ACCT 444 ACCT444 ACCT/444 Team A_Week5 project part 4&5
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ACCT 444 ACCT444 ACCT/444 Team A_Week5 project part 4&5
Pinnacle Manufacturing Part IV & V DeVry University
The purpose of this report is to continue to perform analytical procedures in order to gain a better understanding of the different phases of an audit.
11-34 – Identifying and responding to fraud risks
a.Use the fraud triangle and information from Parts I through III of this case to identify incentives/pressures, opportunities, and attitudes/rationalizations for Pinnacle to engage in fraudulent financial reporting.
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ACCT 444 ACCT444 ACCT/444 Team A_Week5 project part 4&5
Pinnacle Manufacturing Part IV & V DeVry University
The purpose of this report is to continue to perform analytical procedures in order to gain a better understanding of the different phases of an audit.
11-34 – Identifying and responding to fraud risks
a.Use the fraud triangle and information from Parts I through III of this case to identify incentives/pressures, opportunities, and attitudes/rationalizations for Pinnacle to engage in fraudulent financial reporting.
The company wants to sell its Machine-Tech division unless the books say it is profitable.
There could bepressure to alter the books to make it look profitable when it is not or even make it look like it is not profitable if someone high in the company wants to get rid of this division.
EPA has postponed solar power energy motors which Pinnacle was relying on their solar power division to increase sales. This may put pressure on the company to make the books say that this division is doing better than it really is.The company has solar powered engines in their warehouse that are not the same as the advertised ones on the company website.
The company could be defrauding the consumer by selling engines different from the ones advertised.
An intercompany loan was made from Welburn to Solar-Electro but was not accounted for.
A dispute is going on currently between Pinnacle and the IRS.
There is an elevated level of turnover in upper level positions.
b.Identify one or more fraud risks that you believe exist due to the nature of Pinnacle’s industry. Indicate the accounts most likely to be affected by the identified fraud risks.
The company is in the engine manufacturing business, and has recently expanded into solar engines. The engine manufacturing business is competitive and increasingly outsourced.
The solar business depends on developing technology.
These characteristics are most likely to affect inventory, and to a lesser extent accounts receivable and fixed assets.
c.Auditors must generally identify a fraud risk for revenue recognition. Indicate at least two ways that Pinnacle might engage in revenue recognition fraud. Identify the specific nature of the potential fraud, and an audit procedure that you would perform to determine whether fraud is occurring
ACCT 444 ACCT444 ACCT/444 Team A_Week5 project part 4&5
ACCT 444 auditing School: DeVry University (DeVry University, Chicago) *Professor:Carlos Caraballo, Cherry, hayes, N/A, TracieHayes, Drakapo… Documents (422) Q&A (25) Textbook Exercises Most important docs of the week 8 pagesACCT444_W2_HW_MLACCT444_W2_HW_ML DeVry University, Chicago auditing
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ACCT 444 ACCT444 ACCT/444 Team A_Week5 project part 4&5
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ACCT 444 ACCT444 ACCT/444 Team A_Week5 project part 4&5
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ACCT 444 ACCT444 ACCT/444 Team A_Week5 project part 4&5
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ACCT 444 ACCT444 ACCT/444 Team A_Week5 project part 4&5
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Does coursehero do powerpoint presentation 1 2 3 4 5 Access AICPA Auditing Standard AU-C 450, Evaluation of Misstatements Identified During the Audit ( www.aicpa.org ), to answer the following questions:
Describe 1 2 3 4 5 Gale Brewer, CPA, has been the partner in charge of the audit of Merkle Manufacturing Company, a nonpublic company, for 13 years. Merkle has had excellent 1 2 3 4 5
Auditors develop overall audit plans to ensure that they obtain sufficient appropriate audit evidence. The timing and extent of audit procedures auditors use 1 2 3 4 5 The following are three situations, all involving nonpublic companies, in which the auditor is required to develop an audit strategy: The client has inventory 1 2 3 4 5
ACCT 444 ACCT444 ACCT/444 Team A_Week5 project part 4&5
The following are independent internal controls commonly found in the acquisition and payment cycle. Each control is to be considered independently. Before a 1 2 3 4 5 10-35(Objectives10-2,10-3,10-4) Kent, CPA, is the engagement partner on the financial statement audit of Super Computer Services Co. (SCS) for the year ended 1 2 3 4 5
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