This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: Need to rationalize dividend cut to stockholders -when management is perceived to be unnecessarily overretaining cash. Revenues arising from sales to affiliates or subsidiaries. -Attempts to minimize taxes through transfer pricing, but financial reporting can become distorted. Wallpaper case, Scrap Sales, Curry Lee Warehouse and stolen accounts © W.R. Knechel Revenue Cycle What accounts are in the Revenue Cycle? © W.R. Knechel Audit Program (design v. performance) Performance Format eliminates duplication examines all documentation only once properly orders the procedures Next slide illustrates the design format...
View Full Document
- Fall '08
- Revenue, International Financial Reporting Standards, Subprime mortgage crisis, W.R. Knechel