Audit Risk Analysis: GoPro, Inc. A brief description of GoPro, Inc (Essay Sample)
*Assume the role of an audit manager of a public accounting firm. The firm has been asked by an audit partner to assess the acceptability of a company as an audit client.
*Prepare a memo assessing the audit risk and acceptability of GoPro, Inc.
*Include in the memo the following steps:
1. A brief description of GoPro, Inc, including the history of the company.
2. A clear statement that GoPro, Inc. should, or should not be accepted. State your conclusions in the first paragraph of the report. Say something such as: “For the reasons given below, I recommend that we accept (or do not accept) GoPro, Inc. as an audit client.”
3. Give a brief introductory statement describing GoPro, Inc., its history, and its industry. One or 2 paragraphs should be enough. This introductory statement should be 1 page at the most.
4. The Independent Status of the Board of Directors
---- List the first 5 members of the Board of Directors by name. For these 5 members, list their full-time employer. Look at all the members of the Board of Directors and count how many do not work for the target company. State your findings, such as “Twenty-one of the twenty-five members of the Board of Directors would be considered to be Independent Members by the SEC rules.”
5. State whether or not all the members of the Audit Committee are Independent. Give the name of the Chairperson of the Audit Committee.
6. If the client is a public client, the date and purpose of the latest Financial Statement 8-K filing should be given. Specify by date filed the most recent Form 8-K filled by the company. State the subject of the 8-K. Here is the most recent filing of form 8-K for GoPro: http://d18rn0p25nwr6d(dot)cloudfront(dot)net/CIK-0001500435/624ba248-3909-4b5e-8082-3f8a006b6e58.pdf
7. Do not include the financial statements—just the ratios that you think are relevant. Include ratios of a competitor, or of the industry.
Audit Risk Analysis: Go Pro, Inc
SUBJECT: Audit Risk Analysis: Go Pro, Inc
A brief description of GoPro, Inc
GoPro is action video camera Company, which has become more popular with the growth in social media. The slowdown in the digital camera market and growth in smartphone usage has meant that there is less need for owning separate camera devices. A GoPro camera may be mounted on different services to capture and the recording including the self-portraits, and the company mainly has digital camera products with different specifications. GoPro also sells camera accessories, including various devices, which can capture video.
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