ACCT 3596: Auditing Just For FEET‚ Inc. Case Analysis: Case 1.2 #1-3‚ 5 Beka Vinogradov Seat #1 2011 1 Beka Vinogradov ACCT 3596: Case Analysis #1. Common-Sized Balance Sheets. Just for FEET‚ Inc. Balance Sheet Years ending Jan 31st 1997 18.40% 0.00% 3.53% 45.97% 1.50% 69.40% 21.08% 8.05% 1.46% 100.00% 20.22% 11.41% 2.07% 0.30% 0.72% 34.73% 5.48% 40.21% 0.00% 48.76% 11.03% 59.79% 1996 Current Assets: Cash & Equivalents Marketable Securities AFS Accounts Receivable Inventory Other
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Just for Feet‚ Case Study Just for Feet‚ Case Study 1. Balance Sheets Just for FEET‚ Inc. | Balance Sheet | Years ending Jan 31st | | | | Current Assets: 1996 1997 1998 | Cash & Equivalents | 36.93% | 18.40% | 1.80% | Marketable Securities AFS | 9.04% | 0.00% | 0.00% | Accounts Receivable | 1.74% | 3.53% | 2.74% | Inventory | 35.47% | 45.97% | 58.01% | Other Current Assets | 0.56% | 1.50% | 2.65% | Total Current Assets | 83.75% | 69.40% | 65
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1. Discuss three management events that occurred that should have been a “red flag” to the auditing firm. The auditing firm has been in engagement with the company throughout the period when the fraud was being committed. One of the common and clear indicators of possible fraud was the company’s cash flow statement. The company experienced positive growth in its profits from the year 1996 through to the year 1998. However‚ a close analysis of the cash flow statement shows that the company had experienced
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Case Study of Just For Feet Inc. Xuan Zhang Q1. Prepare common-sized balance sheets and income statements and compute key ratios for 1997-1998. What were the high-risk financial statement items for the 1998 audit? * Common-sized financial statements: * Key ratio analysis: Liquidity and solvency: | 1999 | 1998 | 1997 | Current ratio | 3.387 | 1.998 | 2.142 | Debt to equity | 1.117 | 0.672 | 0.720 | Times interest earned | 6.376 | 24.665 | 28.286 | Activity | | |
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Internal Control Risks Identified in Apollo Shoes Assessing control risk is the process of evaluating the design and operating effectiveness of a company’s internal controls as to how it prevents or detects material misstatements in the financial statement assertions of management (Hayes‚ Dassen‚ Schilder‚ & Wallage‚ 2005). The conclusion reached as a result of assessing control risk is referred to as the assessed level of control risk. When assessing controls the auditor looks for weaknesses
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enthusiast consumers and Overseas Filipino Workers would like to buy Filipino food that they currently offering. In addition‚ Sossy Sauce wants to explore opportunities for online sales. The marketing environment has been very receptive to the firm’s high-quality goods—Adobolicious‚ Best BBQ‚ Spicy Sinigang and Kaldereta Espesyal that reflect the interests of Filipino Cuisines around the country. Over the next whole year‚ Sossy Sauce can increase its distribution‚ offer new products‚ and win new customers
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A. Identify internal control principles 1.The first internal control principal is an applied establishment of responsibility. Only one designated person is authorized to handle the tickets. One roll is designated per shift and the manager locks the roll in the cash register. Also designating only one person like a cashier to handle cash and different individuals should be assigned the duties of receiving cash‚ recording cash‚ and custody of cash. 2.The next principal is the segregation of duties
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Internal Control and Risk Evaluation A risk is the chance of a negative event occurring. Internal controls are policies and procedures set in place to reduce the occurrence of an associated risk. Risks are never entirely eliminated; however‚ internal controls help reduce the occurrence and balance the risk. This brief will discuss the risks of Kudler Fine Food’s current Accounting Information System (AIS). In addition‚ the internal controls designed to mitigate the risks. Furthermore
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Just for Feet‚ Inc Just For Feet‚ Inc. operates retail stores in the brand name athletic and outdoor footwear and apparel market. Just for Feet was found in 1977 with the opening of a small mall based store and opened its first super store in 1988. Because of their success and high sales volume generates by the large store Company has concentrate primarily on develop and refining its superstore concept. As of January 1999‚ they operate 120 superstores‚ which 23 superstores opened in fiscal 1997
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PROJECT REPORT ON: RETAIL SUBJECT : MANAGERIAL COMPETENCY AND CAREER DEVELOPMENT PURPOSE : To provide the industry scenario of retail sector And
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