ACCT 444 ACCT444 ACCT/444 CP part 1 – preliminary analytical procedures

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ACCT 444 ACCT444 ACCT/444 CP part 1 – preliminary analytical procedures

The purpose of Part I is to perform preliminary analytical procedures as part of the auditplanning process. You have been asked to focus your attention on two purposes of analyticalprocedures: obtain an understanding about the client’s business and indicate where there is anincreased likelihood of misstatements.

a. Refer to the financial statement data in Figure for the current year and prior two years.Analyze the year-to-year change in account balance for at least five financial statement lineitems. Document the trend analysis in a format similar to the following:.:.

b. Calculate at least five common ratios shown on page 232-233 and document them in aformat similar to the following:

Ratio                   2011            2010              2009

Current ratio

c.Based on the analytical procedures calculated in parts a. and b., summarize yourobservations about Pinnacle’s business, including your assessment of the client’s business risk.

d. Go to the Pinnacle link on the textbook Web site () and open thePinnacle income statement, which is located in the Pinnacle Income Statement worksheet ofthe Pinnacle-Financials Excel file.

Use the income statement information to prepare acommon-size income statement for all three years. Use the information to identify accounts forwhich you believe there is a concern about material misstatements. Use a format similar to the following:

                                                                            Estimate of $ Amount

Account Balance                                               of Potential Misstatement

e. Use the three divisional income statements in the Pinnacle-Financials Excel file on the Website to prepare a common-size income statement for each of the three divisions for all threeyears.

Each division’s income statement is in a separate worksheet in the Excel file. Use theinformation to identify accounts for which you believe there is a concern about materialmisstatements. Use a format similar to the one in requirement d.

f. Explain whether you believe the information in requirement d or e provides the most usefuldata for evaluating the potential for misstatements. Explain why.

ACCT 444 ACCT444 ACCT/444 CP part 1 – preliminary analytical procedures

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ACCT 444 ACCT444 ACCT/444 CP part 1 – preliminary analytical procedures

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ACCT 444 ACCT444 ACCT/444 CP part 1 – preliminary analytical procedures

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ACCT 444 ACCT444 ACCT/444 CP part 1 – preliminary analytical procedures

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ACCT 444 ACCT444 ACCT/444 CP part 1 – preliminary analytical procedures

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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 CP part 1 – preliminary analytical procedures

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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