Just for Feet‚ Inc Just For Feet‚ Inc. operates retail stores in the brand name athletic and outdoor footwear and apparel market. Just for Feet was found in 1977 with the opening of a small mall based store and opened its first super store in 1988. Because of their success and high sales volume generates by the large store Company has concentrate primarily on develop and refining its superstore concept. As of January 1999‚ they operate 120 superstores‚ which 23 superstores opened in fiscal 1997
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One inherent risk factor that would impact my audit procedures of Enron were the large number of highly complex accounting entries. For example energy traders were required to book all the projected profits from a supply contract in the quarter in which the deal is made. Such accounting procedures are inherently risky as they make assumptions about price forecasts which can drastically affect earnings. Another inherent risk factor is the frequency of related party transactions. The special purpose
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CASE 1.3 Just for FEET‚ Inc. 1. (1) Common-sized Balance Sheet 01/01/1999 01/01/1998 01/01/1997 Current assets: Cash and cash equivalents 2% 18% 37% Marketable securities available for sale - - 9% Accounts receivable 3% 4% 2% Inventory 58% 46% 35% Other current assets 3% 1% 1% Total current assets 65% 69% 84% Property and equipment‚ net 23% 21% 15% Goodwill‚ net 10% 8% - Other 1% 1% 2% Total assets 100% 100% 100% Current liabilities: Short-term
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audit risk model‚ which is used to determine the nature‚ timing‚ and extent of audit procedures. Describe the components of the model and discuss how changes in each component affect the auditor’s need for evidence. The audit risk model is used to determine the nature‚ timing‚ and extent of substantive audit procedures. The components of audit risk model usually stated as follows: DR = AR/(IR x CR) Where: DR = detection risk; AR = audit risk; IR = inherent risk; CR = control risk Detection Risk: auditors’
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Cold Feet or Burnt Feet? Have you ever done something as a child that was so irresponsible that it gets brought up at almost every family gathering? Most people probably have‚ and I most definitely have. There’s an old saying‚ to “have cold feet‚” which means to be fearful of completing a certain action or task. When someone gets cold feet they tend to lose all of their confidence and they start to doubt their own beliefs or capabilities. Now burnt feet on the other hand is just that—burnt feet
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5) a) Evidence supporting USSC’s claim that the costs in question involved tooling modifications: * Collected invoices/purchase orders‚ obviously labelled accordingly * USSC executives’ explanations * Explanations of Mr. More and guided tour at Lacey Manufacturing Company b) Evidence supporting USSC’s claim that the costs in question involved generic production expenses: * Information provided by Mr. Yamont of Barden Corporation * Confusing nature of explanations provided
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preliminary assessment of inherent risk and control risk at Queen Island Dairy. The preliminary assessment of risk‚ also known as the risk assessment phase‚ is the initial step in an audit that includes gaining an understanding of the client and identifying potential risk factors whilst developing an audit strategy and setting planning materiality. There are three key steps in the risk assessment phase‚ being; gaining an understand of the client‚ identifying potential risks and strategies to prevent
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I love everything about the military. I could imagine myself walking with a platoon of people carrying a pack full of gear. The most important decision in my life would be to join the military or not after high school graduation. I grew up liking the military. I would attain massive benefits for enlistment. I took all the steps I could before making my final decision. I was ready to enlist and serve my country in the best way possible. First of all‚ the military has always been very appealing
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decent job stinking up a pair of shoes by running a few miles in them. So what’s going on here? Why do your feet have a stronger odor than the rest of you does? The main thing that feeds foot smell is sweat. With more than 250‚000 sweat glands each‚ your feet are among the most perspiring parts of the body. In one day‚ each foot can produce more than a pint of sweat! Sweat is basically just salt and water‚ though‚ so it doesn’t have a distinctive smell of its own. The smell is actually caused by
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Gabriela Mistral’s‚ “Tiny Feet” A child’s tiny feet‚ Blue‚ blue with cold‚ How can they see and not protect you? Oh‚ my God! (1-4) Tiny wounded feet‚ Bruised all over by pebbles‚ Abused by snow and soil! (5-7) Man‚ being blind‚ ignores that where you step‚ you leave A blossom of bright light‚ that where you have placed your bleeding little soles a redolent tuberose grows. (8-13) Since‚ however‚ you walk through the streets so straight‚
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