Las Vegas Sands Case

Improved Essays
The independent auditor for Las Vegas Sands is Deloitte & Touche LLP. They issued Las Vegas Sands an unmodified opinion of its financial statements with regards to its consolidated financial statements. They also issued an unmodified opinion of Sand’s internal control over financial reporting presented by the phrase, “in all material respects, effective control over financial reporting.” The significance of an unmodified opinion from an auditor is that the presented material provided by the company directly compares with little confusion the reports done by the independent auditors using GAAP standards and that Las Vegas Sands has a strong hold over the internal controls systems of financial statements within the company. The auditor’s responsibilities

Related Documents

  • Improved Essays

    Hrm/531 Week 4

    • 391 Words
    • 2 Pages

    The client’s management is responsible for preparing the financial statements which auditors examine and issue a report, thus providing reliability of the financial statements by users when making economic decisions. The auditors’ report on financial statements and related disclosures for both public and nonpublic entities provides or disclaims an opinion on whether the financial statements and related disclosures are presented in accordance with the Generally Accepted Accounting Principles (GAAP) (Louwers, Ramsay, Sinason, Strawser, & Thibodeau, 2015). This opinion is the conclusion reached by the auditors after tests of controls and substantive procedures that have been performed during the audit engagement. Paragraph 10 of Auditing Standard 3101 “Reports on Audited Financial Statements” states the type of opinion the auditors may express in various circumstances (PCAOB, 2016):…

    • 391 Words
    • 2 Pages
    Improved Essays
  • Improved Essays

    As a result of all the problems, Grand River’s audit committee decided to implement an internal audit department. In the past it had outsourced various internal audit assignments. The audit committee of Grand River has highlighted two main ways in which it considers that the internal audit department will add value. They are: • To provide assurance that major business risks are being managed…

    • 578 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    Each year, men, women, and families travel to the brilliant and exciting city of Las Vegas, Nevada. The city has much to offer, including lots of trouble. Whether people travel for business or pleasure, there are often times when the ending of the trip is formidable. When this happens, it is very important to know what to look for when choosing an attorney and a Las Vegas bail bondsman. There are hundreds of bondsmen in Las Vegas.…

    • 458 Words
    • 2 Pages
    Improved Essays
  • Decent Essays

    La-Z-Boy Case Summary

    • 218 Words
    • 1 Pages

    PricewaterhouseCoopers, LLP and independent registered public accounting firm audited the effectiveness of the company’s internal control over financial reporting. Based on that evaluation it was concluded that the internal control over financial reporting was effective. La-Z-Boy has its own Audit Committee. It assists the Board of Directors in its oversight of the integrity and quality of its financial reports, compliance with legal and regulatory requirements and selection of qualified, independent public accounting firm for auditing purposes. Board of Directors & Management…

    • 218 Words
    • 1 Pages
    Decent Essays
  • Improved Essays

    This audit will ensure the Phoenix Sun’s financial information is correct and ensure no discrepancies are found within the organization. The Phoenix Suns will provide honest and accurate information to Deloitte for auditing purposes. It is important the organization sincere public disclosure of all information regarding the last seven fiscal years. This information is pertinent to the accuracy of the auditor’s report. Accuracy will enable the Phoenix Suns organization to operate its business…

    • 518 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    Las Vegas Shooting Case

    • 447 Words
    • 2 Pages

    It’s been a couple day since the shooting had happened in Las Vegas as the most devastating attack and the deadliest mass shooting in modern U.S. history. Las Vegas mass shooter Stephen Paddock rented a room in downtown Las Vegas through Airbnb at Mandalay Bay a couple days earlier before the Concert. Marilou Danley (the girlfriend) said that she was worried that her boyfriend, Stephen Paddock, was going to break up with her when he bought her a cheap ticket to the Philippines about two weeks ago, then wired her money to buy her and her family a house there. But Danley, in a statement read by her attorney, said she didn't know Paddock had planned to carry out a mass shooting. When the shootout had happened the night of the concert, Paddock killed 58 people and wounded more than 500 people in Las Vegas on Sunday night, Danley said Paddock -- a man she described as "kind" -- never gave her any clues or any warning "that something horrible like this was going to happen.…

    • 447 Words
    • 2 Pages
    Improved Essays
  • Improved Essays

    Following the preliminary engagement activities, the audit team should go about setting an audit strategy and have an audit plan developed. The strategy will go over aspects of how the audit procedure and discuss the scope, timing, and direction of the audit itself. This well help determine resources that the audit team will need in order to carry out the audit including experience of auditors, and the industry specific skills that may be necessary. Amount of resources should also be taken into consideration, such as the number of partners, managers, seniors, and associates we may need. In terms of timing, there should be an understanding of when the engagement will take place, in addition to deadlines that are given.…

    • 818 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    State Street Case

    • 688 Words
    • 3 Pages

    Recommendation The Principal Debt and Credit Investments group recommend the appointment of State Street Bank and Trust Company (“State Street”) to perform investment accounting, loans support and custodial services for the benefit of PSP Investments Holding USA LLC and PSP USA LLC (“PSP USA”). However, the recommendation is conditional to the achievement of an acceptable result following the due diligence of State Street control environment. Background In order to secure certain tax benefits and mitigate related tax risks, some measures that give PSP USA the proper level of autonomy over its activities must be adopted. Among other things, PSP USA must be sufficiently capitalized and autonomous to carry on its activities (including treasury and accounting functions) independent of PSPIB.…

    • 688 Words
    • 3 Pages
    Improved Essays
  • Decent Essays

    Las Vegas Home Case Study

    • 155 Words
    • 1 Pages

    Sorichetti enter a promise to exchange his Las Vegas home and a few household furnishings for $532,000. “For a promise to be enforced by the courts, there must be consideration” (Kubasek, Brown, Herron, Dhooge, & Barkacs, 2015, p. 182). In order for the court to enforce a promise the other party must have promised something in exchange. Zhang agreed to pay $532,000 in exchange for the title of the house and a few furnishing. Sorichetti agreed to it at the time.…

    • 155 Words
    • 1 Pages
    Decent Essays
  • Superior Essays

    Las Vegas Misconceptions

    • 1357 Words
    • 6 Pages

    Las Vegas, Nevada—the city known for its flamboyant nightlife and never-ending party—instills a fictional reputation for those living outside of the city. Tourists often see the beauty and elegance proudly marketed by Las Vegas; the city does what it does best—put on a show. The city does nothing more than put a façade to hide the failure to serve our community. I chose to write about Las Vegas because the misconceptions of my hometown affect how people think of me when I introduce myself. Upon saying I was raised in Las Vegas, the immediate response is, “Oh, I didn’t know people actually lived in Las Vegas.…

    • 1357 Words
    • 6 Pages
    Superior Essays
  • Great Essays

    First, during an audit, an auditor should ensure that they obtain the appropriate assurance to tackle the audit risk. Many people assume that the information gathered from the third party is more reliable than the evidence collected by the audited company. However, in the case study, the company had already colluded with its suppliers to provide false information to the audit team, and this jeopardized the review process. Therefore, it is advisable for an auditor to ensure that they maintain a professional skepticism by considering previous audit reports and the relationship between the audit client and the third party. Consequently, over-reliance on a third party during an auditing process, although proven to be efficient since it is free from adjustment or influence by the client audit.…

    • 1475 Words
    • 6 Pages
    Great Essays
  • Improved Essays

    On November 21 1980 the 26 story MGM Grand Hotel and Casino in Las Vegas, Nevada was occupied by approximately 5000 people when a tragic fire broke out in the restaurant known as “The Deli” as a result of a ground fault in the wall killing 85 people. A major contributor to the deaths was combustible furnishings, interior finishes, foam padding and moldings, air supply, and a very large undivided area that allowed for rapid fire spread and heavy smoke. Construction of the hotel and casino began in 1972 and was opened in December 1973. With approximately two million square feet of area only partial fire sprinkler protection was installed in the arcade, showrooms and convention areas on the ground level only. During construction the owners decided…

    • 722 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    Case Study Apollo Shoes Case

    • 33695 Words
    • 135 Pages

    |Initials |Comments | | |Objectives | | | | |Discuss the type, scope, and timing of the audit with the owner/manager, board | | | | | |of directors or, if applicable, the audit committee. Also, discuss adequacy of| | | | | |working space for the audit team, access to client records, and assistance, if | | | | | |any, to be furnished by the client. | | | | | | | | | |…

    • 33695 Words
    • 135 Pages
    Improved Essays
  • Improved Essays

    Rather than auditing, the internal audit division provides consulting service to the management. There are members from the audit committee who are from former CFO team6. Actions taken: The report of the independent investigator committee included recommendations to Toshiba to prevent the re-occurrence of these failures as well as their findings on the misreports. These are mainly related to changing the corporate culture and change of the internal audit system. Besides, in addition to official internal auditors, to enable each and every employee to audit the company, the committee advised to create an open environment5.…

    • 853 Words
    • 4 Pages
    Improved Essays
  • Great Essays

    The audit committee review the external audit strategy yearly, and they also have an external auditor who will give his opinion about how the company have operated and if there has any place the company should pay attention in the future. By the way, the external auditor does not have any contractual obligation to the company’s current choice (Diageo Annual Report 2016 Interactive). Depending on these suggestion, the audit committee will submit a report to board to help boardroom making…

    • 1440 Words
    • 6 Pages
    Great Essays