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Triangle Homes Module 1 - Triangle Manufactured Homes...

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Triangle Manufactured Homes Off-Balance-Sheet Transfers of Subprime Loans A capstone case for auditing and accounting studies Robert H. Ashton and Timothy B. Bell
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© 2008 KPMG LLP, a U.S. limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. Printed in the U.S.A. Triangle Manufactured Homes Off-Balance-Sheet Transfers of Subprime Loans November 2008 Robert H. Ashton L. Palmer Fox Professor of Accounting Duke University Timothy B. Bell Coggin Distinguished Professor of Accounting University of North Florida KPMG LLP (Retired)
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© 2008 KPMG LLP, a U.S. limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. Printed in the U.S.A. 1 Module
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Module 1 © 2008 KPMG LLP, a U.S. limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. Printed in the U.S.A. 22 TMH Case Study – Module 1 Instructions Module 1 Instructions Requirements This assignment requires a memorandum in which you present your understanding of TMH’s business and environment, including its key financial characteristics and accounting practices. In the memorandum, you will also provide your assessment of significant inherent risks, at the account level, in the proposed 2007 financial statements, as well as your assessment of going concern risk and fraud risk in view of the understanding you have developed. A single memo is required, and it should include your insights on four interrelated areas: business analysis , accounting analysis , financial analysis, and audit risk assessments .The memo should include separate sections for the first three analyses, and in a fourth section on risk assessments you should discuss clearly and succinctly the linkages between your risk assessments and your integrated business understanding. Analyses from all three perspectives—business, accounting, and financial—are required to provide a proper basis for risk assessments and audit planning, and your memo should reflect this. The most important element of your memo will be your supporting rationale for why you think the inherent risks you identify are significant, and why your assessments of going concern and fraud risks are at the levels you assess. Identification of the linkages between your risk assessments and your integrated business understanding should help you develop your rationale. If you are working on this assignment in a team of students, your team may parse, and work separately on, different tasks. At some point, however, team members should meet, share findings and brainstorm to develop consensus on your judgments and assessments, before the team’s final memo is prepared.
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