Flash Technologies, Inc.

Flash Technologies, Inc. - Click to edit Master subtitle...

Info iconThis preview shows pages 1–7. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Click to edit Master subtitle style 7/15/11 Flash Technologies, Inc. Presented By: 7/15/11 Part of The Client Acceptance Process: Audit Procedures To Perform l Obtain management integrity on the 7/15/11 Engagement Risk { B D 7 F D A 2 -7 4 2 -4 7 A F -A D A 9 -4 0 B 7 E B E 8 5 8 9 } Engagement Risk Client’s Business Risk Audit Risk uditor’s Business Risk 7/15/11 Client Business Risk Management Lack of Integrity Speculative ventures or unusually high risks Lack of Proven Track Record l Industry Undergoing rapid Change Subject to high competition, market saturation, product obsolescence, or declining demand l Entity New and unproven products Limited number of customers or suppliers Deteriorating financial condition or liquidity crisis Substantial doubt about its ability to continue as a going concern Operation in countries were business practices are questionable 7/15/11 Audit Risk—AU312 { 6 8 4 7 E 5 3 5 -5 A 0 D -4 B 4 A -9 5 8 7 -6 E 1 B 0 B F A E C 0 } Control { E 4 C 3 E 8 0 B -5 F 4 9 -4 3 4 B -B 9 C 8 -3 1 2 0 4 A C 6 2 3 5 2 } Detection { 6 3 D A 5 D B 8 -5 4 3 8 -4 9 A 5 -9 8 C F -6 D B 6 8 6 4 E 9 A F } Inherent Three components of Audit Risk 7/15/11 l Operations dominated by a single individual l Undue emphasis on achieving earnings per share, maintaining the market price of the company’s stock, or meeting earnings projections l Unreliable processes for making accounting estimates or questionable...
View Full Document

This note was uploaded on 07/13/2011 for the course ACCT 495 taught by Professor Ge during the Spring '11 term at LA Tech.

Page1 / 22

Flash Technologies, Inc. - Click to edit Master subtitle...

This preview shows document pages 1 - 7. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online