The Assessment Of Risk At Great Gifts, Inc

Writing AssignmentIICase -The Assessment of Riskat Great Gifts, Inc.Please carefully read  the  following  information  about Great  Gifts,  Inc.,  and  then carefully read the assignment instructions and guidance.Asnoted  below,  imagine for  the  purposes  of  the  case  writing  assignment that  the current  date  is 5 December  2017.    The  covid  pandemic  has  no  impact  or  role  in  this case.Company  BackgroundGreat  Gifts,  Inc., (“the Company” or “GGI”)designs  and markets a variety of relatively inexpensive gift items for all occasions.  Gifts sold by the Company  include  items  of  jewelry,  desk  accessories,  clocks,  calendars,  pen  and  pencil sets, lapel pins, and the Company is planning a new line of offerings in the home décor area.      The   Company   outsources   some   of   its   manufacturing   functionsto   Asian manufacturers, and conducts some manufacturing operations itself.  Gift items are sold to  national  retailers  like  Target, to largeand small  gift  shop  chains,  and  independent individual gift store  owners.   Although  the  Company  is  a  gift  business,  there  are  few seasonal  effects  on  sales,  since  the  Company  supplies  gifts  to  almost  all  religious  and secular holidays and special occasions throughoutthe year.GGI is a small public company.  GGI was engaged as a client of your firm in early 2016 for the audit of their 31 December 2016 financial statements.  That audit was completed in early 2017, and as of now (the current date is 5 December 2017), you are preparing to execute the year-end phase of the auditof the 31 December 2017 financial statementsin mid-January  2018.   Interim  testing (primarily  tests  of  controls) was  accomplished  in November 2017.  You were assigned to this audit as the audit senior toward the end of calendar  year  2017,  after  initial  planning  and  interim  tests  of  controls  had  taken  place.  (Due to staff turnover, the previous audit senior on the audit, as well as the three of the four  staff  auditors  that  had  been  assigned  to  the  auditlast  year,  have  all  left  the accounting firm.)As a public company, GGI requires an audit of both their year-end financial statements, as well as internal control.  Your firm will complete an integrated audit of the financial

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