Question: Assume that you are responsible for developing an audit program for a manufacturing client that sells to over 1,400 customers. You want to ensure your

Assume that you are responsible for developing an audit program for a manufacturing client that sells to over 1,400 customers. You want to ensure your audit program addresses all relevant assertions for sales and accounts receivable. Address the following question in the context of the audit sales and receivables for this manufacturing client.

Required

a. What is the purpose of an audit program?

b. Explain why auditors translate audit assertions into specific audit objectives when developing an audit program

Step by Step Solution

★★★★★

3.37 Rating (163 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a An audit program documents decision about the audit procedures that the auditor believes are neces... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

1019-B-C-A-C-A(2070).docx

120 KBs Word File

Students Have Also Explored These Related Cost Accounting Questions!

Assume that you are responsible for designing the audit procedures to detect fraud at Albertos Grocery Store. a. Describe how you would identify risk factors for a small independent grocery store. b....

You are responsible for developing and presenting training material on internal control sampling for staff auditors. After presenting it, you receive several questions from staff auditors. Explain...

You are responsible for developing training material for staff auditors on substantive sampling. After presenting it, staff auditors ask you several questions. Explain how you would answer them. a....

(Audit programs and assertions) Assume that you are responsible for developing an audit program for a manufacturing client that sells to over 1,400 customers. You want to ensure your audit program...

Need help Please with the following.. Calculate the following ratios using Microsoft Excel : Current Ratio Quick Ratio Debt Equity Ratio Inventory Turnover Ratio Receivables Turnover Ratio Total...

Scenario You and your classmates are working in a company that sold three (3) new types of digital watches (similar to Samsung or Apple Watch) to customers. However, during the manufacturing process,...

Need help with these multiple choice questions for internal audit final exam. Due in 2 hours. QUESTION 1 RsQ_004Without management direction and assumption of responsibility, it would be...

gm GREENWICH Management College Resources and equipment Re-submission opportunities Task summary and instructions Report on the context for the corporate social responsibility initiatives Meeting...

A mover is pushing a large box across a floor. They exert a force of 200N on the box, and the box moves along the floor for a distance of 10m. How much work did the mover do on the box? 0 J 10 J 210...

Research and explain the following topics and cite examples on each topics. Include pictures if possible. TOPIC: Capacitance of a coaxial cable (Farad per meter)

What is likely to cause concern that a guarantor might not meet a claim? A history of late payments or legal challenges. A large value of guarantees outstanding. The guarantor's net worth statement...

Discuss broadcasting as an advertising medium, whose very existence depends on the ability of the provider to produce advertising fees in excess of the fees that are paid to the rightsholders.

A 17-year, $1,000 par value zero-coupon rate bond is to be issued to yield 7 percent. Round "PV Factor" to 3 decimal places. Omit the "$" sign in your responses. Question 12 (1 point) a.) What should...

Problem 2 8 - 1 2 ( Future Value of an Annuity ) Future Value of an Annuity Find the future value of the following annuities. The first payment in these annuities is made at the end of Year 1 , so...

Adam Nichols, a former disc golf star, operates Marigold Corp.. At the beginning of the current season on April 1, the ledger of Marigold Corp. showed Cash $1,800, Inventory $2,600, and Common Stock...