Gold Bear Golf‚ INC. 1. The professional auditing standards have a set of five management assertions. Of the five assertions‚ three are very important in regards to the Paragon audit. The descriptions below‚ audit procedure is explained that would have ensured the audit was completed accurately. a. Occurrence- The management assertion that ensures a particular transaction actually happened. In the case of a construction company such as Paragon‚ this could be verified by going to a job site and
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Golden Bear Golf‚ Inc. 1)Which “management assertions” were relevant to Paragon’s construction projects? Describe an audit procedure that Arthur Anderson could have employed to corroborate that assertion for each. Professional auditing standards identify 5 “management assertions” that commonly underlie a set of financial statements. These 5 assertions are: occurrence‚ completeness‚ valuation/allocation‚ rights/obligations‚ and presentation/disclosure. With respect to the audit of Paragon’s
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proper controls. He identified the project as a high risk engagement‚ but did not do any of the necessary audit procedures to remedy this. Therefore‚ there was an audit failure. Sullivan was not completely at fault as it was fraud so people at Golden Bear were purposefully committing a white collar crime‚ but he should have exposed it by forcing them to disclose any changes in valuation techniques‚ as well as make them be more accurate with their revenue valuation. Did not follow-up. Because something
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Case Summary Golden Bear International in Mexico: Tepoztlán Golf Course A In 1994 a Mexican development company‚ Grupo KS‚ planned to build the first golf academy‚ an 18-hole Jack Nicklaus Signature golf course in Mexico. With $500-million budget and designed by Jack Nicklaus’ course management company‚ Golden Bear International‚ which provided technical recommendation which relied on the host country partners to collect information expertise on culture‚ legal issues‚ etc. The project received
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Introduction This paper discusses the Golden Bear Golf Inc after Initial Public Offer in 1991‚ highlighting the accounting practices and methods were used in recognizing the company’s revenue. This paper explains the fraud occurred in recognizing the revenue and how it overstated the financial statements and increased the stock price. It also explains the fraud theory applied to the revenue recognition and the auditor’s failure in discovering the fraud and reports it to the SEC. This paper will
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Golden City Miniature Golf Case Study The partners must do additional analysis prior to determining if they should invest in a new miniature golf venture in Golden City. Before establishing marketing objectives‚ advertising and promotional programs‚ plans for addressing demand fluctuations and considering alternate locations‚ they must determine if they can generate sufficient sales to fund operations. They have done market research which provides a good baseline for establishing the demand‚
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Overview The new business venture we selected is a golf course. In recent years traditional golf courses has been known to have difficulty. The main issues contributing to these difficulties based on studies of the business is that most golf courses do not actively invest in developing casual players into avid players‚ they do not invest in the service needed to make the experience less intimidating‚ most courses exist in "overbuilt" areas where the golf hole to population ration is undesirable or the
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John E. Stapleford‚ Professor of Economic Development at Eastern College in St. Davids‚ Pennsylvania‚ rightly states that ethics and economics are the ground-level topics of this book. The author also makes the valid point that both economics and ethics developed as branches of philosophy. He further observes that over the years‚ barriers between the two disciplines have developed with most economists avoiding any explicit mention of the ethical implications of the economic theories and concepts
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MKG 62200 - Bear Creek Golf Range Executive Summary - Qiuyi Wei Company Bear Creek is founded by Dan Shay and George Patton in 1993‚ who is retired as a respectable professional player and earned recognition as one of the most knowledgeable PGA Class A professionals in America. The goal of Bear Creek Golf Range is to provide a premier golf experience for serious golf skills through practice and with the guidance of expert instruction. The range cater to these serious golfers by providing first-class
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Melecio D. Magallon Marketing Strategy October 12‚ 2014 BEAR CREEK GOLF RANGE CURRENT SITUATION: Established by Dan Shay and George Patton on May 1‚ 1993‚ Bear Creek Golf Range was to be a professional golf range whose goal was to “establish an image as the ‘professional golfing center’‚ run by professionals.” The company emphasis was on its ability to provide top quality training and service to experienced serious golfers. It also hoped to provide its golfers with first-class amenities that
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