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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Inherent Risk Inherent risk is the susceptibility of an account balance or class of transactions to misstatement that could be material either individually or when aggregated with misstatement in other balances or classes assuming that there were no related internal controls. This risk mainly arises at the level of management and the risk factor generally being high. Factors Affecting Inherent Risk: At the level of financial statement Integrity of management; Management’s experience and
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One inherent risk factor that would impact my audit procedures of Enron were the large number of highly complex accounting entries. For example energy traders were required to book all the projected profits from a supply contract in the quarter in which the deal is made. Such accounting procedures are inherently risky as they make assumptions about price forecasts which can drastically affect earnings. Another inherent risk factor is the frequency of related party transactions. The special purpose
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audit risk model‚ which is used to determine the nature‚ timing‚ and extent of audit procedures. Describe the components of the model and discuss how changes in each component affect the auditor’s need for evidence. The audit risk model is used to determine the nature‚ timing‚ and extent of substantive audit procedures. The components of audit risk model usually stated as follows: DR = AR/(IR x CR) Where: DR = detection risk; AR = audit risk; IR = inherent risk; CR = control risk Detection Risk: auditors’
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Project Proposal: Providing Just Relax Inc (JRI) with the Tools and System to Maintain their Position of Excellence within the Hospitality Industry. | Prepared by: Emma Ryks‚ Harprit Aujla‚ Kevin Wong‚ Patrick Moez Bokhari Optimus Consulting: We Transform Your Business | Prepared for: Professor Ramon Alanis‚ Grant MacEwan University. School of Business | 02/11/2011
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| | |Ann Inc.: Audit Risk Analysis | | | |
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5) a) Evidence supporting USSC’s claim that the costs in question involved tooling modifications: * Collected invoices/purchase orders‚ obviously labelled accordingly * USSC executives’ explanations * Explanations of Mr. More and guided tour at Lacey Manufacturing Company b) Evidence supporting USSC’s claim that the costs in question involved generic production expenses: * Information provided by Mr. Yamont of Barden Corporation * Confusing nature of explanations provided
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Cold Feet or Burnt Feet? Have you ever done something as a child that was so irresponsible that it gets brought up at almost every family gathering? Most people probably have‚ and I most definitely have. There’s an old saying‚ to “have cold feet‚” which means to be fearful of completing a certain action or task. When someone gets cold feet they tend to lose all of their confidence and they start to doubt their own beliefs or capabilities. Now burnt feet on the other hand is just that—burnt feet
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preliminary assessment of inherent risk and control risk at Queen Island Dairy. The preliminary assessment of risk‚ also known as the risk assessment phase‚ is the initial step in an audit that includes gaining an understanding of the client and identifying potential risk factors whilst developing an audit strategy and setting planning materiality. There are three key steps in the risk assessment phase‚ being; gaining an understand of the client‚ identifying potential risks and strategies to prevent
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I love everything about the military. I could imagine myself walking with a platoon of people carrying a pack full of gear. The most important decision in my life would be to join the military or not after high school graduation. I grew up liking the military. I would attain massive benefits for enlistment. I took all the steps I could before making my final decision. I was ready to enlist and serve my country in the best way possible. First of all‚ the military has always been very appealing
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