Additional Cases for the Course The case readings have been developed solely as a basis for class discussion. The case readings are not intended to serve as a source of primary data or as an illustration of effective or ineffective auditing. Reprinted by permission from Jay C. Thibodeau and Deborah Freier. Copyright © Jay C. Thibodeau and Deborah Freier; all rights reserved. 1••• ( Case 61 ® Enron Enrori’s First Few Years hi~ 1985 Enron had assets along the three major stages of the supply…

& Partners Re : Audit of Moss Green Ltd. Company structure Moss Green Ltd. is a wine grower and producer of medium to high quality wines, located in Western Australia’s Margaret River region. Tickit Associates was Moss Green’s previous auditing company and we were engaged immediately after it listed on the Australian Stock Exchange to take over as auditors. The company is successful in exporting internationally, especially in the United Kingdom supermarket chain, Safebury. Mr.Tom Green…

actually in the UK. Because it was chartered in Luxembourg and Grand Caymans, Bank of England (BOE) thus thought itself as a secondary role in supervising BCCI, thereby reducing the level of scrutiny imposed on BCCI. In addition, BCCI has an uncommon auditing system. Price Waterhouse (PW) was the accountants for BCCI overseas, while Ernst & Whitney in charged of BCCI holdings. Two sets of auditors being used was to avoid them from publishing a meaningful consolidated accounts and make sure neither of…

Phillips Petroleum Case Study Prepared by For Professor C.E. Reese in partial fulfillment of the requirements for ACC 502- Advanced Auditing School of Business/ Graduate Studies St. Thomas University Miami Gardens, Fla. Term A1/Spring 2014 February 17, 2014 Table of Contents Issues……………………………………………………………….Page 3-4 Facts………………………………………………………………..Page 4-5 Analysis/ Authority………………………………………………...Page 5-8 Conclusions/ Recommendation…………………………………….Page 8 References……………………………………………………………

David Friehling will quite possibly be a future case study in auditing textbooks and courses throughout the United States. Mr. Friehling was the auditor for Bernard Madoff, who was recently convicted of running the largest Ponzi scheme ever uncovered through his business, Bernard L. Madoff Investment Securities, LLC (BMIS). Mr. Madoff claimed to actively oversee more than $65 billion in private investments (it was later revealed that roughly $823 million remained of the more than $170 billion that…

Case 11.1: The Runners Shop Relevant Guidance • AU 339 (SAS 103): Audit Documentation • Auditing Standard No. 3: Audit Documentation • International Standard on Auditing 230’ (Revised) (Site -http://irba.co.za/documents/doc_00535.pdf ) Questions 1] Describe the purposes of audit documentation and explain why each purpose is important. According to AU 339.03, “audit documentation provides the principal support for the”: (a) “representation in the auditor’s report…

Appreciative Internal Audit: A Strength-Based Approach to Quality System Auditing – A Case Study. Jon Morris President JDQ Systems Inc. Vancouver, BC, Canada Introduction Traditional internal audits fulfill an important need for companies with fresh ISO 9001:2000 Quality Management System implementations, but for companies with mature systems, those registered for more than five years, an innovative approach to auditing called “Appreciative Internal Quality Audit” can take them beyond compliance…

also the choice of the amortization method. All about this need us to have a judgment, so there will be a problem in valuation & allocation. Reference Virgin Australia Official Website http://www.virginaustralia.com Auditing and Assurance Standards Board http://www.auasb.gov.au Institute of Chartered Accountants Australia http://www.charteredaccountants.com.au Civil Aviation Safety Authority http://www.casa.gov.au Official Airline Guide (OAG) http://www…

Case You are the internal audit senior responsible for conducting an assurance engagement of the XYZ Company payroll process. This process has not been audited for three years and, as such, is due in the normal audit cycle. There have been no significant changes since the previous audit, that is, there were no system changes, no reorganization of personnel, and no substantive procedural changes. However, during the last assurance engagement, the internal audit function identified several observations…

The Anonymous Caller: Recognizing It’s a Fraud and Evaluating What to Do The ethic case study was about an anonymous caller who is the controller of a privately-held, small, start-up company. The company was experiencing a severe cash shortage and was required to present the quarterly financial statements to the local bank, in order to begin receiving funds for the line of credit again. She had concerns that the senior executives of the company provided the local bank with misstated financial statements…