Audit risks for just for feet

Just for feet 1 based on the information given in the case and the data calculated (above), there are multiple high-risk financial statement items for the 1998 audit of just for feet, specifically regarding account balances and presentations and disclosures. Prosecutors explained that just for feet was a public company based in shelby county, ala founded in 1977, by 1999 it was the second largest athletic shoe retailer in the united states for his part, gilburne worked for just for feet in various capacities since march 1994, including as an executive vice president from august 1997 until may 1999. Don't be pressured into settling an issue just to bring the audit to an end the irs argues strenuously that it doesn't judge its agents on how much extra money their audits produce. The audit risk factors present for the 1998 just for feet audit are as follows: received a “greater than normal” level of audit risk in the planning phase of the audit valuation for receivables valuation for inventory vendor allowances considered high risk no supporting documentation for vendor allowances receivables confirmations.

A us district judge on monday sentenced former just for feet evp don-allen ruttenberg to spend 20 months in prison and pay a $50,000 fine ruttenberg, son of jff founder harold ruttenberg, received the sentence based on his april 2004 guilty plea to conspiracy to commit securities fraud, wire fraud, and submitting and making false statements to jff s auditors, deloitte & touche. Case study on the 1998 audit of failed retail chain just for feet, inc slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising if you continue browsing the site, you agree to the use of cookies on this website. 4) prepare a comprehensive list, in a bullet format, of the audit risk factors present for the 1998 just for feet audit identify the 5 audit risk factors that you believe were the most critical to the successful completion of that audit. It’s worth mentioning that controlling nonconforming products applies to services just as much as it does to tangible goods reports, data, test results, and intellectual property, to name just a few service outputs, can all be potentially nonconforming, in which case all the disciplines of this process apply.

Based on the information given in the case and the data calculated (above), there are multiple high-risk financial statement items for the 1998 audit of just for feet, specifically show more related documents: essay on audit evidence. Prepare a comprehensive list, in a bullet format of the audit risk factors present for the 1998 just for feet audit identify the five audit risk factors that you believe were most critical to the successful completion of that audit. Acct chapter 6 study guide study play because of the risk of material misstatement, an audit should be planned and performed with an attitude of develop three probing questions related to the vendor allowances that the auditor should have asked in the audit of just for feet's financial statements. Just for feet operated large, high volume retail stores identify internal control risks common to such businesses how should these risks affect the audit planning decisions for such a client. But rather than report that problem promptly to the company's audit committee, the suit claims deloitte sought to profit from just for feet's inadequate systems by, on june 11, 1999, successfully.

Financial fraud (mgt 506) langley document on risk assessment at just-for-feet (hyperlink to this material removed upon a phone “request” from a lawyer representing deloitte & touche , emerging role of internal audit in mitigating fraud and reputation risk. Just for feet, inc financials and financial ratios assets 30-jan-99 31-jan-98 cash and equivalents $12,412 $82,490. Just for feet operated large, high-volume retail stores identify internal control risks common to such businesses how should these risks affect the audit planning decisions for such a client.

Audit risks for just for feet

audit risks for just for feet Multiple high-risk financial statement items for the 1998 audit of just for feet, specifically  accept the audit at all risks such as inventory turnover leading to potential misstatements of  2 just for feet case analysis rewrite uploaded by ester oshin aritonang just for feet uploaded by ashim kar.

Many firms with manufacturing facilities have a huge amount of inventory retail and whole sale businesses also have enormous amounts of inventory. 1 based on the information given in the case and the data calculated (above), there are multiple high-risk financial statement items for the 1998 audit of just for feet, specifically regarding account balances and presentations and disclosures. Audit committee of the board of directors of just for feet during the class period as a director, lazarus was responsible for supervision of the entire business and affairs of the company and the. Based on the information given in the case, there are multiple high-risk financial statement items for the 1998 audit of just for feet, specifically regarding account balances and presentations and disclosures.

  • Case study of just for feet inc xuan zhang q1 prepare common-sized balance sheets and income statements and compute key ratios for 1997-1998 what were the high-risk financial statement items for the 1998 audit.
  • A risk-based approach to achieving audit committee effectiveness enron, worldcom and just for feet most certainly will be investors have a right to expect that the fi - exhibit 1 role and responsibility of management and the internal audit department the chief internal auditor, on a quarterly basis.

Audit risk is the risk that the financial statements are materially incorrect, even though the audit opinion states that the financial reports are free of any material misstatements because. Identified just for feet a greater than normal level of audit risk failed to follow-up when not provided supporting documentation for the vendor allowances did not test to see if receivables were paid. Just for feet's expansion contributed, at least in part, to its huge debt and out-of-control inventory when it filed for chapter 11 bankruptcy in november 1999, it had just missed an interest. Answer: audit risks factors this meant that just for feet, inc overstated the net income and net assets prior to taxes by approximately $19 million on the fiscal year ending in 1998 (sec, 2005) bogus booth income recorded as receivables booth income was not handled according to gaap under the revenue recognition rule.

audit risks for just for feet Multiple high-risk financial statement items for the 1998 audit of just for feet, specifically  accept the audit at all risks such as inventory turnover leading to potential misstatements of  2 just for feet case analysis rewrite uploaded by ester oshin aritonang just for feet uploaded by ashim kar. audit risks for just for feet Multiple high-risk financial statement items for the 1998 audit of just for feet, specifically  accept the audit at all risks such as inventory turnover leading to potential misstatements of  2 just for feet case analysis rewrite uploaded by ester oshin aritonang just for feet uploaded by ashim kar.
Audit risks for just for feet
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