Kpmg Case Study Essay - 975 Words

Using Analytical Procedures as Substantive Tests By Frank A. Buckless and D. Scott Showalter, NC State University Case Study: Majestic Hotels, Inc. Case Study: Majestic Hotels, Inc. Using Analytical Procedures as Substantive Tests By Frank A. Buckless and D. Scott Showalter, NC State University BACKGROUND Majestic Hotels, Inc., a privately-held company, has four hotels located in Charleston, South Carolina; Asheville, North Carolina; Savannah, Georgia; and West Palm Beach, Florida that cater to high-end business and vacation travelers. Bank-loan covenants require that Majestic Hotels, Inc. submit audited financial statements annually to the bank. Specifically, the bank covenants contain revenue and occupancy measures that†¦show more content†¦While obtaining background information about the client, the staff person learned from the Asheville hotel manager that the Asheville hotel was closed for one week in October because of flooding. Amanda has assessed inherent risk as high and control risk as low for the existence, completeness, and accuracy of sleeping room revenues based on challenging but improving regional and national economic conditions and favorable control procedures associated with sleeping room revenues. Further, after  © 2012 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (â€Å"KPMG International†), a Swiss entity. All rights reserved.  © 2012 Frank A. Buckless and D. Scott Showalter Using Analytical Procedures as Substantive Tests By Frank A. Buckless and D. Scott Showalter, NC State University Case Study: Majestic Hotels, Inc. considering the degree of precision required and both quantitative and qualitative factors, Amanda believes that a difference between the expected amountShow MoreRelatedCase Study : Kpmg Tax Shelter Business859 Words   |  4 Pages Case 1.4 KPMG Tax Shelter Business KPMG was one of the biggest accounting firms in the 90’s that with a lucrative end, would serve wealthy companies using forged revenues in order to avoid taxes. The accountants that worked for the firm were expected to meet certain quotas. Consequently, instead of trying to run an honest business they were trying to maximize the sales using all kinds of dishonest marketing approaches. 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