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Newport Soup Inc.: An interactive inherent risk assessment case

Author

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  • Cipriano, Michael
  • Hamilton, Erin L.
  • Vandervelde, Scott D.

Abstract

In this role-play case, you will assume the role of an auditor who must gather relevant information about your client and assess inherent risk for six financial statement accounts. To initiate the process of understanding your client's business, you must email professional inquiries to the “client” (a role played by your instructor) and “ask the right questions” to acquire the information necessary to assess inherent risk. Ultimately, you are asked to prepare a professional memo documenting your assessment of inherent risk for six account balances as part of the audit planning process. An important component of the case is the performance of analytical procedures, which you must interpret using your understanding of the company and the industry in which it operates.

Suggested Citation

  • Cipriano, Michael & Hamilton, Erin L. & Vandervelde, Scott D., 2016. "Newport Soup Inc.: An interactive inherent risk assessment case," Journal of Accounting Education, Elsevier, vol. 37(C), pages 13-23.
    • Handle: RePEc:eee:joaced:v:37:y:2016:i:c:p:13-23
    DOI: 10.1016/j.jaccedu.2016.07.002
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    References listed on IDEAS

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    1. Susan Ravenscroft & Frank Buckless & Trevor Hassall, 1999. "Cooperative learning - a literature guide," Accounting Education, Taylor & Francis Journals, vol. 8(2), pages 163-176.
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    Cited by:

    1. Prerana Agrawal & Jacqueline Birt & Lyndie Bayne & Nikki Schonfeldt, 2022. "The use of case studies in developing students’ understanding of the concept ‘material misstatement’," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(S1), pages 1307-1338, April.
    2. Ozlanski, Michael E. & Seymoure, Suzanne, 2021. "Conducting a physical inventory of McIntyre Organics: Bringing real-life experiences to the classroom," Journal of Accounting Education, Elsevier, vol. 56(C).

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