Should The Coopers And Lybrand Auditors Have Confirmed The Receivable From West Coast Liquidators At The End Of Fiscal 1995 Essays and Term Papers

  • Advanced Auditing Case 2.3

    2.3 1. (a) When confirming year-end accounts receivable, auditors hope to accomplish the objective of obtaining evidence from third parties to evaluate the client’s assertions of year-end accounts receivable amounts. The client’s assertions that accounts receivable confirmation can effectively address...

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  • Happiness Express, Inc. Case 2.3

    objectives that auditors hope to accomplish by confirming a client's year-end accounts receivable is to check certain management assertions such as existence, rights and obligations, and valuation. Confirmations from clients and outside parties related to a transaction. Generally, the auditor sends to the...

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  • Happiness Express Inc

    audit objectives of confirming a client’s year-end accounts receivable include occurrence and accuracy of realizable value. Auditors would like to make sure that the transaction generating the accounts receivable actually occurs, and that the receivables are recorded at accurate value for the current...

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  • Happiness Express, Inc. Case 2.3

    primary audit objectives that auditors hope to accomplish by (a) confirming a client’s year-end accounts receivable (b) performing year-end sales cut-off tests. The primary audit objectives that the auditors hope to accomplish by confirming a client’s year-end accounts receivable are existence, completeness...

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  • Audit Notes

    declining, the brothers took their next bet on Budgie the Helicopter and Dudley the Dragon. In 1995, with the help of the remaining Power Ranger sales, Happiness Express posted revenues of $60 million, a 50% increase from the prior year; half of which came in the fourth quarter. In 1996, the brothers watched...

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  • Happiness Express

    characters, such as The Little Mermaid and Barney, which would have tremendous appeal among children. By 1994, the company had annual sales of $40 million. That same year, the Sutton brothers took Happiness Express public with a successful IPO. By 1995, the company’s hottest line of merchandise featured the...

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  • Case 2.3

    them to large retailers. Happiness Express cashed in on the “hot new thing” in the world of toys. However, their astonishing success came to a halt in 1995, when two of their products flopped and their earnings were predicted to drop dramatically. Soon after, the company was named in a class-action lawsuit...

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  • Happiness Express Inc

    of confirmation of year-end accounts receivables, auditors hope to verify management assertions regarding the “Existence” of said accounts receivables and its true “Valuation”, AU330.12.   Year-end sales cut-off test is another important audit procedure, which gives the auditor information on the “completeness”...

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  • Phar Mor Case

    ~ Case 6 Phar-Mor, Inc.: Accounting Fraud, Litigation, and Auditor Liability Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt LEARNING OBJECTIVES After completing and discussing this case, you should be able to . . Identify factors contributing to an environment...

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  • Contemporary Auditing

    Would you like to have students pay for only the cases you use? Q Would you find it helpful to have the cases presented in the order you cover them? Do you have assignments or your own materials you would like to integrate into your casebook? Q Would you like to integrate a case that was in a previous...

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  • Happiness Express

    could easily relate to the topics at hand. I grew up watching Teenage Mutant Ninja Turtles and very likely bought some toys from Happiness Express in the 90’s. I never actually have heard of the company however, before reading this article which is sort of interesting in itself. I also think that this article...

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  • Waste Management

    accounting fraud and auditor legal liability c a S eS inc lu de d in t hiS Se ction 4 89 99 4.1 Enron Corporation and Andersen, LLP Analyzing the Fall of Two Giants . . . . . . . . . . . 4.2 Comptronix Corporation 4.3 Cendant Corporation . . . . . . . . . . . . . . . . . . . . . . ...

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  • Mr Wright Case

    Mr. Wright Inc. Auditors commonly find themselves facing situations in which they must persuade client executives to do something they absolutely and resolutely do not want to do. When all else fails, auditors may be faced to use a tactic that clinical psychologists, marriage counselors, parents...

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  • Case 4.6. Phar-Mor Inc.

    |Accounting Fraud, Litigation, | |and Auditor Liability | | ...

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  • Bausch and Lomb

    Business Week October 23, 1995 they did was wrong. The minute we got any wind of it, we sent auditors in. We recognized that we needed new leadership.'' Now, he adds, ``our performance is growing back, and we're very proud.'' EXPEDIENCY. Yet a six-month BUSINESS WEEK investigation suggests that the...

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  • Happiness Express Inc

    by Coopers and Lybrand LLP. I feel for those who don’t know very much about accounting, don’t truly understand how important accounting really is. Because Coopers and Lybrand performed such a careless audit, they weren’t able to detect the fictitious sales and receivables made right at year end, thus...

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  • Ferrarini, Guidici the Parmalat Case

    quoted without explicit permission provided that full credit, including © notice, is given to the source. This paper can be downloaded without charge from: http://ssrn.com/abstract=730403 www.ecgi.org/wp ECGI Working Paper Series in Law Financial Scandals and the Role of Private Enforcement: The...

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  • Phar Mor

    As a result, the chain declared bankruptcy, cut its store locations by more than half, and was only beginning to show signs of emerging from the crisis in early 1995. Phar-Mor came into existence as an affiliate of Pittsburgh-based Giant Eagle, Inc., a $1 billion, family-owned grocery chain with 50 locations...

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  • Summer Internship Report

    stock brokerages, Investment funds and some government sponsored enterprises. The history of Indian capital markets spans back to 200 years, around the end of the 18th century. It was at this time that India was under the rule of the East India Company. The financial services sector contributed 15 percent...

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  • What's Wevenue?

    attention. California Micro Devices Corp (referred to hereafter as Cal Micro) was a chip manufacturer that decided to write off half its accounts receivables in August of 1994. This announcement not only negatively impacted their stock price, but it also triggered an investigation which uncovered many...

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