The Lakeside Company: Auditing Cases ASSESSING CONTROL RISK The CPA firm of Abernethy and Chapman was hired during the summer of 2012 to audit the financial statements of the Lakeside Company for the year ending December 31, 2012. Even though…
The Lakeside Company: Auditing Cases AUDIT RISK AND ANALYTICAL PROCEDURES On June 28, 2012, Richard Abernethy, managing partner of Abernethy and Chapman, met with the firm’s three-member engagement review committee to discuss the Lakeside Company audit. He believes that issue…
The Lakeside Company: Auditing Cases NEW CLIENTS, LEGAL LIABILITY AND MATERIALITY During August of 2010, the Virginia-based CPA firm of Abernethy and Chapman underwent a peer review of its quality control procedures and its quality control document. Although the final…
