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Jersey Johnnie Surfboard Audit Case Paper

884 Words4 Pages

In the audit, if there is any allegation of possible frauds or illegal acts, the auditor has to make further investigations to support his or her preliminary conclusion. However, the scope of the independent investigation is not sufficient or the evidence concerning possible frauds or illegal acts is absent, the engagement team might take the following actions.
According to AU 317.08, the auditor might inquire the management and audit committee of Jersey Johnnie’s Surfboard Inc. about its compliance with laws and regulations, and its knowledge of violations or possible violations of laws or regulations. Moreover, the auditor might make inquiries of the management concerning the company’s policies relative to the prevention of illegal acts and …show more content…

Sinaloa and other documentation from the VP of sales and the CEO regarding the transaction. However, the information collected does not satisfy the auditor to support his or her preliminary conclusion, he or she should consult with the client's legal counsel or other specialists about the application of relevant laws and regulations to the circumstances and the possible effects on the financial statements. The auditor should also obtain the arrangement made by audit client for consultation with its legal …show more content…

Computer-assisted audit techniques may be useful in identifying unusual or unexpected revenue relationships or transactions. The auditor should also confirm with the company’s customer certain relevant contract terms and the absence of side agreements, because the appropriate accounting often is influenced by such terms or agreements. The auditor confirmed with the management about the influence and participation of another entity’s employees, but he or she should make further inquiries of the entity’s sales and marketing personnel or in-house legal counsel regarding sales or shipments before and after December 31, 2010 and their knowledge of any unusual terms or conditions associated with these transactions. Also, the auditor could observe goods being shipped or being readied for shipment (or returns awaiting processing), and perform other appropriate sales and inventory cutoff

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