us_09_1c_velocity_cellular_0804110 - Case 09-1 Velocity...

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Copyright 2007 Deloitte Development LLC All Rights Reserved. Case 09-1 Velocity Cellular In conjunction with quarterly review procedures, the controller of Velocity Cellular Services (Velocity) provided the audit engagement team with background information about Velocity’s promotion of its new prepaid phone service plan. The controller also provided the engagement team with an accounting memo discussing Velocity’s new plan. MEMO To: Audit Engagement Team From: Controller, Velocity Cellular Services Subject: Accounting for New Prepaid Phone Service Plan Date: August 31, 2008 Velocity Cellular Services (Velocity) sells wireless services and products based on the Global System for Mobile Communications (GSM) standard. Under the GSM standard, each subscriber is required to have an activation card to access the network; the activation card is therefore necessary for subscribers to use their cellular phones. The activation card identifies the subscriber, provides the subscriber with a unique phone number, and
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us_09_1c_velocity_cellular_0804110 - Case 09-1 Velocity...

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