In this assignment, you and your team (you can work in teams of 1, 2, or 3 people) will read through a case called The Reel Wheel, a case about an observation wheel that is based loosely on the High Roller here in Las Vegas.
In this assignment, you and your team (you can work in teams of 1, 2, or 3 people) will read through a case called The Reel Wheel, a case about an observation wheel that is based loosely on the High Roller here in Las Vegas.
In the scenario presented, you are tasked with developing a substantive analytical procedure to develop an independent estimate for Ticket Sales Revenue for the Reel Wheel. (Recall that a substantive analytical procedure (SAP) is one where the auditor attempts to develop a precise estimate of an actual account balance.) You will briefly answer questions about relevant auditing standard (i.e., AS 2305Links to an external site.) and then develop a series of three analytics/models which will become increasingly precise based on the described criteria. (The first analytic is really more of a reasonableness test to determine what the maximum and reasonable number of passengers could be during a given year. The second analytic will have you use imprecise inputs (i.e., average ticket price), but it will be a quick calculation that will illustrate how the use of aggregated data can lead to low-precision estimates. The third analytic should be as precise as you can get to using all of the information provided in the case.)
Begin by reading the Reel Wheel Case Narrative and viewing the Reel Wheel Case Exhibits (in Excel) Download Reel Wheel Case Exhibits (in Excel). You can then download the Reel Wheel Submission Work Papers Download Reel Wheel Submission Work Papers, which will serve as the template for your submission. You should edit/adjust each tab on the spreadsheet according to your own preferences and model development.
To provide you with some examples of what your work papers might generally look like, I’ve posted a few additional files for you to review: WFC Materiality Work Paper Example; Sample Workpaper Format Download Sample Workpaper Format; and Sample AICPA Workpaper Template
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