Acc 556 week 5 financial statement fraud schemes you are the investigator assigned to apollo shoes based on the nature of the company and the evidence provided to you, you must determine which financial statement fraud schemes would likely be present in the company. Comparitive and common size 1 presentation oncomparative statement & common size statement 2 comparative statement 3 comparative statement the comparative financial statements arestatements of the financial position atdifferent periods of time the elementsof financial position are shown in acomparative form so as to give an idea. Apollo shoes’ management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of internal control over financial reporting. Analysis of the financial statements of a company is an important means to obtain information about how the company operated in the previous period interpretation of the evolution of financial indicators does not always prove to.
Search results for 'apollo shoes substantive procedures for cash outflow irregularities' substaaantive procedures for outflow irregularities substantive procedures for cash outflow irregularities to detect irregularities in apollo shoes, an efficient audit program for the audit cycles will be needed. Procedures in collecting forensic evidence the following are some irregularities found in the apollo shoes case that shows there are possible frauds exist: 1 apollo’s minutes of october 18, 2007 shows that mr unum, the vp of finance at apollo shoes refused the new auditing firm’s request to contact the old auditors. While evaluating apollo shoes, there are some areas of concern that are potential fraudschemes the fraud can lead to the entire collapse/demise of the company if not correctedthese will also affect the share value and investor confidence. Case 75: fred stern & company, inc (ultramares corporation v touche et al) 1 observers of the accounting profession suggest that many courts attempt to “socialize” investment losses by extending auditors’ liability to third-party financial statement users.
Audit process affects the financial position of the firm to the extent that the management needs to restate or manipulate the financial statements of apollo shoes in a manner that will not compromise the materiality of the items in the financial statements (choi & jeter, 1992. Common size financial statement analysis, which is also called a vertical analysis, is just one technique that financial managers use to analyze their financial statementsit is not another type of income statement but is rather a tool used to analyze the income statement. I want you to prepare a bridge working paper for the audit of apollo shoes as of december 31, 2007, listing the major - answered by a verified tutor most audit work in a financial statement audit consists of obtaining and evaluating evidence about a internal controls b assertions apollo shoes case assignment: using the apollo shoes.
Tabular disclosure of an existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) that might result in a gain, typically reflecting care to avoid misleading implications as to the likelihood of realization, and describes and quantifies a gain. What is a comparative balance sheet a comparative balance sheet usually has two columns of amounts that appear to the right of the account titles or other descriptions such as cash and cash equivalents, accounts receivable, accounts payable, etcthe first column of amounts contains the amounts as of a recent moment or point in time, say december 31, 2012. Free essays on financial statement fraud schemes apollo shoes for students use our papers to help you with yours 1 - 30.
Based upon your professional judgment and your discussion of items 1 and 2 above, determine an amount you consider to be a minimum material misstatement for apollo shoes and justify your recommendation in your memo. This letter is to confirm the agreement and to discuss the objectives for the audit of apollo shoes, inc financial statements for the year ending december 31, 2007 we will be auditing the balance sheet, income statement, statement of retained earnings and cash flow. Apollo shoes minutes hope the inventory observation went well i saw bradley in the office working on some inventory stuff he said that he would e-mail it to you when it was completed. Page 52 of the apollo shoe case (wardlaw email dated 13 january 2015) and questionnaire at page 53 pcaob auditing standard 5 an audit of internal control over financial financial statements in accordance with instructions at page 142 (wardlaw email dated 18 february 2015) io n.
Apollo shoes, inc audit report the audit firm of anderson, olds, and watershed, cpa (aow) has been engaged by apollo shoes, inc to audit the financial statements for the fiscal year ending december 31, 2007, and file the form 10-k with the sec within 60 days of this date. 517 rsa: scientific and medical network (2009 financial statement): 1 manchester court moreton in marsh 5e apollo shoes case social media and its effect on business homeowrk spreadshets information relevant to 2014 / audit audit action recommended comparative balance sheet comparative income statement comparative statement of cash.
We have audited the accompanying balance sheets of apollo shoes, inc as of december 31, 2008, and the related statements of income, comprehensive income, shareholders’ equity, and cash flows for the year ended, and related notes to the financial statements. Apollo shoes case assignment using the apollo shoes case materials, available under the assessment section of week three of your page, complete the inventory audit section. 5 learning team assignment: apollo shoes case assignment • resources: apollo shoes case materials located on your student web site • complete the internal control audit section of the case using the apollo shoes case materials, available under the assessment section of week three on your student web site.