Assignment and background material for Parking Fitness Company

You are various audit teams for the audit of a privately held company with several manufacturing subsidiary companies. The audit manager for the audit has previously prepared assessments of IR and CR for each subsidiary. Your task is to prepare Audit Objectives as a program based on the manager's assessments and additional information provide and/or assumed. The parent company is a holding company owned by brothers and sisters who inherited equal shares of stock when their father, John, and mother, Ruth, died. Each is assigned as Chief Executive Officer of one of the subsidiary companies. The company as a whole is oriented around various sporting activities. A major competitor for most of their products is the Coleman Company based in Wichita, KS.

Answer rating: 100% (QA)

The audit objective for Parker fitness company shall be Evaluating and assessing the effectiveness of internal controls Accounting and consolidation o... View the full answer