February 7‚ 2013 Abernathy and Chapman Wallace Andrews Lakeside 1235 Sentry Drive Richmond‚ Virginia 66266 Dear Mr. Wallace‚ We have researched the issues that were discussed regarding the possibility of Lakeside Company going public and the ramifications this action would have on their desirability as a client. We have also analyzed Lakeside Company’s financial statements to evaluate the possibility of misstatements. Attached‚ you will find our report discussing these issues. Please
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Case #3 The Lakeside Company: Auditing Cases Analysis of a Potential Audit Client · Benjamin Rogers is president of the Lakeside Company‚ a retailer/ distributer of consumer electronics. · Rogers is unsatisfied with King and Company’s CPAs‚ and has been in contact with Abernethy and Chapman. · Abernethy and Chapman has never had a client in this field and they look forward to breaking into a new market. · Lakeside has grown at a steady rate in the last decade
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Case #1 [Type the document subtitle] 2/16/2014 Review Comments Summary Discussion Questions – 2 Hours Exercise – 1.5 Hours Table of Contents Title Page……………………………………………………………..………………………….. Review Comments…….……………………………………………………………………........1 Team Summary …………………………………………………………………………………..2 Table of Contents……………………………………………………………………………..….3 Discussion Questions……………………………………………………………………………...4 Question #1………………………………………………………………………………
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Discussion Questions- Case 8 2) An over count of ending inventory would lead to a decrease in costs of goods sold which leads to an increase in net income. Anytime a company wants a higher net income there is the potential for over counting of inventory. This potential problem is especially significant in the audit of the Lakeside stores because manager’s of the each store get a bonus based on the store’s net income. They are also the same people who count the inventory. It would be very tempting
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The Zimmerman Case has had its verdict yesterday and I would have written then‚ but I was busy building my thoughts. What I should cover first is why the Zimmerman Case is significant. It is not significant because of race‚ or the right to defend one’s self. In defense of my position on the race aspect‚ the media has tried to portray Zimmerman as white‚ when‚ in fact he is Hispanic or as my wife is adamant about‚ Latino. Apparently‚ you can’t call Hispanics Hispanics any more and you have to call
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The Lakeside Company: Analysis of a Potential Audit Client Benjamin M. Rogers is the president of the Lakeside Company‚ a retailer and distributor of consumer electronics (such as televisions) based in Richmond‚ Virginia. Although King and Company CPAs‚ a Richmond firm‚ had previously audited Lakeside‚ Rogers has recently become aware of the CPA firm of Abernethy and Chapman from reading several advertisements. His interest in the firm was heightened when he discovered that Abernethy and Chapman
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ASSIGNMENTS: Materials: Cambridge Consulting Group: Bob Anderson (496023) Assignment: 1. Does Bob Anderson have a problem‚ or are these the musings of an overly successful partner? Bob has a problem: lack of vision and long range thinking for the business. Bob also has some unresolved issues with his colleague John Burgess‚ which is affecting his sense of direction. 2. If he has a problem‚ how would you describe it? He is ignoring important warning signs in his business and personal life
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Smith Systems Consulting – Software Engineering BSA 385 Iwona Rusin Smith Systems Consulting - Software Engineering Engagement Approach The term “Engagement Approach” refers to the company’s policies and procedures that help keep the employees dedicated‚ committed and focused on the future and success of the company‚ while‚ at the same time‚ enhancing their own self-worth. In order to achieve this‚ the company will do the following: Initiate a yearly performance review process which all
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2014 RE: Renal Dialysis of Lakeside Hospital Approximately twenty years ago‚ at Dr. Newell’s initiative‚ Lakeside Hospital had opened the dialysis unit‚ largely in response to the growing number of patients with chronic kidney disease. The most common treatment for end-stage renal disease was hemodialysis. Since more and more independent dialysis centers were modern‚ attractively designed‚ and could offer psychological advantages to patients‚ they became Lakeside Hospital’s strong competitors
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A & A U standards setting C C O U N T I N G D I T I N G Disclosure of the Engagement Partner in the Audit Report An International Perspective on the PCAOB Proposal By Jason Bergner and Ling Lin O n December 4‚ 2013‚ the PCAOB conducted an open meeting to reconsider its proposal to require the disclosure of the engagement partner (and certain other participants) in the audit report‚ as part of its efforts to improve transparency. The PCAOB is carefully considering the likely costs and benefits
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