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KeyKeyLime: A new 8-part case study on auditor risk assessment

Case studies provide a bridge between classroom learning and real-world experience. They allow learners to gain practical experience in accounting without actually working in a professional setting. This can be especially valuable for accounting students looking to gain practical experience in a classroom environment.

In the KeyKey Lime case study, authored by Rachel Merrill (Audit & Assurance Senior at Deloitte) and Luke Pfeiffer (Audit Project Integrator at Deloitte), participants delve into the integrated audit of a prominent athletic clothing retail company.

The purpose of this case study is to engage participants in the risk assessment process for a revenue account balance. Throughout the eight modules in this case study, participants are asked to create data visualizations using analytics, critically consider the results of analytics, form an initial determination about the risk level of the revenue account, develop questions for clients, critically evaluate responses to those questions, and reassess the risk level of the revenue account. This exercise provides students with real-world experience of a major part of the audit and allows them to critically think and analyze a dataset.

The participants will use Excel to clean the data and a DataViz tool (e.g., PowerBI or Tableau) to create the visualizations Not only will the students learn about many pieces of the audit, but they will also improve their ability to create, analyze, communicate with the client, and form a conclusion!


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Case Background

KeyKey Lime is renowned for its quality shirts, shorts, pants, and accessories, catering to consumers seeking comfortable and effective clothing for various activities, including exercise, leisure, and everyday wear. Founded in New York, the company boasts a national presence with over 200 retail stores and has been incorporated since 2019, concluding its fiscal year on December 31st annually. KeyKey Lime operates both online and in-store, aiming to maintain a strong foothold in the competitive retail industry while continuing to grow.

The students will take the role of an auditing team that has served as KeyKey Lime's auditors for the past three years, starting from the company's inception. This engagement entails an integrated audit, encompassing both financial statements and internal controls, along with quarterly reviews of financial statements. The engagement team comprises ten members, including staff, seniors, managers, and partners/directors. The primary areas of focus for this audit are Revenue, Inventory, and Payroll. The students are asked to perform risk assessments and related analytics to ensure a thorough audit process.

Learning Objectives

· Learn how to clean a dataset

· Improve usage of data visualization techniques

· Learn to analyze charts/graphs

· Learn to discuss with a client and understand their responses

· Form conclusions on risk levels

Target Classes

Undergraduate accounting/audit courses. This will be helpful for future accountants or auditors specifically.

Experience Level

Novice to advanced beginner - must have basic knowledge of audit or accounting.


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