Homework Question on The Cheese Factory Audit Report
Read the articles attached. Write comment on the quality of the cheesecake factory audit presentation, comment should include:
- What went well,
- What did not go well,
- What you liked and what you would change.
- Article 1:
The four truths of the storyteller by Peter Guber
- Article 2:
How to become an authentic speaker by Nick Morgan
- Comment on video presentation:
The cheesecake factory audit presentation by Courtney Ferrara
Homework Answer on The Cheese Factory Audit Report
The financial reports of cheesecake factory are evidently flawed by false information and information that has not been adequately accounted for. The auditors bring out a clear message that everyone can understand regardless of whether they have the knowledge of accounting or not. The presenters coherently establish that there are conflicting results from the actual accounts and those that are presented in the financial statements.
For example, the ending receivable accounts details are not discussed in details in the financial reports thereby providing an unclear impression of how the receivables were achieved.Most sales are not recorded with increases in the accounts payable not been discussed in details thus raising further questions about the credibility of the financial report. The management fails to acknowledge the fact that several internal weaknesses such as material weaknesses could be the possible cause of their increase in operational costs.
This is a clear presentation that can easily lead to the conclusion that everything is not right at Cheese Factory.The auditors identify the fact that the management is seen to be under pressure from the rise in the cost of sales that goes to the extent of increasing the accounts payable by 60%. I think the audit report was good enough in presenting the weaknesses in the financial reports and in clearly explaining through their body languages and expressions.