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Overview of a Business Audit

The fact that the firm had to sign a confidentiality agreement should have been a red flag causing Larry Gray to be more vigilant during the building inspection. As a result he should have been more suspicious and question the validity of the million dollars claim for this particular location. At a minimum he should have tried to visit at least one more site. .
             Question 3.
             George Greenspan was mislead by the confirmations given by the insurance adjustor Tom Padgett because of collusion between Tom Padgett and Barry Minkow. He believed they are "two independent parties." Mr. Greenspan stated he was performed various analytical procedure to detect unusual relationship in financial data including comparing key financial rations against industry norms. He should have question ZZZ Best's net income that surged from less than $200,000 to more than $5 million in a three year period. Moreover, he never visited any of the sites for an inspection.
             Question 4.
             This communication would be a method to ascertain the audit risk of the client. A predecessor auditor may have disagreed with the client about accounting principles and auditing standards. Thus, it would help the successor auditor in the engagement stage of the audit to decide whether to accept or decline the client. The responsibility falls on the successor auditor to initiate communications by requesting permission from the perspective client to make an inquiry of the predecessor auditor prior to final acceptance of the engagement (SAS 84). A successor auditor should make specific and reasonable inquiries of the predecessor auditor with respect to information that might bear on the integrity of management; disagreements concerning accounting principles, auditing procedures or similar matters. The successor auditor should inquire about fraud and illegal acts by the client. The successor auditor should also inquire about the predecessor's communications with the client concerning significant deficiencies and material weaknesses in internal controls and seek information on the reason for the change in the auditing firm.


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