The large high-volume stores also tend to have a high volume of cash This cash flow looks more like a start up than a large established retail chain. Briefly explain whether or not you believe that the Deloitte auditors responded appropriately to the five critical audit risk factors that you identified.
Identify the 5 audit risk factors that you believe were the most critical to the successful completion of that audit.
Add Homework help from our online tutors - BrainMass. The biggest thing that sticks out to me is the inventory turnover. Given these datacomment on what you believe were the high-risk financial statement items for the Just for Feet audit.
How should these risks affect the audit planning decisions for such a client? Solution Summary Your tutorial is words and includes a list of ten audit risk factors and discussion about features of large retail chains that increase audit risk. I believe that the negative cash flow from operations should be an audit flag.
Inventory controls are a large issue in large high-volume retail stores, particularly counting and valuing it. Common sized financials and ratios are in Excel attached.
Also compute key liquidity, solvency, activity, and profitability ratios for Before responding, identify the parties who will be affected by your decision. Michael Knapp 1 Prepare common-sized balance sheets and income statements for Just for Feet for the period Rank these risk factors from least to most important and be prepared to defend your rankings.
Contemporary Auditing Real Issues and Cases 7th ed. Identify inherent risk factors common to businesses facing such competitive conditions. A set of common sized financial statements and ratio computations are provided in Excel. Also, inventory is such a large proportion of total assets over half so it should get a lot of attention and work.
The dramatic increases in debt and the rising of AP would also catch my attention and warrant extra audit attention. Identify internal control risks common to such businesses.
I compared Just For Feet, Inc. Typically a large chain would generate positive cash flow.Case Study of Just For Feet killarney10mile.com Zhang Q1. Prepare common-sized balance sheets and income statements and compute key ratios for What were the high-risk financial statement items for the audit?
View Homework Help - Week 3 Case Study (Just For Feet) AC - Brenda Harris from AUDITING AC at Kaplan University, Davenport. Running head: JUST FOR FEET 1 Just For Feet Brenda Harris AC July%(47). View Essay - Just for Feet Case Study David Schlosser from AC at Kaplan University.
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1. Prepare common-sized balance sheet and income statement for just for feet for the period We will write a custom essay sample on Feet case study specifically for you for only $ $/page.
Order now Since there is such a high turnover of cash in a large retail store, there needs to be good internal controls in place that will prevent false accounts receivable, and a misrepresentation of revenues.
Just for feet operated in.Download