Case #1 [Type the document subtitle] 2/16/2014 Review Comments Summary Discussion Questions – 2 Hours Exercise – 1.5 Hours Table of Contents Title Page……………………………………………………………..………………………….. Review Comments…….……………………………………………………………………........1 Team Summary …………………………………………………………………………………..2 Table of Contents……………………………………………………………………………..….3 Discussion Questions……………………………………………………………………………...4 Question #1………………………………………………………………………………
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Case #3 The Lakeside Company: Auditing Cases Analysis of a Potential Audit Client · Benjamin Rogers is president of the Lakeside Company‚ a retailer/ distributer of consumer electronics. · Rogers is unsatisfied with King and Company’s CPAs‚ and has been in contact with Abernethy and Chapman. · Abernethy and Chapman has never had a client in this field and they look forward to breaking into a new market. · Lakeside has grown at a steady rate in the last decade
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February 7‚ 2013 Abernathy and Chapman Wallace Andrews Lakeside 1235 Sentry Drive Richmond‚ Virginia 66266 Dear Mr. Wallace‚ We have researched the issues that were discussed regarding the possibility of Lakeside Company going public and the ramifications this action would have on their desirability as a client. We have also analyzed Lakeside Company’s financial statements to evaluate the possibility of misstatements. Attached‚ you will find our report discussing these issues. Please
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Discussion Questions- Case 8 2) An over count of ending inventory would lead to a decrease in costs of goods sold which leads to an increase in net income. Anytime a company wants a higher net income there is the potential for over counting of inventory. This potential problem is especially significant in the audit of the Lakeside stores because manager’s of the each store get a bonus based on the store’s net income. They are also the same people who count the inventory. It would be very tempting
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The Lakeside Company: Analysis of a Potential Audit Client Benjamin M. Rogers is the president of the Lakeside Company‚ a retailer and distributor of consumer electronics (such as televisions) based in Richmond‚ Virginia. Although King and Company CPAs‚ a Richmond firm‚ had previously audited Lakeside‚ Rogers has recently become aware of the CPA firm of Abernethy and Chapman from reading several advertisements. His interest in the firm was heightened when he discovered that Abernethy and Chapman
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Case 3 - Exercise 1 The Lakeside Company Analytical Review Procedures December 31‚ 2012 Prepared by: Date: (a) Compute the financial ratios listed in Exhibit 3-2 for Lakeside for the years ended December 31‚ 2010 and December 31‚ 2011. Comment on any large fluctuations‚ unusual fluctuations‚ or lack of expected fluctuations. Also‚ give an overall conclusion as to the significance of the change in Lakeside’s liquidity‚ solvency‚ and profitability positions from 2010 to 2011. Use
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2014 RE: Renal Dialysis of Lakeside Hospital Approximately twenty years ago‚ at Dr. Newell’s initiative‚ Lakeside Hospital had opened the dialysis unit‚ largely in response to the growing number of patients with chronic kidney disease. The most common treatment for end-stage renal disease was hemodialysis. Since more and more independent dialysis centers were modern‚ attractively designed‚ and could offer psychological advantages to patients‚ they became Lakeside Hospital’s strong competitors
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Background Primus is a consulting firm that focuses on process reengineering and quality improvement initiatives. Northwood Industries‚ a potential client‚ has asked Primus to perform a study at a fee rate lower than the normal standards. Historically Primus has billed clients for consulting time at standard flat rates plus actual travel costs and estimated overhead. Primus is considering accepting the job because it has capacity (i.e. available staff) to take on the new contract with out having
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Case Study Consulting has been engaged by Green Lantern‚ a leading battery manufacturer globally who has recently entered India‚ to review their small but growing distribution network for auto batteries and improvise it for increasing their market share in India. ----------------------------------------------------------------------------------------------------------------------------------------------------------- Input: Exhibit A As India strengthens its position to emerge as a global automotive
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Consulting Proposal #1 I. Definition of Project: As more companies enter the marketplace‚ the need to attract and retain customers will not only increase but also be necessary for survival. The Seagram Company has undergone numerous changes to maintain market share. Again‚ the company in the midst of major change and is in need of a current diagnosis of the situation and recommendations on how to advance these ambitious goals. The project needed to implement the change is necessary as today’s organizations
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