Information Relevant to 2011 Audit Audit Action Recommended Pressure to run into gross revenues marks GA 3-1 Increase processs related to being of gross revenues and rating of receivables. every bit good as cutoff Purchase of equipment GA 3-1 Verify through bills and having studies if equipment purchased during the twelvemonth Verify footings of refinancing for truth every bit good as involvement payments. Line of recognition refinanced GA 3-1 Did they pay note on Jan. 1. 2012 or refinance further? May necessitate to unwrap as subsequent event if refinanced once more. or see impact on traveling concern if note was non paid as required Declaration of dividends for the old twelvemonth GA 3-1Verify that merely sanctioned dividends were paid ( i. e. no dividend payments made ) Salary addition and stipends approved and seconded by non-independent board members GA 3-1Verify the charter by-laws. appears to conflict of involvement Commercial clip disbursal increased 10 % from old twelvemonth GA 3-1Verify through bills and payments Damages reported GA 3-2 Verify rating of amendss. every bit good as cheque for revelation if economic loss How does this impact traveling concern? Monetary values increased to counterbalance reduced gross revenues GA 3-2 What is the impact on gross revenues since the monetary value addition?
R & A ; D disbursal eliminated for twelvemonth GA 3-2 Verify that R & A ; D decreased consequently Lab modified to house gym GA 3-2 Verify the costs of alteration through bills. every bit good as verify how it was recorded-expensed or capitalized Scientists reassigned to maintenance GA 3-2 Were the wages adjusted to reflect the alteration in occupation? Postage and telephone disbursals reduced during twelvemonth GA 3-2 Verify that there was a decrease in postage and telephone disbursal AR write-down for one history ( $ 8. 810. 13 ) GA 3-2 Low figure of write-down for company of this size. and undue force per unit area to avoid write-offs Increase testing related to rating of AR
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Loan to Mr. Lancaster’s personal secretary for 1M GA 3-2
Related party dealing. cheque to see if disclosed as such and suitably accounted for per GAAP Mr. Lancaster requested cheque be drawn to him instead than to secretary GA 3-2 Perform fraud related processs to guarantee Mr. Lancaster did non maintain financess or is in collusion with secretary 1. 2M new computing machine system authorized GA 3-2 Verify purchase and monetary value mandate sum through bills Ms. Mandeville offer to confer with on purchase and installing GA 3-2 Outside manager. likely via medias independence Authorized draw of $ 44. 053. 000 to fund computing machine purchase and other disbursals GA 3-2 Amount seems inordinate compared to 1. 2M mandate for computing machine system and old averment that many disbursals for reduced. Verify revelation of committedness of financess GA-3-b
AOW hearers choice ratified as 2011 hearers GA 3-3 Why new hearers? Inquire as to the alteration ( i. e. dissension in footings of accounting intervention or moralss ) and mandate to pass on with predecessor hearers Declaration to retroactively pay hard currency dividend collectible Mar 1 2012 to SH of record on Dec 31GA 3-3 Verify subsequent event recorded right. non included in cut-off for Dec 31 so non a payment Pending category action judicial proceeding GA 3-3 What is likelihood company will lose suit and what are the foreseeable pecuniary duty?
Board member enquiry to machinery purchased in early 2010 GA 3-3 Verify being and current rating of machinery Gesture to O.K. officers’ fillips moved and seconded GA 3-3 Moved and seconded by non-independent managers Employee benefits plan parts increased by $ 300. 000. up 10 % from past old ages ( employee discontent ) GA 3-3 Verify addition through back uping certification. Could position of labour unrest affect traveling concern premise? Previous mentioned 1M Superbowl commercial ad presently defunct and will non be aired this twelvemonth GA 3-3 Inquire as to why non. is there a deficiency of sufficient hard currency to fund the commercial?
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