Describe how you would conduct the audit process, incorporating the analytical procedures you would use to...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Describe how you would conduct the audit process, incorporating the analytical procedures you would use to investigate selected business transactions. 1. What steps will you take to review the company's business transactions? 2. What would your plan be to utilize these procedures? 3. How would you determine the high-risk business transactions? B. Explain the appropriate procedures needed to review high-risk business transactions for cash and revenue. 1. What would you need to do to investigate these? 2. Could you convey this information through charts or other supporting documentation? C. Create a test to assess appropriate assertions for designated high-risk business transactions. Auditing is a valuable skill in accounting and business, as the odds are very high that you or your organization will be subject to a compliance, federal, IRS, internal, government, or revenue audit at one point in your career. Accountants are required to make professional judgments on both the financial accounting issues and internal accounting forecasts within their organization. The auditor must provide fair, unbiased, materially correct information for investors, employers, employees, and independent stakeholders. This course will help you navigate the relevant processes to provide that unbiased, accurate information. The purpose of the assessment is to familiarize you with the process of auditing and what to do with the auditing information once you have it. You will explore how to plan audit work, analyze financial statements, perform tests on that information, and properly and professionally communicate the results of an audit. For this assessment, you should assume you are on the internal audit staff of a publicly traded company. Choose one of the following companies: Walmart, Target, Kroger, or Amazon. You will be required to obtain the last two years' worth of financial statements and a recent audit report. The internal audit group at the company is tasked with preparing for an upcoming revenue audit and analyzing the business risk internally to mitigate audit findings. You will conduct an internal audit of the company using the information gathered and create a report. Then, you will prepare appropriate memos analyzing the audit report you have prepared, while offering feedback and recommendations. For Milestone One, you will submit a draft of the procedures required for conducting your audit process. Describe how you would conduct the audit process for the company you have chosen, including the analytical procedures you would use to investigate selected business transactions. Explain the appropriate procedures needed to determine and review high-risk business transactions for cash and revenue, and create a test to assess appropriate assertions for designated high-risk business transactions. Prompt: Outline the procedures that will be involved in conducting the internal audit report and explain how you intend to communicate your findings. Create a test to assess appropriate assertions for designated high-risk business transactions. Describe how you would conduct the audit process, incorporating the analytical procedures you would use to investigate selected business transactions. 1. What steps will you take to review the company's business transactions? 2. What would your plan be to utilize these procedures? 3. How would you determine the high-risk business transactions? B. Explain the appropriate procedures needed to review high-risk business transactions for cash and revenue. 1. What would you need to do to investigate these? 2. Could you convey this information through charts or other supporting documentation? C. Create a test to assess appropriate assertions for designated high-risk business transactions. Auditing is a valuable skill in accounting and business, as the odds are very high that you or your organization will be subject to a compliance, federal, IRS, internal, government, or revenue audit at one point in your career. Accountants are required to make professional judgments on both the financial accounting issues and internal accounting forecasts within their organization. The auditor must provide fair, unbiased, materially correct information for investors, employers, employees, and independent stakeholders. This course will help you navigate the relevant processes to provide that unbiased, accurate information. The purpose of the assessment is to familiarize you with the process of auditing and what to do with the auditing information once you have it. You will explore how to plan audit work, analyze financial statements, perform tests on that information, and properly and professionally communicate the results of an audit. For this assessment, you should assume you are on the internal audit staff of a publicly traded company. Choose one of the following companies: Walmart, Target, Kroger, or Amazon. You will be required to obtain the last two years' worth of financial statements and a recent audit report. The internal audit group at the company is tasked with preparing for an upcoming revenue audit and analyzing the business risk internally to mitigate audit findings. You will conduct an internal audit of the company using the information gathered and create a report. Then, you will prepare appropriate memos analyzing the audit report you have prepared, while offering feedback and recommendations. For Milestone One, you will submit a draft of the procedures required for conducting your audit process. Describe how you would conduct the audit process for the company you have chosen, including the analytical procedures you would use to investigate selected business transactions. Explain the appropriate procedures needed to determine and review high-risk business transactions for cash and revenue, and create a test to assess appropriate assertions for designated high-risk business transactions. Prompt: Outline the procedures that will be involved in conducting the internal audit report and explain how you intend to communicate your findings. Create a test to assess appropriate assertions for designated high-risk business transactions.
Expert Answer:
Answer rating: 100% (QA)
To conduct the audit process for the chosen company the following steps will be taken Review the companys financial statements including the balance sheet income statement and statement of cash flows ... View the full answer
Related Book For
Auditing and Assurance Services An Applied Approach
ISBN: 978-0073404004
1st edition
Authors: Iris Stuart
Posted Date:
Students also viewed these accounting questions
-
A. Describe how you would conduct the audit process, incorporating the analytical procedures you would use to investigate selected business transactions. 1. What steps will you take to review the...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Suppose that a typical taxpayer has a marginal personal income tax rate of 35 percent. The nominal interest rate is 13 percent, and the expected inflation rate is 8 percent. a. What is the real...
-
A bond currently sells for $1,050, which gives it a YTM of 6%. Suppose that if the yield increases by 25 basis points, the price of the bond falls to $1,025. What is the duration of this bond?
-
In an annual audit of Monty Company Limited, you find that a physical inventory count on December 31, 2023, showed merchandise of $440,000. You also discover that the following items were excluded...
-
A off-axis tensile test (Figure 2.14) of a unidirectional AS/3501 carbon/epoxy specimen is conducted with \(\theta=45^{\circ}\) and the applied stress is found to be \(\sigma_{x}=15.44...
-
Crow Corporation purchased 70 percent of West Companys voting common stock on January 1, 20X5, for $291,200. On that date, the noncontrolling interest had a fair value of $124,800 and the book value...
-
If following flowchart was executed, what is the final value of variable x? Start Initialize x-10, k-3 k < 5 COMPUTE x=x+k T COMPUTE x=x+5 End
-
In this exercise, you will complete the Moonbucks application that you created in Exercise 2 in Chapter 2. a. Use Windows to copy the Moonbucks Solution folder from the VB2017\Chap02 folder to the...
-
1. How much disk space and memory space required to store 5 PB of data? Note that the data will be duplicated at least three times and the block size is 128MB. 2. What is scale up and scale out when...
-
Exponential function. Assume that x is a positive variable of type double. Write a code fragment that uses the Taylor series expansion to set the value of sum to e x = 1 + x + x 2 /2! + x 3 /3! + . ....
-
Describe what happens if you try to execute UseArgument with each of the following command lines: a. java UseArgument java b. java UseArgument @!&^% c. java UseArgument 1234 d. java UseArgument.java...
-
Identify major ethical challenges managers face at each stage of the value chain.
-
Write a code fragment that reverses the order of the values in a onedimensional string array. Do not create another array to hold the result. Hint : Use the code in the text for exchanging the values...
-
Chaos. Write a program to study the following simple model for population growth, which might be applied to study fish in a pond, bacteria in a test tube, or any of a host of similar situations. We...
-
Construct an orthogonal basis {V1, V} for the subspace W = Span {x1, x2} if x = {3, 12, -11} and x = {31, 12, -3}.
-
What is EBIT/eps analysis? What information does it provide managers?
-
Describe the two types of subsequent events. How is each type accounted for in the financial statements? Provide an example of each type of subsequent event.
-
The chapter describes a fraud at Adelphia Communications and the failure of Deloitte & Touche to detect the fraud. a. What does it mean to identify a client as being high risk? How did the auditor...
-
Before you sign off on the audit, you need to determine that sufficient audit work has been done to determine whether contingent liabilities and subsequent events have been recorded in accordance...
-
The United States brought a lawsuit requesting forfeiture of a \($38.5\) million jet purchased by Teodoro Nguema Obiang Mangue (Nguema) because the government believed the jet had been purchased with...
-
Jose Medellin participated in the rape and murder of two teenage girls in Houston, Texas. He was arrested and read his Miranda rights, and he confessed. At the time, he was not informed that he could...
-
OBB Personenverkehr (OBB), the Austrian state-owned railway, carries about 235 million passengers a year on routes within wholly owned by OBB Holding Group, which in turn, is wholly owned by the...
Study smarter with the SolutionInn App