PROJECT INFORMATION:One of your accounting firm’s high net worth clients, Todd Caito, is considering investing a significant amount of money in a new toy manufacturing company. The company, Turf Products, is predicting it will have the hottest toy this holiday season, based on the sales revenue it has generated the last three quarters. Todd has provided you with the detail for the revenue account and would like you to conduct some procedures and analyze the results. Todd is concerned the revenue figure might be overstated.Course objectives covered: 2-5PROJECT REQUIREMENTS:This project is split into four (4) parts with one (1) part due each week of the course. Based on your readings, use of technology, research of literature, and other sources do the following: Part 1: Write a 1-2 page memo to Todd Caito identifying risks to reliable financial reporting in the revenue cycle, including types of revenue related fraud, and other risks related to proper revenue recognition.Part 2: Using the data file provided by Turf Products, perform some analytical tests using IDEA that you think may be necessary. Remember there are tutorial videos on the IDEA website to assist you. Write a 1-2 sentence explanation for each analysis you are performing and printscreen your results along with the history log when you have completed the analysis in IDEA to turn in this week.Part 3: Prepare a 2-3 page analysis discussing what you found as a result of your analysis and what internal controls you would recommend Todd ensures are in place at Turf Products. Part 4: Present your project to the class for discussion WRITING REQUIREMENTS:
- The report should be should be 4-5 pages in total for the entire project (not including cover page, abstract, or references)
- Include IDEA screenshot(s) or files as exhibits in your paper
- Include a minimum of 2 scholarly sources from the KU Library and the AICPA
- All sources used are to be cited in APA format
- Please use the writing center if needed
- You will be using IDEA to perform some analysis and results will be included as an exhibit to your paper
- You will be presenting your findings from the project to the class using the voice-over feature in PowerPoint or YouTube. Please be sure the audio is clear, and the file or link is accessible in the Week 4 Presentation discussion board.
- You will be collaborating with other classmates on their presentations and answering any questions about your own presentation.
ASSIGNMENT DUE DATE SCHEDULE:
- Week 1: Submit your part 1 memo
- Week 2: Submit your part 2 Excel and IDEA results
- Week 3: Submit your part 3 analysis
- Week 4: Present and discuss your project