In March 2018, Toys R Us confirmed that it would close all of its U.S. stores after

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In March 2018, Toys R Us confirmed that it would close all of its U.S. stores after its plans to survive Chapter 11 bankruptcy proceedings failed. Visit the SEC’s Edgar database to locate the company’s (1) Form 10-K filing for the fiscal year ended January 28, 2017 (filed on April 12, 2017) and (2) Form 10-Q filing for its quarter ended July 29, 2017 (filed on September 27, 2017) to answer the following questions.

Required:

a. What was the auditor’s opinion about the financial statements for the year ended January 28, 2017?

b. To what extent did the auditor’s report on the financial statements for the year ended January 28, 2017, indicate issues related to Toys R Us’ ability to continue as a going concern?

c. Review Footnote 1–Summary of Significant Accounting Policies included in the financial statements for the year ended January 28, 2017. To what extent did management include information about the company’s ability to continue as a going concern?

d. Review the footnote disclosures in the Form 10-Q for the quarter ended July 29, 2017. What information, if any, does management provide about its ability to continue as a going concern?

e. Why might investors be critical of the auditor’s report for the year ended January 28, 2017, once they read the Form 10-Q for the quarter ended July 29, 2017?

f. What might explain differences in information between the Form 10-K and Form 10-Q disclosures about the company’s ability to continue as a going concern?

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a The auditors opinion was that the consolidated financial statements for Toys R Us and its subsidiaries were presented fairly in all material respect...View the full answer

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Question Posted: Jun 17, 2020 02:34 AM

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In March 2018, Toys R Us confirmed that it would close all of its U.S. stores after

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a The auditors opinion was that the consolidated financial statements for Toys R Us and its subsidiaries were presented fairly in all material respect...View the full answer

Auditing And Assurance Services An Integrated Approach

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