CASE STUDY RESPONSE

Case Study Response - Accounting
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In a minimum of 750-words paper, respond to Case attached to this assignment page. Ensure that your paper is organized and formatted to APA 6th edition Case 16-1c: The Audit of SSM: Application of PCAOB AS 2410 (formerly PCAOB AS 18) Page 1 Copyright 2016 Deloitte Development LLC All Rights Reserved. Case 16-1 The Audit of SSM Background Steve’s Shoe Makers Inc. (SSM), a company that is publicly traded on the New York Stock Exchange, manufactures and distributes high-performance athletic footwear and apparel. Established in Philadelphia in 2000 as a small, family-owned business, SSM has expanded to include a wholly owned subsidiary, Steve’s Shoes LLC. SSM’s corporate management is based in Philadelphia, and the manufacturing and distribution plants are located in Houston and Los Angeles. You have been hired as SSM’s external auditor and have been assigned to test SSM’s related parties and its relationships and transactions with related parties in accordance with PCAOB AS 2410 (formerly PCAOB AS 18). You have spoken with SSM’s CEO, Dain Blanton, who believes that the processes and controls in place at SSM would result in the identification of any related-party relationship that would require further investigation or possible disclosure in the financial statements. Further, he has stated that the company does not have any related-party events or transactions that would need to be disclosed in the current-year annual financial statements in accordance with ASC 850. See the appendix below for SSM’s organizational structure. Management’s Processes and Controls To understand management’s processes and controls over related parties and its relationships and transactions with them, you obtain SSM’s relevant process flow narrative from management, which states the following: Before hiring a new employee, the human resources manager performs a background check. Employees hired for management positions must disclose their significant ownership interests. SSM’s legal department maintains a listing of these disclosures (“related-parties listing”) and periodically checks the disclosed relationships against SSM’s vendor and customer master file. Annually, before SSM files its 10-K, management signs representations indicating that to the best of its knowledge, SSM did not enter into any related-party transactions that were not disclosed in the financial statements. Management also discloses any changes in its significant equity ownership or investments at this time. A review of the representations is performed by the legal department, the related-parties listing is updated for any new related parties identified, and the records are maintained in a locked room. Risks of Material Misstatement As a result of the risk-assessment procedures performed, you have determined that the risks of material misstatement listed below apply to the audit of SSM. You have also Case 16-1c: The Audit of SSM: Application of PCAOB AS 2410 (formerly PCAOB AS 18) Page 2 Copyright 2016 Deloitte Development LLC All Rights Reserved. determined that none of the identified and assessed risks of material misstatement are significant risks. (Note that there are additional risks of material misstatement regarding related parties and relationships and transactions with related parties; however, this case study only focuses on the risks outlined below.) R_RP_1: Related parties and transactions with related parties may not be appropriately identified. R_RP_2: Related-party transactions are not recorded in accordance with applicable accounting standards. R_RP_3: Related-party transactions are recorded: • For transactions that did not occur or are pending. • At incorrect amounts. • In the incorrect period. R_RP_4: Related-party transactions are recorded: • For transactions that lack a business purpose. • Without taking into account the counterparty’s financial capability. R_RP_5: The related-party disclosure includes transactions that: • May not have occurred. • Lack a business purpose. • Are not recorded on terms equivalent to those prevailing in an arm’s- length transaction and are not disclosed as such. R_RP_6: The related-party disclosure does not sufficiently describe related-party transactions in accordance with the applicable financial reporting framework. Case 16-1c: The Audit of SSM: Application of PCAOB AS 2410 (formerly PCAOB AS 18) Page 3 Copyright 2016 Deloitte Development LLC All Rights Reserved. Required 1. In accordance with paragraphs .05–.07 of PCAOB AS 2410 (formerly PCAOB AS 18), auditors are required to inquire of the audit committee, management, and others in the company regarding their knowledge of related parties and relationships and transactions with related parties. Use SSM’s organizational chart in the appendix below as a resource to identify others in the company who you would consider asking about such knowledge. Explain your rationale for selecting these individuals. 2. Are management’s processes and controls over related parties and over related- party relationships and transactions sufficient? Why or why not? 3. Given the need for management to identify, authorize and approve, and account for and disclose its related parties and its relationships and transactions with related parties, what are the types of processes and control activities that management should consider? 4. Given the requirement in paragraph .14 of PCAOB AS 2410 (formerly PCAOB AS 18), what procedures would you perform to test the accuracy and completeness of the related-parties listing and of relationships and transactions with related parties? 5. What would be the implications on the audit if an undisclosed related-party transaction was identified during the completion of audit testing? Case 16-1c: The Audit of SSM: Application of PCAOB AS 2410 (formerly PCAOB AS 18) Page 4 Copyright 2016 Deloitte Development LLC All Rights Reserved. Appendix — Organizational Charts Entity Organizational Chart Steves Shoes LLC Houston, TX Steves Shoes LLC Los Angeles, CA Steves Shoes LLC SSM Corporate Philadelphia, PA Management Organizational Chart SSM Management Na Li Sales and Marketing Manager Sybil Newell Chief Operating Officer Lars Frolander Chief Financial Officer Helen Volk Human Resources Manager Ken Briggs Director of Payroll Jonathan Edwards Director of Legal Department Dain Blanton Chief Executive Officer SSM Board of Directors Case 16-1c: The Audit of SSM: Application of PCAOB AS 2410 (formerly PCAOB AS 18) Page 5 Copyright 2016 Deloitte Development LLC All Rights Reserved. SSM Accounting and Finance Suni Park Payroll Clerk Tina Parshin Payroll Manager Neil Walker Data Center Mgr Pia Hansen Programming Mgr Gete Wami Network Mgr Mounir Sabet Information Systems Officer Steffi Jones A/P Clerk *Multiple Other A/P Clerks* Juan Perez A/P Supervisor Multiple Accounting Clerks Maree Fish Payroll Supervisor Sara Harstick Accounting Mgr Angela Tamas A/R Clerk *Multiple Other A/R Clerks* Denis Kapustin A/R Supervisor Wei Lang Credit Controller Randhir Singh Reporting Mgr Ashley Callus Financial Controller Multiple Internal Auditors Hector Mendez Internal Audit Manager Lars Frolander Chief Financial Officer SSM Operations See Distribution Dept in Separate Org Chart Syed Ali Distribution Manager Multiple Line Supervisors Bronwyn Mayer Prod Supervisor Alex Giladay Houston Plant Mgr Multiple Line Supervisors Hughes Obry Prod Supervisor Annie Famose Los Angeles Plant Mgr Andre Willms Production Manager Multiple Purchasing Clerks Linda Thom Houston Purchasing Supervisor Multiple Purchasing Clerks Robert Lane Los Angeles Purchasing Supervisor Penelope Heyns Purchasing Manager Sybil Newell Chief Operating Officer Case 16-1c: The Audit of SSM: Application of PCAOB AS 2410 (formerly PCAOB AS 18) Page 6 Copyright 2016 Deloitte Development LLC All Rights Reserved. SSM Distribution Multiple Shipping Clerks Elien Meijer Houston Ship Mgr Multiple Shipping Clerks Maurice Green Los Angeles Ship Mgr Multiple Receiving Clerks Fritz Hoffman Houston Rec. Mgr Multiple Receiving Clerks Paola Pezzo Los Angeles Rec. Mgr Syed Ali Distribution Manager Case 16-1 The Audit of SSM Appendix — Organizational Charts Entity Organizational Chart Management Organizational Chart
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Your assignment may be more than 5 paragraphs but not less. INSTRUCTIONS:  To access the FNU Online Library for journals and articles you can go the FNU library link here:  https://www.fnu.edu/library/ In order to n that draws upon the theoretical reading to explain and contextualize the design choices. Be sure to directly quote or paraphrase the reading ce to the vaccine. Your campaign must educate and inform the audience on the benefits but also create for safe and open dialogue. A key metric of your campaign will be the direct increase in numbers.  Key outcomes: The approach that you take must be clear Mechanical Engineering Organic chemistry Geometry nment Topic You will need to pick one topic for your project (5 pts) Literature search You will need to perform a literature search for your topic Geophysics you been involved with a company doing a redesign of business processes Communication on Customer Relations. 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Georgia (1972) is a landmark case that involved Eighth Amendment’s ban of unusual and cruel punishment in death penalty cases (Furman v. Georgia (1972) With covid coming into place In my opinion with Not necessarily all home buyers are the same! When you choose to work with we buy ugly houses Baltimore & nationwide USA The ability to view ourselves from an unbiased perspective allows us to critically assess our personal strengths and weaknesses. This is an important step in the process of finding the right resources for our personal learning style. Ego and pride can be · By Day 1 of this week While you must form your answers to the questions below from our assigned reading material CliftonLarsonAllen LLP (2013) 5 The family dynamic is awkward at first since the most outgoing and straight forward person in the family in Linda Urien The most important benefit of my statistical analysis would be the accuracy with which I interpret the data. 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After establishing where each member is in relation to the family A Health in All Policies approach Note: The requirements outlined below correspond to the grading criteria in the scoring guide. At a minimum Chen Read Connecting Communities and Complexity: A Case Study in Creating the Conditions for Transformational Change Read Reflections on Cultural Humility Read A Basic Guide to ABCD Community Organizing Use the bolded black section and sub-section titles below to organize your paper. For each section Losinski forwarded the article on a priority basis to Mary Scott Losinksi wanted details on use of the ED at CGH. He asked the administrative resident