Case Analysis Requirements – Winter 2013 Accounting 456 Due Date: March 28, 2013 **Penalties for late submission are detailed in the course outline The case analysis is available on the course website under the assignments tab. It is called Golden Bear Golf, Inc. The case represents 20% of your final grade and MUST be done in groups of two or three. You cannot submit an individual assignment. Format: Responses should be in memo format. Bullet points are ok; however, you must use full sentences within the bullet points and develop your thoughts completely. Your analysis must not exceed 10 pages double spaced using Times New Roman 12 point font and 1 inch margins. Shorter responses are appreciated and rewarded when done well. Required (#1 8) 1. From an audit perspective, what is the big picture risk for Golden Bear? In other words, if you were the senior in charge of the audit and the partner approached you and asked for an overall risk to which the majority of other issues could be tied, what would you say was the big picture? What was the root cause of the problems? Answer this question as if you were engaged to complete the Golden Bear audit in 1997. 2. Perform a detailed risk assessment for the 1997 audit. Include 4 risk factors that you identify as significant (you may include your risk factor from #1 above). Use details from the case and your audit knowledge to explain why these risk factors are important. Note: Do not simply copy the risk factors identified on page 150 as you do not have the case facts to support a discussion of all of these items. 3. What was the primary audit failure in 1997? In general, what would you have done differently? 4. If you were engaged to complete the 1996 audit, what would you identify as your most significant audit risk? Discuss in detail why this is a risk. 5. There are many audit issues discussed in the case for which the auditors failed to gather sufficient audit evidence. If you were auditing in an ideal world without any…