The following transactions and events relate to financing transactions at

The following transactions and events relate to financing transactions at Weber Inc.

1. Declare cash on common stock.

2. Issue bonds.

3. Pay bond interest.

4. Purchase 500 shares of treasury stock.

5. Pay cash declared in 1 above.

6. Issue additional for cash.

7. Accrue bond interest payable at year-end.

8. Redeem outstanding bonds.

9. Establish appropriation for bond retirement.

10. Announce a two-for-one stock split.

Required

a. Identify the substantive test that should verify each transaction or event.

b. For each test, indicate the financial statement assertion(s) to which it pertains.

c. Indicate the source of evidence obtained from the substantive test (i.e., outside party, client-generated, auditor personal knowledge or observation, documented, oral. (Use a tabular format for your answers with one column for each part.)

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Conversations between the board of directors of Acme Inc. and

Conversations between the board of directors of Acme Inc. and the engagement partner of the audit, Angelo Del Santo, have revealed that Acme uses three law firms. Ball & Partners performs all legal work related to property transfers, mortgages, and leases. Brown & Associates handle all employment matters, such as claims for unfair dismissal and complex employment contracts. Zimmerman & Co. are retained for all other matters, such as agreements relating to products and suppliers and any international matters.

Required

a. Discuss the information that Angelo wants to obtain from the attorneys and how this information is obtained.

b. What procedures could Angelo perform to discover if any other law firms have performed work for Acme during the fiscal year?

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Fabrication Holdings Inc. (FH) has been a client of KFP

Fabrication Holdings Inc. (FH) has been a client of KFP LLP for many years. You are an audit senior and have been assigned to the FH audit for the first time for the financial year-end June 30, 2022. During March 2022, you are completing the risk assessment for PPE, which is one of FH’s most material accounts. You are also aware that FH has made a large investment in a new manufacturing process to place itself in a more competitive position. Your analytical procedures indicate an increase in acquisitions of PPE.

Required

a. What is the key assertion at risk for the PPE additions? Why is it at risk? Explain.

b. Identify the relevant substantive tests of details that would be appropriate to address the assertion at risk identified in (a) above.

c. How would your answers to the previous questions change if the PPE additions had been manufactured in-house by FH’s engineers and toolmakers, rather than purchased?

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You have learned that the auditor is responsible for expressing

You have learned that the auditor is responsible for expressing an opinion on the The term includes the four and the notes that accompany the A company’s are often included as part of a larger document, such as the annual report. Does the auditor have any responsibility related to the other information in the documents containing the audited financial statements?

Required

Research the ASB and PCAOB standards online to determine if auditors have any responsibility for other information in documents containing the audited Write a summary of your findings, and also discuss if the auditor’s responsibility is different depending on if the client is a public company or private company.

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You are a first-year staff at a regional accounting firm.

You are a first-year staff at a regional accounting firm. The firm primarily services private company clients and performs more review engagements than audit engagements. Your first assignment is a review engagement on a small private company that specializes in manufacturing team sports apparel. You decide to do some research to refresh your memory on review engagements.

Required

a. Discuss the similarities and differences of a review engagement and an audit engagement.

b. You remember learning about the standard review report from your college course, but you are not familiar with modifications to the standard report. Go to www.aicpa.org/research/standards to access SSARS No. 24, AR-C 90, Review of Financial Statements. Copy and paste an example of a review report that is modified for a departure from the applicable financial reporting framework.

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As discussed in the “Management Representation Letter” section of this

As discussed in the “Management Representation Letter” section of this chapter, Section 302 of SOX requires the CEO and CFO of public companies to sign a certification statement when the are filed with the SEC. You can access these documents through a public company’s website. For example, in your web browser, search “Starbucks Investor Relations.” The website link will be the first item in the search. Select SEC Filings. On the SEC Filings page you can search for all of Starbucks’ filings with the SEC. In the Year filter, select the most current year or you can leave it as All Years, and in the Groupings Filter, select Annual Filings, then click Submit. The 10-K filings will appear. You can download the 10-K in Word, PDF, or Excel format. Once downloaded, scroll to the end of the document. (It is very long, usually about 200 pages.) The certification statements are the last pages of the Starbucks 10-K. (Note that you can use this same procedure to access the 10-K for any public company.)

Required

Read the certification statements and compare them to the management representation letter in Illustration 14.12. Differentiate between the certification statement and the management representation letter. Be specific with your responses.

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Mark Jackson is the partner on the audit team for

Mark Jackson is the partner on the audit team for a new client, Central Companies (CC). The client hired Mark’s firm in August 2022, in preparation for the December 31, 2022, audit. Mark’s firm is replacing the predecessor firm that audited CC for the last 12 years. Since January 2022, CC has experienced a slowdown in sales as evidenced by lower s. Slower inventory turnover has negatively impacted operating cash flow, which has resulted in CC paying some of its suppliers late. Some of the smaller suppliers are demanding that CC pay cash on delivery of inventory items. Mark is also aware of correspondence between CC and its bank that indicates the company started having cash flow problems as far back as 2021. CC’s management is convinced that business will pick up and therefore has not laid off any employees or made any other strategic changes to try and improve cash flow.

Required

Discuss any significant events or conditions that Mark will consider when evaluating if there is substantial doubt about CC’s ability to continue as a going concern.

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Katrina Ellis is the engagement partner of the audit of

Katrina Ellis is the engagement partner of the audit of Champion Securities, an investment company. Most of Champion’s assets and liabilities are financial and their valuation is critical to the assessment of the company’s and profitability. Katrina has employed two outside experts to value the financial assets and liabilities because they are extremely complex to value, particularly the energy market derivatives and the instruments traded in foreign markets. In addition, the valuations are highly dependent on market conditions and the specific and detailed requirements of the recently revised accounting standards.

Throughout this year’s audit, Katrina has had difficulties with the CEO of Champion Securities. He is vehemently opposed to any asset write-downs she has suggested. The CEO has the backing of the chairman of the board, and Katrina has been unable to get the CEO to agree with her concerns about the valuations of the financial assets and liabilities the company has made. In past years, Katrina has had an amicable relationship with both the CEO and the chairman, and the audits have run very smoothly. Katrina now realizes that this harmonious relationship was mainly due to the boom in the market. It was unlikely there would be arguments about writing up the value of the company’s assets during these good times.

Katrina, with the help of the experts, has prepared a summary of the relevant items, detailing the revised values for the assets and liabilities and the associated effects on income and retained earnings. The CEO has dismissed this summary and the audit recommendations with the comment, “The market has hit the bottom and is recovering. There is no need to show these write-downs because by the time the are published, the values will be back to where they were before the market fell. It is all a waste of time. In fact, I think you are just being difficult. I think we need an auditor who is a bit more realistic.”

Required

a. Katrina has planned a meeting with the audit committee of the board of directors. Draft a report that she would discuss with the audit committee.

b. Katrina is also drafting the management representation letter that the CEO will need to sign. If he refuses to sign the letter, discuss the implications for the audit.

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Columbia Metal Fabricators (CMF) makes steel components for the construction

Columbia Metal Fabricators (CMF) makes steel components for the construction industry. It specializes in extreme precision manufacturing where tolerances are measured in distances of less than one millimeter. Its products are used in revolving restaurants, automatic doors, and similar construction components. In the past, the majority of its sales have been to international construction companies, particularly in the Middle East. A drop in the price of oil has slowed construction in the Middle East, and the extremely expensive buildings requiring high-precision steel components are becoming less popular. In addition, some of the technology used by CMF has been copied by companies in Southeast Asia, resulting in extreme price competition in this section of the construction industry for the first time. 

CMF is highly leveraged. Two years ago, the company borrowed a large sum of money to fund the purchase of new office headquarters and the latest laser-cutting equipment. The loan is due for renewal three months after year-end. One week before signing the audit report, the bank has still not agreed to renew the loan and CMF’s management has begun negotiations with another bank.

Required

a. Evaluate factors that would raise substantial doubt about the going concern assumption for CMF. Discuss any mitigating factors.

b. If there is a substantial going concern issue, what details should be disclosed in CMF’s notes to the financial statements?

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A. Analysis: Explain your responsibilities with respect to the kitchen

a. Analysis: Explain your responsibilities with respect to the kitchen fire.

b. Evaluation: Recommend how this event should be handled in the financial statements.

Goodfellow & Perkins gained a new client, Brookwood Pines Hospital (BPH), a private, not-for-profit hospital. The fiscal year-end for Brookwood Pines is June 30. You are the audit partner reviewing the working papers for the BPH audit for the fiscal year end June 30, 2023. Today is August 2, 2023, and it is expected that fieldwork will be completed in three weeks.

BPH provides medically necessary care to patients, regardless of their ability to pay. Both uninsured and underinsured patients are offered discounts of up to 100% of charges based on their income as a percentage of the federal poverty level guidelines. BPH does not pursue collection of these accounts; therefore, they are not reported in patient service revenue and accounts receivable. The cost of providing the charity care is included in operating expenses.

BPH’s investments consist of mutual funds, common equities, corporate and U.S. government debt issues, state and municipal government debt issues, and trusts. A majority of the investments are the result of charitable contributions to the hospital by generous donors. Earnings from the investments are used to cover the costs of the charity care. BPH is also eligible for certain government grants to help cover the costs of the charity care.

During your review, you note that during the third and fourth quarters the financial markets performed well and BPH recorded strong returns for its equity investments. However, beginning toward the end of the fourth quarter through today, the financial markets have taken a hit. Enacted future tax law changes, increasing interest rates, higher unemployment, and trade conflicts with other countries are negatively impacting the economy and the financial markets. Analysts are predicting a continued drop in the overall market performance and a bear market for some time. Since BPH relies on investment returns to cover the costs of charity care, you consider how smaller investment returns could impact BPH’s ability to operate. Also, in times of economic downturns, individuals may not be as charitable. Therefore, BPH could see a drop in donations.

Another situation that is on your mind is a kitchen fire that occurred at BPH last week. Thankfully no one was seriously injured, but BPH did not have full insurance coverage for the accident. The kitchen was badly damaged and had to be shut down along with the cafeteria seating area used for hospital visitors. Until the kitchen can be repaired, BPH is paying an outside catering service to deliver meals daily to patients and employees only. Visitors can no longer purchase items from the cafeteria. You are concerned that negative publicity from the kitchen fire incident could lead to decreased revenues if physicians decide to contract with a competing hospital.

You spoke with BPH’s controller yesterday about the fire incident. The controller said they do have the funds to repair the kitchen and are currently accepting bids from contractors for the repair work. They hope to have a contractor selected by next week so work can get started quickly. They are anticipating having the kitchen open in about six weeks. The controller did express concern over the added expense of the repairs and the high cost of having an outside service provide daily meals to patients and employees. He also said they have received concerned calls from many of the doctors who use BPH for their patient services. BPH administration is working very hard at “damage control” to assure the doctors that the hospital is safe and abiding by all codes required by the state department of health and hospitals.

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