Zzzz Best Case Answers Essays and Term Papers

  • Zzzz Best Case

    ZZZZ Best case case1.9 Q1 There are three different levels of services you could obtain from a certified public accountant. These are referred to as compilation, review, and audit. There are significant differences between the objectives of an audit of financial statements in accordance with generally...

    1038 Words | 3 Pages

  • Case Zzzz Best Company

    Case 1.9 ZZZZ Best Company, Inc, 1. Ernst & Whinney audit firm suffered tremendously from the backlash of ZZZZ Best’s case. One of the issues stemming from ZZZZ Best’s case is the difference between a review and an audit as evidence by civil suit filed by a California bank against the firm. The...

    854 Words | 3 Pages

  • Zzzz Best Case 1.9

    Auditing Concepts ZZZZ Best Company, Inc Case Solutions: 1. A review is performed to obtain a reasonable basis for providing limited assurance that the client's financial statements have been prepared in conformity with generally accepted accounting principles. An independent audit is designed...

    1265 Words | 4 Pages

  • Case 1.9: Zzzz Best

    Case 1.9: ZZZZ Best Company, Inc. 1. A review differs from an audit because a review does not allow the auditor to test or observe internal controls and assess control risk. According to AS 5, effective internal control over financial reporting provides reasonable assurance regarding the reliability...

    359 Words | 2 Pages

  • ZZZZ Best Case Study

    audit procedure. It can point out significant matters of the financial statements but does not provide assurance of their accuracy. The issue with ZZZZ Best case is that the auditors review was not sufficient enough to review any misstatements on the financial statements. Ernst & Whinney never questioned...

    1205 Words | 4 Pages

  • Zzzz Best Case Questions

    ACG 4632 ZZZZ Best Case Questions (40 points) 1. Identify the primary audit objectives that auditors hope to accomplish by: * Confirming a client’s year-end accounts receivable, and (Balance related existence) * Performing year-end sales cutoff tests. (transaction-related objective...

    802 Words | 3 Pages

  • Case Zzzz Best

    know. Using physical evidence has a limitation because things may not always look as how they appear. Ernst & Whinney believed they were at one of ZZZZ Best’s restoration sites, but in fact Minkow had spent $4 million on a building. He did this to make it look like the building was one of his restoration...

    428 Words | 2 Pages

  • ZZZZ Best Case Study

    ZZZZ Best Company Case Ernst and Whitney never issued an audit opinion on financial statements of ZZZZ Best but did issue a review report on the company’s quarterly statements for the three months ended July 31, 1986. How does a review differ from an audit, particularly in terms of the level of assurance...

    1401 Words | 2 Pages

  • Zzzz Best Company, Inc Case

    Management assertions can be purposely misleading and the individuals might go to a great length to defraud the auditors and the public. In the ZZZZ Best Companies case, Barry Mirkov asserts that all financial statements are properly presented and when the auditors decide to take further auditing procedures...

    1026 Words | 3 Pages

  • zzzz best company case study

     ZZZZ BEST COMPANY, INC. Source: Contemporary Auditing: Issues & Cases - Michael Knapp On May 19, 1987, a short article in The Wall Street Journal reported that ZZZZ Best Company, Inc., of Reseda, California, had signed a contract for a $13.8 million insurance restoration project. This project...

    6886 Words | 20 Pages

  • Zzzz Best Company, Inc. Case 1.9

    Case 1.9 ZZZZ Best Company, Inc. Delta. Describe the elements of the Fraud Triangle that apply to this case. Assume you are the perpetrator. Is there a better way to perpetrate this fraud? If there is, describe your method. Specify practical recommendations for the client to prevent this fraud from...

    1570 Words | 4 Pages

  • Zzzz Best

    believe that auditors should be held liable for failing to discover fraud in situations such ZZZZ Best where top management goes to great lengths to fool the auditors? Why or why not? First of all, ZZZZ Best had two auditors who really could have caught something, but limited time on the audit and resources...

    454 Words | 2 Pages

  • ZZZZ best

    Case Study: ZZZZ Best Company, Inc. 1. Ernst & Whinney never issued an audit opinion on financial statements of ZZZZ Best but did issue a review report on the company's quarterly statements for three months ended July 31, 1986. How does a review differ from an audit particularly in terms of the level...

    408 Words | 2 Pages

  • Zzzz Best

    restoration contracts across several companies in the same industry. If he would have performed these routine procedures, Gray would have realized that ZZZZ Bests reported insurance restoration revenue was grossly overstated. Furthermore, AS No.9.7 states that the auditor should have knowledge of the “company’s...

    927 Words | 3 Pages

  • Zzzz Best

    ZZZZ Best, Inc. The start of ZZZZ Best: ZZZZ Best started as a carpet cleaning company. Barry Minkow founded ZZZZ Best in his parents’ garage in 1982 when he was only sixteen years old. Due to high competition in the industry, low enter barriers, and bad internal control, this young entrepreneur...

    2742 Words | 7 Pages

  • Zzzz Best

    Topic: ZZZZ Best Company One of the most elaborate and frauds in the United States corporate history was done by a man named Barry Minkow during the 1980s. At the age of 12 Barry got involved with the carpet cleaning business through his mother. One of the good things for a young person of Barry’s age...

    910 Words | 3 Pages

  • Zzzz Best

    Case Study: The US Surgical Case: 1. Identify audit procedures that, if employed by Ernst & Whinney during the 1981USSC audit, might have detected the overstatement of the leased and loaned assets account that resulted from the improper accounting for assets retirements. There are several...

    1485 Words | 6 Pages

  • Zzzz Best

    ZZZZ Best Company Inc. Introduction This paper explores the ZZZZ Best Company which was begun by a 16 year old individual who was able to pull the wool over the eyes of many customers, investors and auditors. This paper will define the difference between review and audit when it comes to financial...

    3666 Words | 10 Pages

  • Zzzz Best

    facts from the ZZZZ Best case and professional guidance from AU Section 315, explain the following: A. As the successor auditor, what was E&W suppose to do before they accepted ZZZZ Best as an audit client in regards to Greenspan? Summarize in enough detail Au 315.03-.06. In your answer give and support...

    815 Words | 3 Pages

  • Financial Statement Fraud: Lessons from the Zzzz Best Case

    Financial Statement Fraud: Lessons from the ZZZZ Best Case The video “Cooking the Books” discussed the ZZZZ Best case of fraud, it tells how and why fraud was perpetrated by Barry Minkow and why it was undetected for so long. According to the video, ZZZZ Best was founded by Barry Minkow in 1982; when...

    1358 Words | 4 Pages