Taryn Lopez Case 1 # 5

Taryn Lopez Case 1 # 5 - Taryn Lopez Case #1 #5 Taryn Lopez...

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Taryn Lopez Case #1 #5 D. Analytical Procedures Memorandum 1. An Analysis of Audit Risks Accounts will be examined further if there is a change over 20% from 2008. Here is a list of the accounts for further examination and two possible reasons for change. One explanation will be a logical and reasonable business reason. The second explanation will be from a possible client error that may have caused the account to be misstated. From Balance Sheet: 1. Cash increased 24% a. Increase in sales b. Accounts receivable is recorded in wrong period 2. Accounts Receivable increased 90% a. Sales have increased b. Sales not recorded in correct period 3. Allowance for Bad Debts decreased 54% a. Company wrote off bad debt that was deemed uncollectible b. Received payments against wrong invoices 4. Inventory decreased 23% a. Did not restock inventory at year end b. Inventory was recorded in wrong period
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This note was uploaded on 11/22/2010 for the course ACCT 490 taught by Professor Gogel during the Winter '10 term at Columbia College.

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Taryn Lopez Case 1 # 5 - Taryn Lopez Case #1 #5 Taryn Lopez...

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