overall audit plan and audit program
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Integrated case studies (Acc 4291) Case report 1 flat cargo berhad: An auditor’s conundrum Case Synopsis The case is related to one company known as Flat Cargo Berhad (FCB). FCB was one of the largest air freight companies in Malaysia which servicing several government linked companies including Freight Malaysia Berhad. FCB is a listed company and was registered as an investment holding company with several subsidiaries. Among its subsidiaries are FC Spare Sdn Bhd, Cargo Management Sdn
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REPORT RE: RECENT ACCOUNTING AND CORPORATE GOVERNANCE SCANDALS Contents INTRODUCTION: 3 CORPORATE GOVERNANCE 5 CORPORATE GOVERNANCE IN IRELAND 5 RESPONSE FROM REGULATORS TO THE MOST RECENT SCANDALS IN BANKING SECTOR 7 US CORPORATE GOVERNANCE at a time of Tyco scandal 8 RESPONSE FROM THE REGULATORS -SARBANES-OXLEY ACT 2002 9 AUDIT 10 EXTERNAL AUDIT 10 INTERNAL AUDIT 11 INTRODUCTION TO ANGLO IRISH BANK 12 The Scandals 12 Loans to Sean Fitzpatrick 13 Irish Life and Permanent
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The attached brief explores audit productivity software used by Kudler’s audit firm and how it can help Kudler improve its operation and plans for expansion. Computer Assisted Auditing Techniques Computer Assisted Audit Techniques (CAATs) are computer base tools that an auditor uses to carry out various automated tests to evaluate the IT system or data. CATTs are very useful when the company has a significant volume of audit data in an electronic format (IT Audit Manual, 2011). Kudler Fine Foods
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Case Study: Lincoln Savings and Loan Association In 1978, Charles Keating, Jr. began focusing his time and energy on his business endeavours when he founded the real estate firm, American Continental Corporation (ACC). Six years later, ACC acquired Lincoln Savings and Loan Association, which was headquartered in Phoenix, although its principal operations were in California. In his application to purchase Lincoln, Keating pledged to regulatory authorities that he would retain the Lincoln management
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Audit Program Design Part Ii Audit Program Design Part II Company: Apollo Shoe Company Audit Begins: January 19, 2010 Audit Ends: March 31, 2010 (Tentative) AUDIT SCOPE: Sales/revenue and collection cycle Payroll and personnel cycle Acquisition and payment cycle All Transactions, orders, and payments processed January 1, 2007 through December 31, 2007 AUDIT OBJECTIVES: • To determine internal control compliance to sub objectives for payroll and personnel cycle, sales/revenue
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I. Audit Quality The primary role of accounting is to reduce information asymmetry by providing investors with relevant and reliable information in order to create an efficient allocation of resources. However, there is often a tradeoff between relevance and reliability that needs to be considered when imposing regulations (Scott, 2012). When information asymmetry is present, investor faith decreases, compromising the efficiency of the market. In order to prevent market failures, it is critical
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Smackey Dog Foods, Inc. was started by three sisters in their home in the suburbs of Chicago. They built a company based on an idea of making exceptional natural dog food not only for their dogs but also for their community. Its popularity grew and they expanded their business to opening a boutique division named Best Boy Gourmet, with food that must be consumed no later than 3 days after its production. This was the beginning of some issues that as the company grew, these issues grew also. Major
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over the audit of Smackey Dog Foods, Inc. Solution: The Securities and Exchange Commission (SEC), an agency of the federal government, assists in providing investors with reliable information upon which to make investment decisions. The Securities Act of 1933 requires most companies planning to issue new securities to the public to submit a registration statement to the SEC for approval. The Securities Exchange Act of 1934 requires public companies and others to file detailed annual reports with
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