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Ann Aylor Essay

624 words - 3 pages

Facts: Anne Aylor, Inc. sells classic, high-end fashion in the retail industry in approximately 584 locations in 46 states. Most of their merchandise is developed and designed within the company. They use 131 independent manufacturers in 19 different countries, including China, Philippines, Indonesia, India, and Vietnam. The stock was trading at $22.57 at the end of March, 2011.
1a) Materiality is different depending on the users of the financial statements (AS11). Debt and liquidity is more important to creditors and stockholders are more concerned with net earnings and growth. Establishing the overall audit strategy for the engagement and developing an audit plan is dependent on ...view middle of the document...

1e) Tolerable misstatements should not exceed an amount that would influence users of the information. Materiality is different depending on the users of the financial statements. In this case, the credit line with First Bank has been amended with an option to increase from $100 million to $200 million. If liquidity or other obligations are not met, the line of credit may have to be paid on demand. The quick ratio is an important factor; therefore, the tolerable misstatements must be highly monitored. Undetected misstatements could put the company at risk if it is detected at a later date. The company would need to have a plan in place to make sure they stay within the requirements of the bank. The credit line account would be considered high risk.
1f) Some misstatements may overstate or understate balance sheet or income statement accounts and the result is normally that those misstatements offset each other. The auditor must establish materiality as a whole, for specific accounts,...

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