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This document summarizes an audit of Steve's Shoe Makers Inc. (SSM) related to identifying related parties and transactions with related parties according to PCAOB AS 2410. SSM is a publicly traded company that manufactures and distributes athletic footwear. The auditor has identified risks that related parties and transactions may not be properly identified, recorded, or disclosed. The document provides SSM's organizational structure and describes management's processes to identify related parties which include background checks for new employees and annual disclosures by management.
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Case 16-1c The Audit of SSM Application of PCAOB AS 2410 (fo
Case 16-1c: The Audit of SSM: Application of PCAOB AS 2410 (formerly PCAOB AS 18) Page 1
Copyright 2016 Deloitte Development LLC
All Rights Reserved.
Case 16-1
The Audit of SSM
Background
Steve’s Shoe Makers Inc. (SSM), a company that is publicly traded on the New York
Stock Exchange, manufactures and distributes high-performance athletic footwear and
apparel. Established in Philadelphia in 2000 as a small, family-owned business, SSM has
expanded to include a wholly owned subsidiary, Steve’s Shoes LLC. SSM’s corporate
management is based in Philadelphia, and the manufacturing and distribution plants are
located in Houston and Los Angeles.
You have been hired as SSM’s external auditor and have been assigned to test SSM’s
related parties and its relationships and transactions with related parties in accordance
with PCAOB AS 2410 (formerly PCAOB AS 18).
You have spoken with SSM’s CEO, Dain Blanton, who believes that the processes and
controls in place at SSM would result in the identification of any related-party
relationship that would require further investigation or possible disclosure in the financial
statements. Further, he has stated that the company does not have any related-party
events or transactions that would need to be disclosed in the current-year annual financial
statements in accordance with ASC 850.
See the appendix below for SSM’s organizational structure.
Management’s Processes and Controls
To understand management’s processes and controls over related parties and its
relationships and transactions with them, you obtain SSM’s relevant process flow
narrative from management, which states the following:
Before hiring a new employee, the human resources manager performs a
background check. Employees hired for management positions must disclose their
significant ownership interests. SSM’s legal department maintains a listing of
these disclosures (“related-parties listing”) and periodically checks the disclosed
relationships against SSM’s vendor and customer master file. Annually, before
SSM files its 10-K, management signs representations indicating that to the best
of its knowledge, SSM did not enter into any related-party transactions that were
not disclosed in the financial statements. Management also discloses any changes
in its significant equity ownership or investments at this time. A review of the
representations is performed by the legal department, the related-parties listing is
updated for any new related parties identified, and the records are maintained in a
locked room.
Risks of Material Misstatement
As a result of the risk-assessment procedures performed, you have determined that the
risks of material misstatement listed below apply to the audit of SSM. You have also
Case 16-1c: The Audit of SSM: Application of PCAOB AS 2410 (formerly PCAOB AS 18) Page 2
Copyright 2016 Deloitte Development LLC
All Rights Reserved.
determined that none of the i ...
Ch7 Quiz Questions And Solutions
The document contains quiz questions and solutions related to Chapter 7 on auditing internal controls. It addresses topics like the responsibilities of management and auditors in assessing internal controls over financial reporting, the objectives of internal control, and an auditor's responsibilities to consider fraud and errors. Key objectives of auditing internal controls are to form an opinion on their effectiveness in preventing material misstatements and to evaluate controls over financial statement disclosures. Auditors must test internal controls rather than rely solely on the work of others.
QuestionsNone of these questions has a style component, .docx
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None of these questions has a style component, thus you don't have to write in complete sentences and well-formed paragraphs. You can use lists where appropriate if you want.
You are a partner in a medium-sized, regional CPA firm and have been approached by XYZ, Inc., a relatively small, public company, to do their audit for next year. XYZ is registered with the SEC and has filed audited 10-Ks for the last 10 years since they went public. They haven't indicated why they are switching auditors.
XYZ specializes in developing shale gas using fracking technology. Fracking technology involves drilling wells into shale formations and injecting high pressure water containingspecial chemicals into the well to fracture the shale formation and release the trapped natural gas.
You and your firm currently are members of the AICPA. All the partners and managers are licensed CPAs in the state of New Mexico and also members of the AICPA. Your firm has limited experience with oil and gas extraction and has no other fracking clients. However, your firm has offices that can cover the physical locations where the prospective client does business.
a) Develop a checklist of five areas or issues that you would want to research before you accepted this firm as an audit client. For each area or issue, explain why you would want to research it and give an example of where you might go to get some information about each issue.
i) Issue 1 - Royalty: The royalty is to be paid by the lessor without any deductions for the cost of the drilling or production and royalty is negotiable, therefore it should be assessed.
ii) Issue 2 – Bonus: The bonus is to be paid to the lessor as consideration for execution of the lease. It should be expressed as a fix dollar amount per net mineral acre.
iii) Issue 3 – Post production Cost: Taking into consideration if royalty is based on pricing received by the company, the post production cost should also be revised or checked to be computed.
iv) Issue 4 - Lease Terms: It’s imperative to be able to understand how the lease term function in this particular industry such as oil and gas. Not to mention, the time period of lease to be able to identify and understand the ongoing concerns.
v) Issue 5 – Safety Management: The need of the study of safety management system being adopted by the company in regards to employee involvement, safety training, hazard identification, management of labor and control.
b) Describe two reasons why a firm like this firm would want an audit even if they were not required to do so by the SEC. I am looking for substantive reasons that show you understand the importance of auditing in capital markets and why possible stakeholders like lenders and investors would want a firm like this to have an audit.
Reason 1: The firm and it’s auditors are very capable and have been permitted by the states to perform the external audit and not to mention, can perform the audit responsibil ...
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Related party transactions, significant unusual transactions, and transactions with a company’s executive officers are three critical areas of risk that have been contributing factors in a number of financial reporting frauds over the last several decades. The PCAOB has previously concluded that its existing requirements to audit these areas are not sufficient and are not sufficiently risk-based.
In response, the PCAOB issued, and the SEC has approved Auditing Standard (“AS”) No. 18, Related Parties, as well as amendments to existing standards on auditing significant unusual transactions and transactions with a company’s executives. These changes may result in additional documentation and scrutiny of these types of transactions by audit firms as they comply with the standard for audits performed under PCAOB standards, including those for publicly traded companies and broker-dealers.ACC403 Wk 4 Assignment 1 Auditors and Regulatory OversightTEXT.docx
ACC403 Wk 4 Assignment 1: Auditors and Regulatory Oversight
TEXT: Auditing and Assurance Services - ARENS | ELDER | BEASLEY | HOGAN
The Securities and Exchange Commission (SEC) regulates public companies. The SEC has found that some of these companies have violated GAAP by using creative accounting practices to mislead investors and creditors regarding the health of their company.
Use the Internet or Library to research a recent accounting scandal within the last five (5) years where the SEC accused public companies of accounting irregularities.
Write a four to five (4-5) page paper in which you:
1. Analyze the audit report that the CPA firm issued. Ascertain the legal liability to third parties who relied on financial statements under both common and federal securities laws. Justify your response.
2. Speculate on which statement of generally acceptable auditing standards (GAAS) that the company violated in performing the audit.
3. Compare the responsibility of both management and the auditor for financial reporting, and give your opinion as to which party should have the greater burden. Defend your position.
4. Analyze the sanctions available under SOX, and recommend the key action(s) that the PCAOB should take in order to hold management or the audit firm accountable for the accounting irregularities. Provide a rationale for your response.
5. Use at least four (4) quality academic resources in this assignment.
Note: Wikipedia and other Websites do not qualify as academic resources.
The assignment must follow these formatting requirements:
· Be typed, double spaced, using Times New Roman font (size 12), with 1” margins on all sides; citations and references must follow APA or school-specific format.
· Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
· Analyze the required generally accepted auditing standards, professional ethics, and legal liability of the auditor.
· Assess how the Sarbanes-Oxley Act has affected auditing.
· Evaluate an audit report.
· Evaluate objectives for conducting audits, and compare management’s and auditors’ responsibilities.
· Use technology and information resources to research issues in auditing.
· Write clearly and concisely about auditing using proper writing mechanics.
Running Head: ASSIGNMENT 1: AUDITOR AND REGULATORY OVERSIGHT 1
AUDITOR AND REGULATORY OVERSIGHT 7
Auditor and Regulatory Oversight
J
Dr.
University
ACC403
AUDITING
January 29, 2017
When the stock market crashed in October 1929, so did public confidence in the U.S. markets. Congress held hearings to identify the problems and search for solutions. Based on its findings, Congress in the peak year of the Depression passed the Securities Act of 1933. The following year, it.
Presentation Slides (AASB 124 Related Parties): Queensland Public Sector Disc...
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This document discusses the implementation of the Australian Accounting Standard AASB 124 Related Party Disclosures in the Queensland public sector. It provides guidance on identifying related parties and related party transactions, determining what disclosures are required, and exercising judgement in deciding which related party transactions warrant disclosure in financial statements based on qualitative factors like whether standard procurement processes were followed. It recommends agencies collect information on related party transactions from key management personnel (KMP) through self-declarations and verify this information before determining disclosure requirements.The Sarbanes-Oxley Act at 15 (EY Publication)
The Sarbanes-Oxley Act of 2002 (SOX) established the Public Company Accounting Oversight Board (PCAOB) to oversee audits of public companies and improve accountability in financial reporting. SOX also strengthened corporate governance and financial disclosure. The PCAOB registers audit firms, inspects audits for compliance, and sets auditing standards. SOX has improved audit quality and increased transparency and oversight of both companies and auditors. While some provisions like internal control reporting have faced criticism, SOX overall increased investor confidence in US financial markets.
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1. The document introduces key concepts related to financial statements, including the three main forms of business organization (sole proprietorships, partnerships, corporations), the main users and uses of accounting information (internal vs external), the three principal types of business activity (investing, operating, financing), and the four main financial statements (income statement, retained earnings statement, balance sheet, statement of cash flows).
2. It also describes the purpose of each financial statement and provides examples. Additional components of an annual report are discussed such as management discussion and analysis, notes to the financial statements, and the auditor's report.
3. International Financial Reporting Standards are introduced and compared to US GAAP requirements.
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Case 16-1c The Audit of SSM Application of PCAOB AS 2410 (fo
Case 16-1c: The Audit of SSM: Application of PCAOB AS 2410 (formerly PCAOB AS 18) Page 1
Copyright 2016 Deloitte Development LLC
All Rights Reserved.
Case 16-1
The Audit of SSM
Background
Steve’s Shoe Makers Inc. (SSM), a company that is publicly traded on the New York
Stock Exchange, manufactures and distributes high-performance athletic footwear and
apparel. Established in Philadelphia in 2000 as a small, family-owned business, SSM has
expanded to include a wholly owned subsidiary, Steve’s Shoes LLC. SSM’s corporate
management is based in Philadelphia, and the manufacturing and distribution plants are
located in Houston and Los Angeles.
You have been hired as SSM’s external auditor and have been assigned to test SSM’s
related parties and its relationships and transactions with related parties in accordance
with PCAOB AS 2410 (formerly PCAOB AS 18).
You have spoken with SSM’s CEO, Dain Blanton, who believes that the processes and
controls in place at SSM would result in the identification of any related-party
relationship that would require further investigation or possible disclosure in the financial
statements. Further, he has stated that the company does not have any related-party
events or transactions that would need to be disclosed in the current-year annual financial
statements in accordance with ASC 850.
See the appendix below for SSM’s organizational structure.
Management’s Processes and Controls
To understand management’s processes and controls over related parties and its
relationships and transactions with them, you obtain SSM’s relevant process flow
narrative from management, which states the following:
Before hiring a new employee, the human resources manager performs a
background check. Employees hired for management positions must disclose their
significant ownership interests. SSM’s legal department maintains a listing of
these disclosures (“related-parties listing”) and periodically checks the disclosed
relationships against SSM’s vendor and customer master file. Annually, before
SSM files its 10-K, management signs representations indicating that to the best
of its knowledge, SSM did not enter into any related-party transactions that were
not disclosed in the financial statements. Management also discloses any changes
in its significant equity ownership or investments at this time. A review of the
representations is performed by the legal department, the related-parties listing is
updated for any new related parties identified, and the records are maintained in a
locked room.
Risks of Material Misstatement
As a result of the risk-assessment procedures performed, you have determined that the
risks of material misstatement listed below apply to the audit of SSM. You have also
Case 16-1c: The Audit of SSM: Application of PCAOB AS 2410 (formerly PCAOB AS 18) Page 2
Copyright 2016 Deloitte Development LLC
All Rights Reserved.
determined that none of the i ...
Ch7 Quiz Questions And Solutions
The document contains quiz questions and solutions related to Chapter 7 on auditing internal controls. It addresses topics like the responsibilities of management and auditors in assessing internal controls over financial reporting, the objectives of internal control, and an auditor's responsibilities to consider fraud and errors. Key objectives of auditing internal controls are to form an opinion on their effectiveness in preventing material misstatements and to evaluate controls over financial statement disclosures. Auditors must test internal controls rather than rely solely on the work of others.
QuestionsNone of these questions has a style component, .docx
Questions
None of these questions has a style component, thus you don't have to write in complete sentences and well-formed paragraphs. You can use lists where appropriate if you want.
You are a partner in a medium-sized, regional CPA firm and have been approached by XYZ, Inc., a relatively small, public company, to do their audit for next year. XYZ is registered with the SEC and has filed audited 10-Ks for the last 10 years since they went public. They haven't indicated why they are switching auditors.
XYZ specializes in developing shale gas using fracking technology. Fracking technology involves drilling wells into shale formations and injecting high pressure water containingspecial chemicals into the well to fracture the shale formation and release the trapped natural gas.
You and your firm currently are members of the AICPA. All the partners and managers are licensed CPAs in the state of New Mexico and also members of the AICPA. Your firm has limited experience with oil and gas extraction and has no other fracking clients. However, your firm has offices that can cover the physical locations where the prospective client does business.
a) Develop a checklist of five areas or issues that you would want to research before you accepted this firm as an audit client. For each area or issue, explain why you would want to research it and give an example of where you might go to get some information about each issue.
i) Issue 1 - Royalty: The royalty is to be paid by the lessor without any deductions for the cost of the drilling or production and royalty is negotiable, therefore it should be assessed.
ii) Issue 2 – Bonus: The bonus is to be paid to the lessor as consideration for execution of the lease. It should be expressed as a fix dollar amount per net mineral acre.
iii) Issue 3 – Post production Cost: Taking into consideration if royalty is based on pricing received by the company, the post production cost should also be revised or checked to be computed.
iv) Issue 4 - Lease Terms: It’s imperative to be able to understand how the lease term function in this particular industry such as oil and gas. Not to mention, the time period of lease to be able to identify and understand the ongoing concerns.
v) Issue 5 – Safety Management: The need of the study of safety management system being adopted by the company in regards to employee involvement, safety training, hazard identification, management of labor and control.
b) Describe two reasons why a firm like this firm would want an audit even if they were not required to do so by the SEC. I am looking for substantive reasons that show you understand the importance of auditing in capital markets and why possible stakeholders like lenders and investors would want a firm like this to have an audit.
Reason 1: The firm and it’s auditors are very capable and have been permitted by the states to perform the external audit and not to mention, can perform the audit responsibil ...
MHM Messenger: Renewed Audit Focus - Related Parties and Unusual Transactions
MHM Messenger: Renewed Audit Focus - Related Parties and Unusual TransactionsMHM (Mayer Hoffman McCann P.C.)
Related party transactions, significant unusual transactions, and transactions with a company’s executive officers are three critical areas of risk that have been contributing factors in a number of financial reporting frauds over the last several decades. The PCAOB has previously concluded that its existing requirements to audit these areas are not sufficient and are not sufficiently risk-based.
In response, the PCAOB issued, and the SEC has approved Auditing Standard (“AS”) No. 18, Related Parties, as well as amendments to existing standards on auditing significant unusual transactions and transactions with a company’s executives. These changes may result in additional documentation and scrutiny of these types of transactions by audit firms as they comply with the standard for audits performed under PCAOB standards, including those for publicly traded companies and broker-dealers.ACC403 Wk 4 Assignment 1 Auditors and Regulatory OversightTEXT.docx
ACC403 Wk 4 Assignment 1: Auditors and Regulatory Oversight
TEXT: Auditing and Assurance Services - ARENS | ELDER | BEASLEY | HOGAN
The Securities and Exchange Commission (SEC) regulates public companies. The SEC has found that some of these companies have violated GAAP by using creative accounting practices to mislead investors and creditors regarding the health of their company.
Use the Internet or Library to research a recent accounting scandal within the last five (5) years where the SEC accused public companies of accounting irregularities.
Write a four to five (4-5) page paper in which you:
1. Analyze the audit report that the CPA firm issued. Ascertain the legal liability to third parties who relied on financial statements under both common and federal securities laws. Justify your response.
2. Speculate on which statement of generally acceptable auditing standards (GAAS) that the company violated in performing the audit.
3. Compare the responsibility of both management and the auditor for financial reporting, and give your opinion as to which party should have the greater burden. Defend your position.
4. Analyze the sanctions available under SOX, and recommend the key action(s) that the PCAOB should take in order to hold management or the audit firm accountable for the accounting irregularities. Provide a rationale for your response.
5. Use at least four (4) quality academic resources in this assignment.
Note: Wikipedia and other Websites do not qualify as academic resources.
The assignment must follow these formatting requirements:
· Be typed, double spaced, using Times New Roman font (size 12), with 1” margins on all sides; citations and references must follow APA or school-specific format.
· Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
· Analyze the required generally accepted auditing standards, professional ethics, and legal liability of the auditor.
· Assess how the Sarbanes-Oxley Act has affected auditing.
· Evaluate an audit report.
· Evaluate objectives for conducting audits, and compare management’s and auditors’ responsibilities.
· Use technology and information resources to research issues in auditing.
· Write clearly and concisely about auditing using proper writing mechanics.
Running Head: ASSIGNMENT 1: AUDITOR AND REGULATORY OVERSIGHT 1
AUDITOR AND REGULATORY OVERSIGHT 7
Auditor and Regulatory Oversight
J
Dr.
University
ACC403
AUDITING
January 29, 2017
When the stock market crashed in October 1929, so did public confidence in the U.S. markets. Congress held hearings to identify the problems and search for solutions. Based on its findings, Congress in the peak year of the Depression passed the Securities Act of 1933. The following year, it.
Presentation Slides (AASB 124 Related Parties): Queensland Public Sector Disc...
Presentation Slides (AASB 124 Related Parties): Queensland Public Sector Disc...Alarka Phukan CPA, CMA
This document discusses the implementation of the Australian Accounting Standard AASB 124 Related Party Disclosures in the Queensland public sector. It provides guidance on identifying related parties and related party transactions, determining what disclosures are required, and exercising judgement in deciding which related party transactions warrant disclosure in financial statements based on qualitative factors like whether standard procurement processes were followed. It recommends agencies collect information on related party transactions from key management personnel (KMP) through self-declarations and verify this information before determining disclosure requirements.The Sarbanes-Oxley Act at 15 (EY Publication)
The Sarbanes-Oxley Act of 2002 (SOX) established the Public Company Accounting Oversight Board (PCAOB) to oversee audits of public companies and improve accountability in financial reporting. SOX also strengthened corporate governance and financial disclosure. The PCAOB registers audit firms, inspects audits for compliance, and sets auditing standards. SOX has improved audit quality and increased transparency and oversight of both companies and auditors. While some provisions like internal control reporting have faced criticism, SOX overall increased investor confidence in US financial markets.
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compliance and financial audit for the specific companies. It was taken care that there the
auditors be registered and there be specific set and defined processes which should be followed.
All systems for process, compliance, quality control etc. were put in place to prevent any further
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investor confidence in reporting of securities analyst. This also mandates disclosures of conflict
of interests is any and code of conduct for these analysts.
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securities violations, and whether any investment banks assist the companeis to manipulate
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provided in this.
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penalties i.e. criminal in sense, for alteration and manipulation of financial records.
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stricter sentences and implies that any failure to properly certify financial reports is a crimilThis
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Shoe Makers a company that is publicly.pdf
- 1. Steve's Shoe Makers Inc. (SSM), a company that is publicly traded... Steve's Shoe Makers Inc. (SSM), a company that is publicly traded on the New York Stock Exchange, manufactures and distributes high-performance athletic footwear and apparel. Established in Philadelphia in 2000 as a small, family-owned business, SSM has expanded to include a wholly owned subsidiary, Steve's Shoes LLC. SSM's corporate management is based in Philadelphia, and the manufacturing and distribution plants are located in Houston and Los Angeles. You have been hired as SSM's external auditor and have been assigned to test SSM's related parties and its relationships and transactions with related parties in accordance with PCAOB AS 2410 (formerly PCAOB AS 18). You have spoken with SSM's CEO, Dain Blanton, who believes that the processes and controls in place at SSM would result in the identification of any related-party relationship that would require further investigation or possible disclosure in the financial statements. Further, he has stated that the company does not have any related-party events or transactions that would need to be disclosed in the current-year annual financial statements in accordance with ASC 850. See the appendix below for SSM's organizational structure. Management's Processes and Controls To understand management's processes and controls over related parties and its relationships and transactions with them, you obtain SSM's relevant process flow narrative from management, which states the following: Before hiring a new employee, the human resources manager performs a background check. Employees hired for management positions must disclose their significant ownership interests. SSM's legal department maintains a listing of these disclosures ("related-parties listing") and periodically checks the disclosed relationships against SSM's vendor and customer master file. Annually, before SSM files its 10-K, management signs representations indicating that to the best of its knowledge, SSM did not enter into any related-party transactions that were not disclosed in the financial statements. Management also discloses any changes in its significant equity ownership or investments at this time. A review of the representations is performed by the legal department, the related-parties listing is updated for any new related parties identified, and the records are maintained in a locked room. Risks of Material Misstatement As a result of the risk-assessment procedures performed, you have determined that the risks of material misstatement listed below apply to the audit of SSM. You have also
- 2. Case 16-1c: The Audit of SSM: Application of PCAOB AS 2410 (formerly PCAOB AS 18) Page 2 determined that none of the identified and assessed risks of material misstatement are significant risks. (Note that there are additional risks of material misstatement regarding related parties and relationships and transactions with related parties; however, this case study only focuses on the risks outlined below.) R_RP_1: Related parties and transactions with related parties may not be appropriately identified. R_RP_2: Related-party transactions are not recorded in accordance with applicable accounting standards. R_RP_3: Related-party transactions are recorded: For transactions that did not occur or are pending. At incorrect amounts. In the incorrect period. R_RP_4: Related-party transactions are recorded: • • R_RP_5: The • • • For transactions that lack a business purpose. Without taking into account the counterparty's financial capability. related-party disclosure includes transactions that: May not have occurred. Lack a business purpose. Are not recorded on terms equivalent to those prevailing in an arm's- length transaction and are not disclosed as such. R_RP_6: The transactions in accordance with the applicable financial reporting framework. related-party disclosure does not sufficiently describe related-party Case 16-1c: The Audit of SSM: Application of PCAOB AS 2410 (formerly PCAOB AS 18) Page 3 Required 1. In accordance with paragraphs .05-.07 of PCAOB AS 2410 (formerly PCAOB AS 18), auditors are required to inquire of the audit committee, management, and others in the company regarding their knowledge of related parties and relationships and transactions with related parties. Use SSM's organizational chart in the appendix below as a resource to identify others in the company who you would consider asking about such knowledge. Explain your rationale for selecting these individuals. 2. Are management's processes and controls over related parties and over related- party relationships and transactions sufficient? Why or why not? 3. Given the need for management to identify, authorize and approve, and account for and
- 3. disclose its related parties and its relationships and transactions with related parties, what are the types of processes and control activities that management should consider? 4. Given the requirement in paragraph .14 of PCAOB AS 2410 (formerly PCAOB AS 18), what procedures would you perform to test the accuracy and completeness of the related-parties listing and of relationships and transactions with related parties? 5. What would be the implications on the audit if an undisclosed related-party transaction was identified during the completion of audit testing?