Question Details

(solution) Analysis and Audit Plan for International Flavors and Fragrances


Analysis and Audit Plan for International Flavors and Fragrances Inc (www.iff.com)

Answer following questions about IFF

  1. What other people/companies are closely associated with this company? 
  2. 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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