Custom cabinets inc case study
Once completed, we will install your new built-ins usually in a day or two with minimum disturbance in your home and inconvenience to you. Moreover, analytical procedures at the beginning of the audit would also allow the auditor to identify the significant fluctuations in the financial data as well as it would also assist the auditor in identifying material areas in the financial statements of the company.
Thus, he should perform the following procedures in order to obtain the sufficient and appropriate audit evidence with regards to PPE and inventory. Case Study Analysis Solutions. In a stock cabinet, this would be a filler; we made it into a tall narrow cabinet perfect for a broom and dustpan. Since the property plant and equipment are fully depreciated, therefore, there is a risk that the company may have recorded such assets in its financial statements.
Since there are no inventory counting procedures, therefore, there is a risk that the inventory would be overvalued. Prepare the property, plant and equipment PPE audit program that will be used by PWC accounting for the December 31, , fiscal year-end audit of Custom.
Since there is no cost and NRV testing, therefore, there is a risk that the inventory would be overvalued. Evaluate the audit work done by the audit junior on the inventory and property. In addition to this, the avoidance of the credit balances in the inventory account is also inconsistent with the requirements of the auditing standards.
The auditor should do inventory counting on atimely basis. Case by Case Cabinets worked with the client and contractor to produce a design that worked much better with the existing space and constraints.
A shallow base cabinet supports the counter, and along with the counter extension, creates a micro-desk area. The contractor convinced the homeowner to consider the custom approach, which he knew would result in a better kitchen for his clients. Thus, this would allow the auditor to make effective audit plan accordingly. Reduction in warranty provision implies a risk that the revenue would be overvalued. Indicate which CAS requires you to perform analytical procedures.
A painted kitchen was commissioned in late This left a very non-standard width to fill. Present your answer in a table with column one identifying the risk and column two explaining the risk. The exhaust pipe goes through this cabinet.
A radiator was fit into the back of the island, and precise measurements were taken to wrap the frame and bead board door style around it. In order to identify the unusual fluctuation in the financial data of the company, the balance sheet data of the financial year is compared with the balance sheet of financial year interim in exhibit 1.
This is just a sample partial case solution. This is a standard Case by Case detail. Since two of the major customers of the company havegone into bankruptcy , therefore, there is a risk that the company has not recorded bad debt of such amount Accounts receivable would be overvalued.
The sink cabinet, which is to the left, had to be a certain width centered under the window. No filler needed, though, with custom it's easy enough to make the door the right size.
This case provides an opportunity to explore very simple job-order costing. Thus, the auditor is required to focus on these account balances as these account balances reflect highest fluctuations and they may contain material misstatement. Revenue would be overvalued and expenses would be undervalued. Product Overview This case provides an opportunity to explore very simple job-order costing. Many options and designs are possible.
Perform the planning analytical review for the financial statements of Custom, analysing the key movements. It also provides a chance to discuss contribution analysis in the context of a pricing decision and the absorption of manufacturing overhead costs by the various jobs the company has under contract. If so, take a tour of this kitchen!
The homeowners decided to move forward with Case by Case and approved the final design in October. Our built-in cabinetry is designed to fit your lifestyle and to maximize storage possibilities, while enhancing the visual appeal of a room.
Please click on any image to view it in more detail. The auditor is required to perform the analytical procedures at the start of the audit in order to gain the comprehensive understanding of the entity and its environment.
The view from the other side showing the area for the stools. Auditing Assignment Ernst and Young: The auditor should go for legal advice as well as review the results of similar events in the previous years if any and make adjustments accordingly A Kitchen Case Study.
Moreover, the net profit of the company would also be overvalued. The junior has ignored several credit balances appearing in the inventory as well as he has only performed analytical procedures on inventory and PPE, which is insufficient to obtain appropriate audit evidence.
Should the finished panel be damaged, only the panel is replaced, not the entire cabinet. Although the kitchen is modest in size and materials, it is an outstanding example of custom work at its best. Inventory would be overvalued. Please place the order on the website to get your own originally done case solution.