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Audit Project - Essay Example

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Firm employee reads and saves articles about issues that may affect critical clients. Which the regulations management rely upon to increase sales of solar-electro. Second article claims that pinnacle lack the knowledge and personnel necessary to perform in solar power engine…
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Audit Project
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Download file to see previous pages 3. New computerized manufacturing equipment that has a stamp “product of Welburn manufacturing, Detroit Michigan”. Under this condition, the fraud risk is significant since there is miscommunication.
4. Pinnacle employees constructed a building because of employee idle and to save time. The controller said there was coordination with the construction company responsible for the addition. The fraud risk under this case is very significant since there might be a coalition between the construction company and the controller.
5. Auto-electro accounts for nearly 15% of the companys account receivable balance and the customer has not made payments for several months. The fraud risk under this case can be very significant because it can lead to lose a lot of money.
6. The directors raised a significant amount of debt to finance the construction of new manufacturing plant for solar-electro division and modification to the property on which the plant will be built. The fraud risk under this circumstance is insignificant since there is approval by directors.
7. Pinnacle president while wearing a golf shirt with the words ‘‘Todd-Machine” and repairmen who repair company own by vice president of Pinnacle. The fraud risk is very significant because it seems the vice president has an interest in two competing companies.
8. Significant turnover in the internal audit department. There was a conclusion that the turnover is only present at the higher level positions. The fraud risk under this case is significant because high turnover is a bad sign
9. While review debt agreements, It several restrictive covenants was identified ,two requirements are to keep the current ratio above 2.0 and debt below 1.0 at all times. This is normal business adjustment, and the fraud risk is insignificant
10. CPA notification that Brian Sioux will be visiting pinnacle facilities to investigate an ongoing dispute between the internal revenue ...Download file to see next pagesRead More
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