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Due Week 10 and worth
440 points
Assume you are the partner in an accounting firm hired to
perform the audit on a fortune 1000 company.
Assume also that the initial public offering (IPO) of the company was
approximately five (5) years ago and the company is concerned that, in less
than five (5) years after the IPO, a restatement may be necessary. During your
initial evaluation of the client, you discover the following information:
The client is currently undergoing a three (3) year income
tax examination by the Internal Revenue Service (IRS). A significant issue
involved in the IRS audit encompasses inventory write-downs on the tax returns
that are not included in the financial statements. Because of the concealment
of the transaction, the IRS is labeling the treatment of the write-down as
fraud.
The company has a share-based compensation plan for
top-level executives consisting of stock options. The value of the options
exercised during the year was not expensed or disclosed in the financial
statements.
The company has several operating and capital leases in
place, and the CFO is considering leasing a substantial portion of the assets
for future use. The current leases in place are arranged using special purpose
entities (SPEs) and operating leases.
The company seeks to acquire a global partner, which will
require IFRS reporting.
The company received correspondence from the Securities and
Exchange Commission (SEC) requesting additional supplemental information
regarding the financial statements submitted with the IPO.
Use technology and information resources to research issues
in accounting.
Analyze business situations and apply advanced federal
taxation concepts.
Write clearly and concisely about accounting using proper
writing mechanics.
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