er 6 Homework K Question 3, P6-28 (book/static) Part 1 of 4 HW Score: 30%, 30 of 100 points O Points: 0 of 5 Save Inc.: The following information was obtained from several accounting and auditing enforcement releases issued by the SEC after its investigation of fraudulent financial reporting involving Just for Feet (Click the loon to view the information on Just for Feet, Inc.) Read the requirements Requirement a. What does it mean to approach an audit with an attitude of professional skepticism? Professional skepticism primarily consists of two components. The first, a(n) The second, a means the auditor approaches the audit that includes asking probing questions and Requirements a. What does it mean to approach an audit with an attitude of professional skepticism? b. What circumstances related to the accounting treatment of the vendor allowances should increase an auditor's professional skepticism? e. What factors might have caused the auditor to inappropriately accept the assertions by management that the vendor allowances should be reflected in the financial statements? d. Develop three probing questions related to the vendor allowances that the auditor should have asked in the audit of Just for Feet's financial statements Print Done Homework: Chapter 6 Homework Question 3, P6-28 (book/static P14 The following information was obtained from seves accounting and auditing mantra Question list O Question 3 O Question 4 Click the loan to view information on Just for Fest, Inc) Read the quirements Requirement. What does it mean to approach and with an attude of profession Professional skepticism primarily consists of two components. The first an Question 5 The More info Requirements What does it mean to approach an audit with an aude of professional skeptic b. What circumstances related to the accounting treatment of the vendor and increase an auditor's professional septicem What factors might have caused the auditor to inappropriately accept the assertions by d. Develop three probing questions related to the vendor allowances that the autho have asked in the mutt of Just for Feets Sancial stat oly AL Print Done MacBook Air HW Score: 65%, 65 of 100 of O Point Company y Pin Done Save evian estion list Homework: Chapter 6 Homework Question 3, P6-28 (book/static) HW Score: 65%, 65 of 100 ponts O Point of The following information was obtained from seven accounting and auditing enforcement releases issued by the SEC were investigation of frauent francial reporting w (Click the icon to view the information on Jefreen) Read the Question 3 Question 4 Question 5 Requirement a What does mean to approach an aut with an aude of professional skeptici Professional skepticism primarily consists of two components. The first an The second that includes estong probing qutions and Question f More info Requirements Save What does it mean to approach an audt with an attitude of professional skeptic What circumstances related to the accounting treatment of the vendor allowances should increase an author's professional skepticism? e. What factors might have caused the auditor to inappropriately accept the assertions by management that the vendor allowances should be reflected in the financial sta d. Develop three probing questions related to the vendor allowances that the aur should have asked in the audit of Just for Feers financial statements Just for Fest, Inc. Bingham, AL The company incured large amounts of avet ypically der agreeing to provide an adverteing s to the Company Ant by vendo The pany's OO cone and view preside accounting department to book coeperables and need that yo options drecies the company's cetan vendin ncding Asics New Balance, Nike, and Reebok min The SEC utily brought charges agains Print Done MacBook Air Print Done evian t K Inc The following information was obtained from several accounting and auditing enforcement releases issued by the SEC after its investigation of fraudulent financial reporting involving Just for Feet (Click the loan to view the information on Just for Feet, Inc.) Read the requirements Requirement a. What does it mean to approach an audit with an attitude of professional skepticism? Professional skepticism primarily consists of two components. The first, ain) The second, More info means the auditor approaches the audit that includes asking probing questions and Requirements a. What does it mean to approach an audit with an attitude of professional skeptic b. What circumstances related to the accounting treatment of the vendor allowances should increase an auditor's professional skapticism? e. What factors might have caused the auditor to inappropriately accept the assertions by management that the vendor allowances should be reflected in the financial statements? d. Develop three probing questions related to the vendor afowances that the auditor should have asked in the audit of Just for Feets financial statements Done Print Just for Feet, Inc., was a national retailer of athletic and outdoor footwear and apparel based in Bermingham, AL The company incured large amounts of advertising expenses and most vendors offered financial assistance through unwritten agreements with Just for Feet to help pay for these atvering expenses if Just for Feet promoted a particular vendor's products in one of its advertisements, typically would consider agreeing to provide an "advertising coop cred to the Company to share the coats of the advertisement, Just for Feet offset this coop revenue aganal advertsing expense on its ince statement, thereby increasing its net eamings Athough every vendor i Hor Feet from that Just for Feet's receipt of advertising coop revenue was contingent upon subsequent approval by the vendor. If the vendor approved the adverbsement, it would usually issue the coop payment to in the form of a creat memo offsetting expenses on Just for Feats merchandise purch vendor. The company's CFO, controer, and vice president of operations directed the company's they knew ware owed by accounding department to book coop receivaties and related revenue certain vendors, including Asics, New Balance Nike, and Reebok These Pavent practices over $13 million in ficous pretas eamings being reported, it of total pretex income mon The SEC utmately brought charges against a number of senior execut approximately $43 Just for Feet and MacBook Air Print Done