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ACC 450 Assignment – SUN Company

SUN CompanyIt is January 2016 and you are a staff accountant assigned to the 2015 audit of SUN Company. SUNCompany is a closely held corporation managed by the founder and principal shareholder, Adam B.Clark. Your firm has audited SUN Company for the last five years. The audited financial statementsfor the years ended December 31, 2014 and 2013 are presented below, with the client’s unauditedfinancial statements for 2015.Additional Information: SUN Company manufactures and sells mp3 players and travel alarm clocks. All sales are on credit to department stores and electronics wholesaling companies. Creditterms are net 30 days. SUN Company offers a one-year warranty covering manufacturing defects. SUN Company uses a periodic inventory system and determines its year-end inventoryby taking a physical count on December 31. You and your supervisor observed the counton December 31, 2015 and performed numerous test counts, but you have not performedfurther audit tests regarding inventory. The interest rate on all debt is 8 percent. Annual interest and principal payments are dueeach December. Required:The engagement partner has asked you to perform analytical procedures to identify potential risksand areas of audit focus in SUN Company’s 2015 financial statements. Review the financialstatements and identify accounts that appear to have unusual balances compared with the prior twoyears. Prepare a written memorandum documenting: The accounts whose balances appear anomalous and the reasons you identified them assuch. The potential accounting issues or operating problems that might have caused theunexpected fluctuations. Particular aspects of the company’s operations that you believe should receive specialattention during the 2015 audit. Be sure to show your accounting, critical thinking and written communication skills inyour description. Grading:The assignment will be graded 70% on content and 30% on communication/presentation.This project will also be evaluated by a panel of professors for purposes of evidence inachieving learning outcome goals by our accreditation body, the AACSB (Association forAdvancement of Collegiate Schools of Business). This project is worth 10 points.Content Comments: Include a 2-3 sentence introduction telling the partner what you did and how yourfindings are structured. Your points shouldn’t be as simple as “Accounts Payable went down by XX%”.Rather, here is an example of how someone might describe an audit issue. "Accountspayable is reported on the balance sheet at $13,288, even though the prior year was$15,072. For a growing company with sales growth of 38% over the previous year,this seems odd. If sales are growing substantially, then one would expect thataccounts payable should also be increasing. Further, inventory levels have doubledfrom 20X7 to 20X8, and have also increased as a percent of total assets. It would beexpected that as the company purchases more inventory the accounts payable accountwould also increase in a similar fashion. Include a brief conclusion. Maybe briefly wrapping up discussion, but for sure tellingthe partner she should contact you with questions, if she needs additional information,etc. But in your words. Communication/Presentation: Your English should be good. Write concisely and not verbosely (i.e., not wordy). Much of this is probably best presented as bullet points. Your memo should look professional. A couple of pages in memo format is appropriate. The idea is to bring up relevant pointsconcisely and in good form. Assume that the partner on the job wants you to brief her on therisks and why they are risks, but doesn’t want a lot of fluff as she is a very busy person.

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