Discuss your knowledge of the entire external audit process, as well as the steps to complete the audit.

1) Discuss your understanding of the audit process, from the planning stage of the audit through to the completion stage of the audit.

2) Focusing on the completion stage of the audit:

a. Discuss the different types of audit opinions that can be rendered (and why). Discuss the audit opinion of the public company that you chose in the previous case studies and if you agree with this opinion.

b. Prepare final analytics

c. When would a concurring review be appropriate and why?

d. Include a representation letter, representing your public company to the best of your ability within your work papers

e. Include a management letter, representing your public company (in terms of your internal control findings)

f. Discuss what is meant by a subsequent review, what it consists of, and why it is crucial to your audited financial statements

3) Other closing thoughts:

a. Discuss what is meant by an unadjusted trial balance, an adjusted trial balance, and a final trial balance

b. Discuss what is meant by proposed adjusting journal entries and adjusted journal entries

c. What are tick marks, ie. Footing?

Answer rating: 100% (QA)

Audit Process Introduction The external audit process entails the examination of accounting records of an organization by an independent auditor to express hisher opinion on the truthfulness and fairn... View the full answer