Case 8 1 laramie wire manufacturing using

Laramie is a medium-sized company that buys copper rod and plastic materials used to make insulated copper wiring. Auditing Standards AU No. General Academic Questions Already graded.

They also help the auditor plan the evidence that will be gathered in various audit areas by helping the auditor identify potential risks and problem areas requiring more extensive substantive testing. Laramie supplies insulated copper wiring in the northeastern part of the United States.

The information is listed below.

This is the first year your firm has conducted the audit for this particular client. The three general uses of analytical procedures listed above correspond to the three stages of an audit in which they are typically used—planning, evidence gathering, and final review.

Prepare written answers to the follow the case. An interactive Learning Approach located on the Week four materials page. During planning, analytics help the auditor gain an overall understanding of the client and its business environment.

The company has a good reputation for quality products and has had a good working relationship with its outside accountants over the past 10 years. Because your assistant is new, he is usually not very good about weeding out irrelevant information, so you may not need to use every piece of information he has provided.

Use as a perfect guide! It is not intended to illustrate either effective or ineffective handling of an administrative situation. You are in the planning stages of the audit, and you are preparing to conduct some analytical procedures to help you identify risk areas that may require further attention.

You are a senior auditor assigned to the Laramie Wire Manufacturing audit. In fact, although Laramie has previously engaged accountants to perform limited review services for the purpose of obtaining bank loans, this is the first year Laramie has contracted for a full-scale audit of its financial statements.

This case addresses the use of analytical procedures in the planning stage of the audit. The company is planning an initial public offering IPO of its stock in the next two or three years and has hired your firm to conduct its first financial statement audit in preparation for the upcoming IPO.Case Laramie Wire Manufacturing: Using Analytical Procedures in Audit Planning Essay Case Laramie Wire Manufacturing: Using Analytical Procedures in Audit Planning 1.

Perform analytical procedures to help you identify relatively risky areas that indicate the need for further attention during the audit, if any. Laramie Wire Manufacturing Case Qusai Rabadi Laramie operates out of asquare foot factory which houses their production, shipping and receiving departments, finished & raw materials inventory and office space Over the past decade, Laramie has built a solid reputation with the accountants who were reviewing their internal procedures.

Case Laramie Wire Manufacturing: Using Analytical Procedures in Audit Planning 1. Perform analytical procedures to help you identify relatively risky areas that indicate the need for further attention during the audit, if any. %(32). Resource: Case Laramie Wire Manufacturing: Using Analytical Procedures in Audit Planning from Auditing Cases: An interactive Learning Approach located on the Week four materials page.

Prepare written answers to the follow. Laramie Wire Manufacturing Case Auditing Case Laramie Wire Manufacturing * Days Sales in Receivables Days Sales in Receivables increased 16% from to There may be customers who are not paying due to defective products they purchased.

The auditors need to verify that the receivables exist, are properly valuated, are within. Case Laramie Wire Manufacturing: Using Analytical Procedures in Audit Planning 1.

Perform analytical procedures to help you identify relatively risky areas that indicate the need for further attention during the audit, if any.

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Case 8 1 laramie wire manufacturing using
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