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Audit Presentation

Transcript: Increase maximum amount available from $10M to $20M Double repay period by extending the maturity date for another 3 years Reduce interest rate on amounts drawn from LIBOR+7.5% to LIBOR+3% Reduce commitment fee on undrawn balance from 2% to 0.5% Non-recognized subsequent event -- Evidence about conditions that did not exist at the date of the balance sheet Disclose to keep the financial statements from being misleading Shakespeare paid $10 million on March 10, 2011, to acquire competitor company Hamlet. On the basis of its initial assessment from the Company’s due diligence (that started shortly before the balance sheet date), management’s best estimate of the allocation of the $10 million purchase is as follows: $2 million of current assets $5 million of identifiable noncurrent assets $2 million of intangible assets $1 million of goodwill. The estimated purchase price allocation has not been finalized and is expected to be after the financial statements are issued. How, if at all, is the acquisition of Hamlet recognized or disclosed in the financial statements? Records the incurred but not yet reported (IBNR) costs as the estimate of medical benefits payable Third party estimates Historically accurate Continuously check for reasonableness Claims received within 2 months Estimate balance was $1.75M as of 12/31/10 Claims were $0.75M as of 3/18/11 855-10-25-3: An entity shall not recognize subsequent events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after the balance sheet date but before financial statements are issued or are available to be issued. Let's Look at GAAP 855-10-50-3: An entity also shall consider supplementing the historical financial statements with pro forma financial data. Occasionally, a non-recognized subsequent event may be so significant that disclosure can best be made by means of pro forma financial data. Such data shall give effect to the event as if it had occurred on the balance sheet date. In some situations, an entity also shall consider presenting pro forma statements, usually a balance sheet only, in columnar form on the face of the historical statements. 805-10-50-2: To meet the objective in the preceding paragraph, the acquirer shall disclose the following information for each business combination that occurs during the reporting period: a. The name and a description of the acquiree b. The acquisition date c. The percentage of voting equity interests acquired d. The primary reasons for the business combination and a description of how the acquirer obtained control of the acquiree Do not recognize Disclose terms and date of modifications under the subsequent event note No financial impact directly from modifications Note: Items (e) through (h) do not apply to Shakespeare's acquisition of Hamlet Let's Look at GAAP Disclosure Change as an SEC Filer Medical Benefits Payable cont. 855-10-55-2: The following are examples of nonrecognized subsequent events addressed in paragraph 855-10-25-3: Medical Benefits Payable Group 7 - Charlie Blackstock, Kori Gibbs, Kate Harris, Tracy Liu, Yanni Ma, and David Weber Let's Look at GAAP Review Subsequent Events Subsequent Events Disclosure Date Let's Look at GAAP Let's Look at GAAP GAAP ASC 855-10-25-1A: the entity shall evaluate subsequent events through the date the financial statements are issued Financial statements are issued: when they are widely distributed to shareholders and other financial statement users for general use and reliance in a form and format that complies with GAAP What should Shakespeare do? Assuming that the company will issue their financial statements on the planned date, they should disclose the date of March 20, 2011 in the footnotes Shakespeare could choose to do this, but since the purchase price allocation isn't finalized, maybe don't do this. Events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued. Following ASC 855-10-50-1, they must disclose: (a) the date through which subsequent events have been evaluated March 18, 2011 (b) that date is when the financial statements were available to be issued They were available to be issued at that time, but not issued until March 20, 2011 a. Sale of a bond or capital stock issued after the balance sheet date but before financial statements are issued or are available to be issued Shakespeare follows the above and makes as many disclosures as is practicable. Shakespeare might choose to disclose its initial purchase price allocation if it feels that is relevant/reliable. Acquisition of New Publishing Company Line of Credit Modification Let's Look at GAAP a. The nature of the event b. An estimate of its financial effect, or a statement that such an estimate cannot be made b. A business combination that occurs after the balance sheet date but before financial statements are issued or are available to be issued (Topic 805 requires specific

Audit Presentation

Transcript: Parmalat Italian Dairy Manufacturer Revenue= 4,538,000,000 euros 14,000 employees International Company Operate in: Botswana, Canada, Cuba, Mozambique, Paraguay, Russia, Venezuela, and Romania Listed on Italian Stock Exchange since 2005 #1 Stockholder=Sofil SAS (82%) CEO: Yvon Guerin with Parmalat since 1990 Deloitte-->PWC Due to fraud & Bankruptcy in 2002-2003 PWC since 2005 annual report 2011 Annual Report: true & fair view of financial position after being reissued due to closure of pending litigation 1.6 million euros in fees Analytical Procedures Inventory: Weighted Average Cost Method PPE/Intangibles: Straight Line Amortization and Depreciation Recognize foreign transactions using exchange rate at date of transaction for revenue/expenses Estimations: made by directors using subjective evaluations based on historical data Amendment IFRS7: Financial Instruments Disclosures-Transfers of Financial Assets No effect Parmalat Background Audit Committee Welcome to Parmalat Greatest Audit Risk Lactalis bought Parmalat in 2012 for $4.8 billion Worldwide leader in dairy products Prior to purchase: Lactalis was Parmalat's largest shareholder nominated and secured 9 out of 11 seats on Parmalat's boards CONSOB: Auditing Standards Regulation for Companies listed on the Italian Stock Exchange IFRS vs. GAAP Financial Periods required Layout Presentation Classification Disclosures Related Party Transactions Estimates of Depreciation and Allowance for Doubtful Accounts/ Bad Debt Expense Medium Inherent Risk History of fraud Recent merger and public dissatisfaction Low Control Risk Medium Acceptable Audit Risk Tolerable Error: 3,000,000 euros Materiality Levels: 1% of revenue Specialist in currency exchange calculations Traditional audit committee responsibilities are designated to: The Internal Control, Risk Control, and Corporate Governance Committee President: Marco Reboa Assist BOD Approve annual audit plan Communicate with external auditor about accounting policies Lauren Wachi Rachel Horrigan ACCT 4160 Growth in Milk & Milk Derivatives Division Leader in Industry ROA=0.4 NWC=154,500,000 euros Current=3.7 Competitor: Lactalis Lactalis market share: 26% Parmalat market share: 29.5% European Food Safety Administration Questions? U.S. vs. International Reporting Compare prior year to current year content Investments in associates (from 3.3->60.1) Trade Receivables (from 484->529) Compare Parmalat to other firms in the industry Analyze financial and nonfinancial data Compare revenues to square feet of manufacturing plants Confirmations regarding related party transactions Evaluate estimates useful life of PPE for depreciation Parmalat Background cont. Audit Report Financial Accounting Standards Change in Auditors Parmalat & Lactalis Merger Accounting 0 + - = 9 8 7 1 2 3 4 5 6 c

Audit Presentation

Transcript: Audit Simulation Presentation BY: Franklina Boateng Audit Simulation Presentation Plan the audit Establish an understanding with the client as to the nature of the engagement Develop an Audit: Strategy Plan Plan the audit Understanding the Client. Gathering Sufficient background information to assess the risks of material misstatment of the financial statements. Inverviewing management Understanding the Client. Risk assessment procedures This procedure is used to gather information and include inquiries of management. Analytical procedures Observation Inspection. NOT a huge difference on assets and liab ilites form the year 2015-2016 Risk assessment procedures This understanding helps the aditors identify account balances, transactions, and disclosures with a high risk of material misstatement Understanding of the client Assess the risk of misstatment and design further audit procedures At this point auditor identify account balances, transactions and disclosures that might be materially misstated. Fixed asset was not accrately report Depreciation expense was off Assess the risk of misstatment and design further audit procedures Performing further audit procedures Tests of controls Analytical procedures Tests of details of transaction and balances Audit procedures Inquiry Inspection Observation Confirmation Recalculation Reperformance Performing further audit procedures Complete the audit Search for unrecorded liabilities Review minutes of meetings Perform final analytical procedures Perform procedures to identify loss contingencies Perform review for subsequent event Obtain representation letter Evaluate audit findings Complete the audit Form an opinion and issue the audit report Different opinions on different statements Auditors provide differing opinions on the respective financial statement. This final step on the process is issuance of the audit report based on the conclusions reached in the preceding steps Form an opinion and issue the audit report There were accounts materially misstated. Employees were Sketchy Fraudulent. PTP NEEDS TO INSPECTED Amounts were overstated My opinion Questions!!! Thank You Whittington, Ray, and Kurt Pany. Principles of Auditing & Other Assurance Services. 20th ed., McGraw-Hill Education, 2016. Reference

Audit Presentation

Transcript: Cairo Metro Line 3 Phase 4B Thank You.... AC Scope - G2 Bridges Sector 1st Oct. 2018 Project Introduction Project Introduction Metro Line 3 Owner Natinal Authority for Tunnels (NAT) Phase 4B Phase 4B * 6 Elevated Stations * 7 Viaducts * Depot AC Scope - Bridges Sector AC Scope - Bridges Sector * 2 Elevated Stations * 5 Viaducts Important Information Important Information Project type : JV "Arab Contractors and Orascom Project Leader: Arab Contractors Consultant: JV "Systra, ACE, Ehaf" JV Consultant: DAR Elhandasa Project Duration : 38 monthes Contract Finish Date : 30/10/2019 Project Organizational Structure Project Organizational Structure Client (NAT) National Authority of Tunnels Main Contractor (JV) AC and OC Joint Venture Arab Contractors Bridges Sector G4 G3 G2 G1 Fund Check Approve Material Design Interface Installation Erection Gs Gs Groups Responsibilities Signaling & Telecommunications &Driving modes Civil Works (Viaduct & Stations) Power Supply, Electromechanic & Workshop Track Works G1 G2 G3 G4 Overall Progress Overall Progress 100.00% 81.73% 72.84% 48.62% 41.65% 14.09% 22.50% On behave of the safety management and the staff of Greater Cairo Metro Line 3 Phase 4B, Safety Tips Safety Tips Welcome to all of you All visitors should be registered to obtain Visitor/(s) Pass. Site Access SITE ACCESS Signing in and out is important; as it facilitates the evacuation to all. PERSONAL PROTECTIVE EQUIPMENT Personal Protective Equipment All persons entering any construction area are required to wear the minimum protective equipment (Hard hat, High visibility vests and Safety Shoes) The allowable speed limit in site is (10 km/hr) Vehicles Speed Limit VEHICLE SPEED LIMIT In case of emergency, the evacuation alarm will sound across the entire site. Please try to: Remain calm. Keep close to the nearest safety man "wearing a red helmet". He will guide you to safe area at nearest assembly point. Do not leave the group when they are heading to the assembly point. Site Evacuation Instructions SITE EVACUATION INSTRUCTIONS Smoking is prohibited in both offices and construction site. It is only allowed in the designated areas. Smoking SMOKING Thank You..... Thank You.....

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