Case 2 Jack Greenberg, Inc.
1. Identify important audit risk factors common to family-owned
businesses. How should auditors address these risk factors?
Important audit risk factors common to family-owned business are:
o Limited or no
1) Arthur Young was criticized for not encouraging Lincoln to involve the substance-over-
form principle when accounting for large real estate transactions. Substance-over-form is
an accounting concept which means that the economic substance of transactio
Analyze Take- Twos 1998-2000 financial data included in Exhibit 1. Compute the following
financial ratios for each of those years: age of accounts receivable, age of inventory, gross profit
percentage, profit margin percentage, return on assets, return on
1- As we can see from the screenshots below, the information in the three tables is
consistent with the Information provided by the controller.
2- After using the statistics command on all three tables, I think
ACC 411/522 Project
Due Date: Thursday, April 21st by 10 p.m.
Project #1 Independent Effort (15% of the project grade)
To enhance the auditing information that you were exposed to during this course, two projects
have been designed. Th
Case 3 Ligand Pharmaceuticals
1. Describe what you believe is implied by the term Engagement
risk. What are the key factors likely considered by the Deloitte and
audit firms when assessing engagement risk? How, if at all, are the
The Dark Side of Electronic Commerce
Money attracts criminals. And many hundreds of millions of dollars are flowing into the
Internet each month. According to the Forrester Group (Cambridge, Massachusetts), the
total value of goods an
Case 4 The North Face, Inc.
1. Should the auditors insist that their clients accept all proposed audit
adjustments, even those that have an immaterial effect on the given
financial statements? Defend your answer.
As per PCAOB AS1301
Case 1 Foamex International, Inc.
1. Who has the final responsibility for the integrity of a SEC
registrants internal controls: its audit committee, its
management team, or its independent auditors? Explain.
The management team of th
FINAL EXAM REVIEW
Fall 2016 ACC 411/ACC 522
Below is a checklist of important topics, it may not be inclusive of everything on the exam, but one
tool in preparing for the exam. The key to success on the audit exam is reading the chapters,