Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 20 Aug 2017 My Price 12.00

Koss Corpora- tion

Refer to Exhibit 14.5, “Identifying Risks at Koss Corpora- tion Using Analytical Procedures.” Review the analytical procedure results and trends. Presumably, Sue Sachdeva knew that the audi- tors might ask pointed questions about the financial results and odd analytics apparent in the data from FYE 2004-FYE 2009. For each of the trends listed below, describe how you think Sachdeva might have tried to explain away the issue (because, of course, she would not admit to the fraud). Indicate how a professionaly skeptical auditor might have responded to her explanations.

Financial Trend

CFO’s Likely

Explanation

Cash balances have declined to their lowest level since FYE

2004.

Sales increased over the period, but have returned to about

FYE 2004 levels.

Cost of goods sold as a percentage of sales has risen sharply over the period, with a particularly significant increase from FYE 2008 to 2009.

Relatedly, gross profit has decreased sharply over the period, with a particularly significant decrease from FYE

2008 to 2009.

SG&A as a percentage of sales has risen sharply over the period, with a particularly significant increase from FYE

2008 to 2009.

Net income as a percentage of sales has decreased sharply over the period, with a particularly significant decrease from FYE 2008 to 2009.

Accounts receivable as a percentage of sales has remained relatively stable over the period, so there do not appear to be problems in billing or collections.

Current liabilities as a percentage of sales has remained relatively stable over the period, so there do not appear to be problems in the purchasing cycle.

Answers

Maurice Tutor
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Status NEW Posted 20 Aug 2017 10:08 PM My Price 12.00

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