Analysis and Audit Plan for International Flavors and Fragrances Inc
Analysis and Audit Plan for International Flavors and Fragrances Inc (www.iff.com)
The objectives of this are as follows:
• To acquaint you with the annual report and Form 10-K of a publicly held company audited by a CPA firm. (International Flavors and Fragrances Inc.)
• To provide data for the practical application of certain steps in the audit process. Detailed Instructions
Answer the following questions:
a. What is the company’s industry
b. What are its primary products
c. What raw materials does the company use
d. How large is the company:
Where is the company located What other people/companies are closely associated with this company
Look at the annual report:
What image does it intend to convey
What are the segments and functional contents of the report Obtain a copy of the Company’s 10-K report for the same date as the annual report. Answer the following questions: a. How does the 10-K differ from the annual report
Obtain outside information about the company and its industry. Answer the following questions:
a. What are the key economic factors about the industry
b. Where is the company in its life cycle
c. What are the five or six most important factors for success in this business
d. How does this company stand with respect to these factors
e. Describe four or five key business risks related to the client’s business and industry. f. What notable accounting considerations are there for companies in this industry
g. What legal or regulatory matters are of concern h. What social matters are of concern
Analyze the company’s financial strength:
a. Assess the financial strength of the company
b. How is the financial strength likely to change in the next year or so
c. What are its sources of capital and what is the value of the company’s capital
e. What is the quality of earnings f. How does the company compare with others in the industry
Complete the following:
a. What material types of transactions and transaction cycles are involved
b. What are the high-risk balance sheet accounts Why
c. What are the high-risk income statement accounts Why
d. If management faced tremendous pressure regarding the entity’s financial performance, what opportunities might exist for them to engage in fraudulent financial reporting
e. Describe 2-3 fraud risks
f. How will audit effort be allocated among geographical areas What form of auditors’ report was issued; what does it mean
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