Accounting

Posted: September 24th, 2015

1. Document your understanding of your chosen entity focusing on
   1. Nature of the entity
   2. Regulatory environment
   3. Objectives and Strategies
2. Determine materiality and list 2 qualitative factors that will impact your decision.
3. Comparing the current year income statement and balance sheet to prior years. Perform analytical procedures and identify 3 relationships on the balance sheet and income statement and indicate how they impact your risk assessment.
4. Based on findings from the management discussion and analysis portion of the annual report what have you determined the underlying reasons for the relationships identified in #3.
5. Determine the balance sheet/income statement accounts which you consider to have a high risk of material misstatement. Justify your answers as to why you consider the account to have a high risk of material misstatement.
6. For the accounts determined to have high risk of material misstatement what assertions will you focus on. What is your justification related to the assertions.
7. List and briefly describe 3 accounting policies listed in the footnotes to the financial statements.
8. Identify the related parties and describe your procedures to identify the related parties.
9. What type of audit report was issued based on the types of reports listed in Chapter 18.
10. How does revenue recognition work for your selected company.