Review Of Golden Bear Golf, Inc

Companies currently operating within the golf industry, specifically Calloway Golf, must change their current marketing approaches and strategies to withstand the recession and threats facing the industry. Although Calloway has a strong R&D department that tends to remain competitive with products and technology, there have been little results in reference to scores. It is imperative that if companies are going to market a product that will help golfers drive further and straighter that the results depict this so that not to damage the brand name of a product. Secondly, due to the decline in equipment sales and the number of golfers, prices are dropping and companies are outsourcing to maintain the volume needed to remain competitive. Companies must be cautious and aware so that counterfeiting may be reduced. This reduction would also allow companies to reduce their pricing and have more sales without the competition of these cheaply priced knock-offs. In the instance of

Finally, disclosure was a very relevant assertion for the Paragon audit. Paragon failed to disclose much information regarding their switch to the “earned-value” method. Paragon continued billing its customers on a cost-to-cost basis while reporting financial results in the earned-value method. Arthur Anderson should have required Paragon to remain consistent and charge its customers based on the earned-value method.

Overall, there were three “red flags” E&Y was not aware of during the audit. First, they neglected the 500% net income increase from 1999-2001. This should have raised awareness because revenues only increased by 5% during that same period. Second, the internal auditors were denied access to some of the corporate ledgers. E&Y should have seen this as being one of the largest red flags. Third, the audit team failed to properly investigate employee complaints.

The auditing firm Coopers & Lybrand was accused of failing to perform a proper GAAS audit. One strategy the auditors could have performed was to follow the trail of revenue vs expenses. The auditor should have notice large sums ($10 million) of revenue going into one particular expense (Suppliers/Inventory). Considering Phar-Mor filed that they lost money in fiscal year 1984 and 1985 and they never cleared

This course is the first in a two-part series that deals with auditing a company 's financial reports, internal controls, and

CAS 300 requires auditors to their audit using a risk based model where the nature, timing and extent of audit procedures are based on the assessed risk of material misstatement. Pickett (2006) argues that for audits to be effective and efficient, much of the audit effort should be focused on areas that are considered to pose the highest audit risk. Additional audit procedures should be linked to individual audit assertions whereas other audit procedures need to be performed as and when needed. Thus, for an audit plan to be put in place, it is necessary for an auditor to come up with a risk profile of the client comprising an understanding of the business operating by the audit client, assess business risk and also perform its preliminary analytical review.

The partners must do additional analysis prior to determining if they should invest in a new miniature golf venture in Golden City. Before establishing marketing objectives, advertising and promotional programs, plans for addressing demand fluctuations and considering alternate locations, they must determine if they can generate sufficient sales to fund operations. They have done market research which provides a good baseline for establishing the demand, course capacity and anticipated costs. Once they have analysed this data and established that the business is financially viable, they can address advertising, demand and location questions by developing a marketing strategy.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate (Louwers & Reynolds, 2007). We believe that the audit evidence obtained is sufficient and appropriate to provide a reasonable basis for our opinions.

In, My opinion Questions are not as appropriate as it should be. Since the first priority of every golf-club is to provide better Golf service. However MGCC service was not meeting the expectations of members for golf-club and also dining services. Questions were very general and can't make any profitable final decision for MGCC by survey's result. Since, most of the questions are very broad and not including or asking the major issue. Although dining is very important for MGCC but the most of surveyed question were related to dinning rather than

[pic]s a senior in a professional services firm, you have been assigned to plan the financial statement audit of a private company named Toy Central Corporation (TCC). In addition, the partner on the engagement has asked you to identify business risks that could adversely affect TCC’s sustained profitability, so that they can be brought to the attention of the company’s board of directors. These tasks will require you to draw on your knowledge of supply chain management, marketing, internal controls, audit assertions, and financial accounting.

In this report I will discuss the communication problems which exist at Rolling Meadows Golf Club. The problems discussed will deal with channels of communication. The areas which are causing problems are internal. Radios would solve these internal problems.

Callaway Golf Company is considered a leader of the golf equipment industry through its development of technologically advanced golf clubs that compensated for the most amateur players with poor swings and helping them achieve a better golf game with the introduction of Big Bertha in 1990 and launched Callaway Golf Company forward at great speed into notoriety of the golfing community (Gamble, 2000). This analysis will thoroughly dive into the many parts of the case of the Callaway Golf Company.

The founder, Ely Callaway’s vision is: “If we make a truly more satisfying product for the average golfer, not the professionals, and make it pleasingly different form the competition, the company would be successful.” However, this vision is change from other company’s visions; the difference being that the price is not mention.

The analyzed case study refers to the Hollate Manufacturing company, which belonged to the home construction industry since 1950s. The company operated in the United States and Canada with 14 divisions spread throughout the countries. Hollate’s performance was significantly better than its peers, resulting in $1 billion sales. The company maintained its growth over the years due to growth-through-acquisition strategy. However, the home construction industry suffered downturn in recent years. Hollate manufacturing faced a problem with audit as far as with personnel. Four suggestions are given along with answer to the question how to avoid alike situations.

“Audit committee members or their agents may proactively examine areas, functions, and personnel where collusive fraud risk is reasonably likely to be perpetrated,” (Zmags). The search for fraud, even if performed in the same location multiple times, may continue until the audit committee feels confident that they have ruled out the probability that fraud is prevalent. One of the biggest risks of fraud is management override of controls, requiring the extensive search for risk in, “journal entries and other adjustments and reviewing accounting estimates for possible biases that could result in material misstatements,” (Nysscpa).