Related to the conduct of the audit to those

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related to the conduct of the audit to those individuals responsible for oversight of the financial reporting process. The communication should address the following matters: The auditor's responsibility under GAAS. Significant accounting policies. Management judgments and accounting estimates. Significant audit adjustments. Disagreements with management. Consultation with other accountants. Major issues discussed with management prior to retention. Difficulties encountered during the audit. Solution to Internet Assignment 13-34 A search of the Internet showed a number of sites that contained financial information on the retail industry. Unfortunately, many of these sites are for industry organizations and the user must be a member to obtain information. One site, the National Retail Federation contains information on its National Retail Institute (NRI). NRI provides knowledge about consumer needs, industry trends and strategies that are shaping the retail industry, and demographic information. NRI also publishes reports and books on financial and merchandising issues, information technology’s effect on retailing, and a retail salary survey. Another site is Lebhar-Friedman which a leading independent publisher and provider of information for the retail and foodservices communities. Lebhar-Friedman also owns Corporate Intelligence on Retailing which maintains a site that has links to over 100 retailing companies. There is also the International Mass Retail Association’s (IMRA) site which contains general economic trends analysis, but no direct information on inventory turnover and merchandise liquidations. 13-13
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Chapter 13 - Auditing the Inventory Management Process A number of the major public accounting firms’ home pages contained information on the retail industry, as do consulting firms such as Accenture. Finally, financial services companies; such as Standard & Poors have sites that contain links to the retail industry. However, these services are available by subscription only. 13-35 A search of the SEC’s website should identify a recent company that has been cited by the SEC for financial reporting problems related to inventory. 13-14
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  • Spring '12
  • Na
  • inventory management process

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