Also, the fact that Pete is discussing the audit with Alan causes for some skepticism. To start the audit, Pete and his team must first get an understanding of Smackey and their industry to conduct this audit. Though Keller CPA’s have never audited a dog food company, maybe they have audit companies similar to Smackey like a food manufacturer and this will at least give them some insight on what to look for. Also, they should look at the industry to have some comparison when they began to audit the financials. Assessing Smackey’s business risk will be the next step and the issue they are having with returned dog food could really threaten their risk factor.
Smackey Dog Food, Inc. has had some troubles in this area. Keller CPA’s does not have specific experience with auditing a dog food manufacturer, but certainly has a good bit of experience with similar small business accounting and auditing issues. The first thing to address
Market research contains a collection of data which obtains knowledge into the needs, demands and preferences of customers and the dynamic of the market in which they are involved in. The process involves gathering, analysing and interpreting information about a market and about past, present and potential customers for the product or service; research looks at the spending habits, location and needs of the business’s target market, and the particular competitors that the business may be facing. Market research involves two types of data: * Primary information. This is information that comes from a business’s source – potential customers; this is generally gathered by a business for their own specific purposes. This type of research usually takes the raw data such as information collected through focus groups or/and surveys and interpret the data for different business purposes.
Smackey Dog Foods is a privately held company and is not required by the SEC to file audited financial statements as mentioned above. However, since the SEC has considerable influence in setting generally accepted accounting principles (GAAP); Smackey Dog Foods is being influenced by the SEC on how their financials should be prepared. If they want to file to become a publicly traded company, they would have to provide past reports in the SEC mandated format. Q2: Discuss the essential activities involved in the initial planning of an audit. How do these all specifically to the Smackey Dog Food client?
Sam also researched the Delaware market and knew that brewpubs did not exist there. His research led him to convince the Delaware legislature to make brewpubs legal. Also the location (Rehoboth) was a good location because of the high volume of tourists from the Washington, D.C. area. 2. What research methods would you recommend for Dogfish Brewery today?
First place of the investigation began at the vehicle yard and with the Security office. To begin, the security guard did not properly identify Top Notch, but only took them at their word. He did not have the proper information and did not ask for identification of us as consultants. He then allowed us access into the Security office. Also, it appears that review and refresher training be conducted for the Security team.
The competition must be also addressed; their advantages, costs of operation, products, strategies and also their strengths and weaknesses. At this step the pertinent laws and regulations and the labor and social issues must be verified. The company must also take a look at the economy and at the technological innovations that can affect the industry. The third recommended step is an internal strengths and weaknesses analysis to understand clearly how the organization can compete. Finance issues have to be evaluated; balance sheets, income statements, real estate, loans, among other factors.
Identify the main reasons for reviewing working methods, products and / or services in a business environment. Reasons for reviewing working methods, products or services may include: * identifying anything that is not working * providing the opportunity to improve * reviewing products ensures that they are still fit for purpose * reviewing services ensures that what is being offered is competitive and what the customer wants. 2. When a business is going through change: a) Describe the different types of support that people may need. Types of support that people may need during change
For example, if the client is better off after the application of the intervention in comparison to the prior assistance. Applying a logic model to this evaluation will measure the changes of skills, behaviors, understanding, values, and independence for each client. The measurements will address the prior behaviors and skills in comparison to the present behaviors and skills to document the achievement changes. These measures come from data collection involving client satisfactions surveys, special measurement instruments, and the service professional that can accurately account for specific influences in these evaluations. In addition, the outcome evaluation can prepare the organization for a long-term intervention that can create changes in the community of the organization and the surrounding businesses and community stakeholders.