Homeworks academic writing service


Ase 5 1 cardillo travel system inc

Founded in 1935, Purchased by Rognlien in 1956 Cardillo Ranked as the 4th largest company in the travel agency Industry and was the first to be listed on the national stock Industry Financial history of Cardillo since acquired by Rognlien?

Fired him 14 Who was Helen Shepherd?

Advanced Auditing: Cardillo Travel Systems, Inc - Assignment Example

Second- quarter review of Cardillo's Form 10-Q statement 17 When Lawrence was asked about the adjustment entry what did she tell the auditors? Lawrence told the auditors that the adjustment entry involved commissions earned by Cardillo from United Airlines during the 2nd quarter 2 the auditors accepted Lawrence's explanation without corroborating with other audit evidence 18 What did Rognlien and Lawrence insists to Helen Shepherd, the supervising audit partner at Touche and Ross?

Request a confirmation from United airlines 20 When did Shepherd receive the requested confirmation from United Airlines? December 17th 1986 What did the confirmation from United Airlines to the auditor state?

Who was A. Walter Rognlien?

The payment was intended to reimburse Cardillo for expenses Incurred in switching to United Airlines reservation system 23 After Shepherd received the confirmation, how did Rognlien explain the difference of opinion between United Airlines and Cardillo about the terms of the agreement?

Rognlien refused, because there really was no existing arrangement 25 Cardillo's Vice President of finance 26 What did Shepherd advice, William Kaye, the Vice President of finance?

Ase 5 1 cardillo travel system inc

How did William Kaye respond? The 8-K signed by Lawrence indicated no existence in disagreements that led Cardillo to dismiss Touche Ross 29 What was indicated in the letter filed by Touche Ross that had to be filed as an exhibit of the 8-k? In the letter, Shepherd discussed the dispute involving the United Airlines payment to Cardillo Shepherd disclosed that improper accounting treatment given to that transaction resulted in misrepresented financial statements of Cardillo in 1985 30 How did Raymond Riley, Cardillo's legal counsel respond to Shepherd's exhibit letter?

How did KMG react? Rognlien informed KMG he had a secret arrangement with United Airlines that superseded the written contractual agreement 2 KMG refused to accept this explanation 33 KMG audit partner responsible for the Cardillo engagement 34 How did Roger Shlonsky tell Rognlien the payment should be recognized?

Case 5.1 Cardillo Travel System, Inc.

On a pro rata basis over a 5 year period of written contractual agreement with United Airlines 35 Cardillo executives also successfully concealed from KMG auditors that. The United Airlines payment was simply an advance payment to cover installation expenses for the new reservation system 36 In early 1986, Cardillo began to experience.

Severe liquidity problems 37 What worsened Cardillo's Liquidity problems in the middle of 1986? Rognlien sold 100,000 shares of Cardillo stock in open market The proceeds were used to keep the company running 40 What happened 24 days after receiving the memo from Riley?

Cardillo Travel Systems, Inc. Flashcards Preview

Resigned as Cardillo's independent audit firm 42 What happened in May of 1987? Creditors of Cardillo Travel Systems, Inc. Violating insider trading provisions of federal securities laws 45 The SEC imposed. What happened in 1989?

  • How did William Kaye respond?
  • For this case, auditor here uses scanned through the files as documentary evidence and held a meeting with L as oral evidence;
  • Violating insider trading provisions of federal securities laws 45 The SEC imposed;;;
  • For this case, auditor here uses scanned through the files as documentary evidence and held a meeting with L as oral evidence.