Accounting Firm Audit

Assume you are an auditor at an accounting firm. Your team is getting ready to start a financial audit ofRobbins Network Solutions (RNS). You will start with the initial review and audit preparation.You know the following information about RNS.Objectives of the EngagementAudit of the financial statements for the year ended December 31, 2017.Business and Industry ConditionsRNS sells and installs computers and networking hardware and software,and provides informationtechnology consulting to businesses. It is currently developing its own computer networking software tosell to customers.RNS’s success depends on attracting and retaining personnel with a high level of technical expertise whoare able to provide a broad range of services. The market for staff is highly competitive.The market for computers and networking products is extremely competitive. RNS’s main competitorsare companies like Dell, Hewlett Packard, and Apple. RNS also competes with local and regional resellersthat provide similar products and consulting services directly to customers. To be competitive, RNS hasrelied on its ability to provide its customers with state-of-the-art products in a timely manner. Becausethe company does not have the buying power of some of its competitors, it generally must charge ahigher price for its products, but it is also able to provide a higher level of service and expertise to itscustomers to compensate for the higher price.The market for computer products and technology services is sensitive to economic conditions.Economic indicators predict the U.S. economy will be relatively stagnant for the next few years, with theannual growth in spending for information technology products and services expected to be 1 percentper year for the next three years. In the past year, RNS has decided to increase sales by relaxing creditrules to provide credit to customers with slightly higher credit risk.Ownership and ManagementRNS is a closely held company owned by six stockholders. Two stockholders are active members of thecompany’s board of directors. None of the other owners take an active part in the management of thebusiness.Objectives, Strategies, and Business RisksRNS’s primary business objectives are to increase sales, services, and consulting revenues by fivepercent and increase net income by seven percent each year for the next three years. Strategies toachieve those objectives include: New software development Aggressive marketing of products and services through increased advertising Sales to customers with a higher credit risk profileThe primary business risks associated with the company’s strategies include thefollowing: The U.S. economy may suffer a significant downturn. Competitors may engage in predatory pricing to gain market share. Increased advertising expenditures may not produce desired results. Credit lossesmay exceed the benefits of increased sales. Software development activities may not generate viable products.The company has developed the following responses to these risks: Frequent monitoring of economy and industry conditions Monitoring of competitor actions Hiring of a marketing consulting firm to evaluate the performance of advertising methods Daily review of aging of accounts receivable Adherence to a controlled software development budgetMeasurement and Review of Financial PerformanceManagement uses the following measures to monitor the company’s performance: Inventory and receivables turnover Aging of accounts receivable Sales and gross margins by type of revenue Net income Total inventory balance

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