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American Retirement Corporation

American Retirement Corporation (ARC) is an operator of senior living communities. The company is a senior living and health care services provider offering a broad range of care and services to seniors, including independent living, assisted living, skilled nursing and therapy services. The company operates around 65 senior living communities in 14 states, with an aggregate unit capacity of approximately 12,900 units and resident capacity of approximately 14,500. Across the United States, the company owns 19 communities, leases 41 communities, and manages five communities pursuant to management agreements. The company operates in three distinct business segments: retirement centers, free standing assisted living communities (ALCs), and management services. The company operates large continuing care and retirement communities (CCRCs) and independent living…

Case 7.5 Fred Stern /Ultramares

When assessing audit risk, should auditors consider the type and number of third parties that may ultimately rely on the client’s financial statements? Should auditors insist that audit engagement letters identify the third parties to whom the client intends to distribute the audited financial statements? Would this practice eliminate auditors’ legal liability to nonprivity parties not mentioned in engagement letters? During an audit it is the auditors responsibility to give their opinion on a company’s financial statements to its shareholders. However, the main purpose of the audit is to provide useful and reliable financial statements to investors and creditors. So when the auditor is assessing the audit risk they are assessing the risk on behalf of the investor/creditor according to…