9 Pages 2298 Words Zoom Snowboards Incorporated Business

| March 17, 2019


The partner on your audit engagement would like you to prepare an audit planning memorandum that addresses significant engagement issues and specifically identifies the matters relevant to an upcoming audit committee meeting. In order to prepare the memo, you reviewed the financial statements (Exhibit 1) and have consulted last year’s audit file (Exhibit 2), the partner’s notes from a recent meeting with Emma and the CFO (Exhibit 3), and findings of the interim procedures (Exhibit 4).

Using the background information from the case, as well as Exhibits 1, 2, 3, and 4, prepare the audit planning memorandum requested by the partner (see the Appendix below for an outline of how to prepare an audit planning memorandum). Be sure to address any other significant engagement issues and consider the impact on the financial statement audit. 

Please Note: In order to complete your planning memo, you are expected to perform both quantitative and qualitative analysis. You are also expected to research the relevant accounting and audit standards, if necessary. While Zoom Snowboards is a Canadian company in the case, we are going to assume that Zoom Snowboards is a U.S. company. 

Requirements:

Bear in mind that the partner on this engagement is also responsible for many other client engagements. Consequently, while you should endeavor to be direct and succinct in your memo, you should avoid assuming that the partner will fully recall all relevant facts, or that she will immediately recognize all important implications of those facts. In short, be sure to describe the specific facts that you consider relevant and explain the implications for the engagement. The Appendix provides an example of the planning memo format. 

The professional presentation of your memo is very important to your score. Historically, some students have underappreciated the importance of professional presentation. Please pay careful attention to those details at the end of the memo that highlight the “Managerial Writing Assessment Rubric.” Your memo must be no longer than four single-spaced pages, Times New Roman, 12-point font, with page numbers in footers, and 1-inch margins.


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