Case Study: Audit Processes of a Computer Company

OBJECTIVES OF THE ENGAGEMENT

This lists the services to be provided by the audit firm to KCN.

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The aim of this process is to define Keyton Computers & Networks Ink’s internal audit for the purpose of evaluating the company’s effectiveness.This is the audit of KCN’s financial statements for the year ended December 31, 2015, and the issuance of a letter of engagement.

BUSINESS AND INDUSTRY CONDITIONS

To evaluate KCN’s business and the industry it operates in

KCN sells and services micro-computers, networking hardware and software to different businesses.

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PLANNING MEETINGS

Shows the meetings that have been made with the clients and CPA team

One meeting so far held with client and one with engagement team

OWNERSHIP AND MANAGEMENT

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Shows/ indicates who owns and manages the company.

Owners: Terry Keystone, Mark Keystone, John Keystone, Keith Young, and Rita Young.

Managers: Terry and Mark Keystone

OBJECTIVES, STRATEGIES AND BUSINESS RISKS

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This establishes client’s goals, how they planned to achieve it, and the commensurate risks, and how they planned to overcome these risks.

The main aim is to increase revenues 110% and increase net income to112% for each of the next 3 years.  To achieve this there will be need to: (1) advertise aggressively, sell to customers with higher risk profiles, and to develop new software.

  The primary risks involved are not being able to produce the desired results and exceeding increased sales with credit losses. Another possible risk is not producing products in the software development.

MEASUREMENT AND REVIEW OF FINANCIAL PERFORMANCE

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These are the ways used for performance evaluation.

The procedures include inventory and receivables turnover, aging of accounts receivable, and the total inventory balance.

PROCEDURES TO ATTAIN AN UNDERSTANDING OF CLIENT AND CLIENT’S OPERATING ENVIRONMENT

This tells the procedures to be done so the auditors can understand the client and the client’s environment.

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For this audit strategy, the auditor needs to 1) review the prior year’s audit, 2) make inquiries from management, 3) analyze KCN’s minutes of its board of directors’ meetings, 4) evaluate performance reports, 5) analyze company website, 6) appraise industry reports, and 7) assess business newspapers including the Wall Street Journal.

AUDIT APPROACH

This defines the general plan to be taken.

Just like last year’s audit, the accountants assigned to KCN’s audit have to make a plan about the company’s tests of controls to gauge whether its control risks are below the maximum for the identified assertions.

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SIGNIFICANT RISKS

Primary risks identified by the auditors.

The primary risks involved are not being able to produce the desired results and exceeding increased sales with credit losses. Another possible risk is not producing products in the software development, and analysis of the quarterly results showed significant bonuses awarded to officers.

SIGNIFICANT ACCOUNTING AND AUDITING MATTERS

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This are matters of concern in accounting and auditing

Two primary concerns exist: whether accounting for extended warranties is done properly and cost of software.

PLANNING MATERIALITY

The auditor computes the materiality threshold.

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Review of sales, total assets, and pretax net income, to plan for materiality, $70,000 was established as the measure.

SCHEDULING AND STAFFING PLAN

This is the audit’s schedule. It also identifies the human resources assigned to the engagement.

This includes the target dates for each major section of the audit starting from the interim audit work up to the updating of the management letter.The firm budgeted 118 hours for the engagement.

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1. The primary risks involved are not being able to produce the desired results and exceeding increased sales with credit lossesthrough the extension of credits to high risk customers

This increases the risk of bad debt expense misstatement and the corresponding allowance.

The auditors can revise their estimates on the value of an account, and ignore the procedures previously done.

2. Bonuses for the client’s officers

There could be an increase in the risk of quarterly results misstatement to extract the maximum bonus for officers.Also this motivates the officers to work more for more bonuses.

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The auditors may respond by reducing the number of the staff as long as they can handle their duties, to reduce number of people receiving bonuses.