Case 1.1 Ocean Manufacturing‚ Inc.: The New Client Acceptance Decision Ocean Manufacturing‚ Inc. is recommended as a prospective audit client of Barnes and Fischer‚ LLP. I believe that Barnes and Fischer should accept the client because of Barnes and Fisher’s opportunities in consulting and information technology (IT) development‚ Ocean Manufacturing‚ Inc.’s sound management/business model and past successful audits‚ and primarily‚ the growth potential of Ocean Manufacturing‚ Inc. following
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reasons on a new audit client acceptance. The process of accepting a new client is not a simple procedure especially during this phase where the public accounting environment is changing drastically. Intense competitive pressures among audit firms in selecting the best clients and increased exposures of litigation have driven auditors to be more prudent in the process of making decisions when accepting a new audit client. (James‚ 2012). Therefore‚ the procedures and factors of considering new prospective
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Client Acceptance 1 C a s es inc lu de d in t his Se ction 1.1 Ocean Manufacturing‚ Inc. The New Client Acceptance Decision Instructor Resource Manual — Do Not Copy or Redistribute . . . . . . . . . . . . . . . . . . . . . . 3 Instructor Resource Manual — Do Not Copy or Redistribute Ocean Manufacturing‚ Inc. C a s e 1.1 The New Client Acceptance Decision Mark S. Beasley · Frank A. Buckless · Steven M. Glover · Douglas F. Prawitt
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Ocean Manufacturing‚ Inc. c as e 1.1 The new client acceptance decision Mark S. Beasley · Frank A. Buckless · Steven M. Glover · Douglas F. Prawitt l ea r n ing o bje C t ive s After completing and discussing this case you should be able to [1] Understand the types of information relevant to evaluating a prospective audit client [2] List some of the steps an auditor should take in deciding whether to accept a prospective client Identify and evaluate factors important to
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Chapter 7: Case 7-25 – New Client Acceptance‚ Comprehensive Case: Mt. Hood Furniture‚ Inc. Company Background Information: Your employer‚ Reddy & Abel‚ LLP‚ Certified Public Accountants (who is registered with the PCAOB and audits public companies)‚ has been approached by a prospective client‚ Mt. Hood Furniture‚ Inc.‚ about your firm taking on their account. The firm has adopted procedures for the acceptance and retention of clients following the AICPA guidelines for quality control in an accounting
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Introduction Ocean Carriers Inc. is a shipping company specializing in the operation of capsizes bulk dry carriers. In January 2001‚ the vice president of finance for Ocean Carriers was evaluating a contract proposal. In the proposed contract‚ Ocean Carriers would lease one ship to a client for a three year time frame. The customer would begin utilizing the ship in 2003. In 2001‚ Ocean Carriers did not have a ship that would meet the needs of this customer‚ and thus was considering purchasing a new capsize
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to a case study cited by Staudt and Stranz (2009)‚ Ocean Spray Cranberries‚ Inc is an agricultural cooperative owned by more than 750 cranberry growers in the United States and Canada. The company produces canned and bottled juice‚ juice drinks and food products at distribution centers in Bordentown‚ New Jersey; Kenosha‚ Wisconsin; Sulphur Springs‚ Texas; and Henderson‚ Nevada. August is usually a challenging month for Ocean Spray Cranberries‚ Inc.‚ when the Lakeville‚ Massachusetts-based firm has
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Solution for New Wood Inc CMA Case. To assume role of Chris Mell‚ CMA‚ and prepare a report for the President and CEO Andrew Mayd. This report will advise him on how to address issues facing organization and items discussed at the management meeting. Executive Summary GR Hotels Mission is to provide clean‚ comfortable rooms‚ good quality services to business and pleasure travelers in Toronto and Montreal at competitive prices. The Vision is to be the hotels of choice for travelers in Canadian
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{draw:rect} Purchasing a new home is a major decision that requires a substantial financial outlay where the wrong decision may have long-term financial consequences on the buyer. Some people approach buying a home without much regard for the actual financial impact that homeownership may have. It is imperative that purchasing a home should not be an impulsive decision. People respond to incentives and the cost of something is what you give up; are the principles that plays a major
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Acceptance An acceptance is “a manifestation of assent to the terms [of the offer] made by the offeree in the manner invited or required by the offer.” In determining if an offeree accepted an offer and created a contract‚ a court will look for evidence of three factors: (1) the offeree intended to enter the contract‚ (2) the offeree accepted on the terms proposed by the offeror‚ and (3) the offeree communicated his acceptance to the offeror. Common Law: Traditional “Mirror Image” Rule
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