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Auditing Casesundergraduate and graduate Auditing, Professional Research Case, or capstone courses.Step through real auditing cases one by one in this comprehensive textAuditing Cases is a comprehensive case book that focuses on each of the major activities performed during an audit. Most of the auditing cases are based on actual companies, and a number address financial reporting fraud. The unique active learning approach helps students learn to think critically and develop their interpersonal skills, which are increasingly important in the workplace.Teaching and Learning ExperienceTo provide a better teaching and learning experience-for both instructors and students-this program will:Engage Students with an Active Learning Approach: The auditing cases capture students' interest using lively narrative that introduces emerging accounting-related issues.Easily Integrate Cases into your Course: The Instructor's Resource Manual offers instructional approaches, activity ideas, and group assignments to merge the cases into an existing course.Help Students See Concepts in Action: Cases are introduced according to the phase of auditing they demonstrate, presenting students with clear examples of the material.
Contents
IntroductionSection 1: Client Acceptance1.1 Ocean Manufacturing, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 13The New Client Acceptance DecisionSection 2: Understanding the Client's Business and Assessing Risk2.1 Your1040Return.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Evaluating eBusiness Revenue Recognition, Information Privacy, and Electronic Evidence Issues2.2 Apple Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Evaluation of Client Business Risk2.3 Flash Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Risk Analysis2.4 Asher Farms Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51Understanding of Client's Business EnvironmentSection 3: Professional and Ethical Issues3.1 A Day in the Life of Brent Dorsey . . . . . . . . . . . . . . . . . . . . . . . 57Staff Auditor Professional Pressures3.2 Nathan Johnson's Rental Car Reimbursement . . . . . . . . . . . . . . . . 61Should He Pocket the Cash?3.3 The Anonymous Caller . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63Recognizing It's a Fraud and Evaluating What to Do3.4 WorldCom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67The Story of a Whistleblower3.5 Hollinger International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73Realities of Audit-Related LitigationSection 4: Accounting Fraud and Auditor Legal Liability4.1 Enron Corporation and Andersen, LLP . . . . . . . . . . . . . . . . . . . 87Analyzing the Fall of Two Giants4.2 Comptronix Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99Identifying Inherent Risk and Control Risk Factors4.3 Cendant Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107Assessing the Control Environment and Evaluating Risk of Financial Statement Fraud4.4 Waste Management, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 113Manipulating Accounting Estimates4.5 Xerox Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121Evaluating Risk of Financial Statement Fraud4.6 Phar-Mor, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129Accounting Fraud, Litigation, and Auditor Liability4.7 Satyam Computer Services Limited . . . . . . . . . . . . . . . . . . . . . 143Controlling the Confirmation ProcessSection 5: Internal Control over Financial Reporting5.1 Simply Steam, Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151Evaluation of Internal Control Environment5.2 Easy Clean, Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159Evaluation of Internal Control Environment5.3 Red Bluff Inn & Cafe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167Establishing Effective Internal Control in a Small Business5.4 St. James Clothiers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169Evaluation of Manual and IT-Based Sales Accounting System Risks5.5 Collins Harp Enterprises . . . . . . . . . . . . . . . . . . . . . . . . . . . 177Recommending IT Systems Development Controls5.6 Sarbox Scooter, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181Scoping and Evaluation Judgments in the Audit of Internal Control over Financial Reporting5.7 Societe Generale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195How a Low-Risk Trading Area Caused a $7.2 Billion LossSection 6: The Impact of Information Technology6.1 Harley-Davidson, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205Identifying eBusiness Risks and Related Assurance Services for the eBusiness Marketplace6.2 Jacksonville Jaguars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211Evaluating IT Benefits and Risks and Identifying Trust Services OpportunitiesSection 7: Planning Materiality7.1 Anne Aylor, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219Determination of Planning Materiality and Tolerable MisstatementSection 8: Analytical Procedures8.1 Laramie Wire Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . 233Using Analytical Procedures in Audit Planning8.2 Northwest Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237Developing Expectations for Analytical Procedures8.3 Burlingham Bees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243Using Analytical Procedures as Substantive TestsSection 9: Auditing Cash, Fair Value, and Revenues9.1 Wally's Billboard & Sign Supply . . . . . . . . . . . . . . . . . . . . . . . 249The Audit of Cash9.2 Henrico Retail, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 265Understanding the IT Accounting System and Identifying Audit Evidence for Retail Sales9.3 Longeta Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269Auditing Revenue Contracts9.4 Bud's Big Blue Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . 273Accounts Receivable Confirmations9.5 Morris Mining Corporation . . . . . . . . . . . . . . . . . . . . . . . . . 285Auditing Fair Value9.6 Hooplah, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291Applying Audit Sampling Concepts to Tests of Controls and Substantive Testing in the Revenue Cycle9.7 RedPack Beer Company . . . . . . . . . . . . . . . . . . . . . . . . . . . 301Estimating the Allowance for Bad DebtsSection 10: Planning and Performing Audit Procedures in the Revenue and Expenditure Cycles: An Audit SImulation10.1 Southeast Shoe Distributor, Inc. . . . . . . . . . . . . . . . . . . . . . . 311Identification of Tests of Controls for the Revenue Cycle (Sales and Cash Receipts)10.2 Southeast Shoe Distributor, Inc. . . . . . . . . . . . . . . . . . . . . . . 329Identification of Substantive Tests for the Revenue Cycle (Sales and Cash Receipts)10.3 Southeast Shoe Distributor, Inc. . . . . . . . . . . . . . . . . . . . . . . 339Selection of Audit Tests and Risk Assessment for the Revenue Cycle (Sales and Cash Receipts)10.4 Southeast Shoe Distributor, Inc. . . . . . . . . . . . . . . . . . . . . . . 347Performance of Tests of Transactions for the Expenditure Cycle (Acquisitions and Cash Disbursements)10.5 Southeast Shoe Distributor, Inc. . . . . . . . . . . . . . . . . . . . . . . 367Performance of Tests of Balances for the Expenditure Cycle (Acquisitions and Cash Disbursements)Section 11: Developing and Evaluating Audit Documentation11.1 The Runners Shop . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 379Litigation Support Review of Audit Documentation for Notes PayableSection 12: Completing the Audit, Reporting to Management, and External Reporting12.1 EyeMax Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395Evaluation of Audit Differences12.2 Auto Parts, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 401Considering Materiality When Evaluating Accounting Policies and Footnote Disclosures12.3 K&K Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 403Leveraging Audit Findings to Provide Value-Added Insights in a Manufacturing Environment12.4 Surfer Dude Duds, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 409Considering the Going-Concern Assumption12.5 Murchison Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 413Evaluating an Attorney's Response and Identifying the Proper Audit Report12.6 Going Green . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 421Sustainability and External Reporting
