Prepare audit reports in accordance with Generally Accepted Auditing Standards

Overview

For this project, you will focus on preparing two reports: a financial statement audit report and an internal controls audit report. An audit of financial statements and internal controls adds credibility to the reported financial position and performance of a business. The Securities and Exchange Commission requires all publicly held entities to file annual reports that are audited. An audit report can provide shareholders with reasonable assurance that the financial statements presented are true and do not contain falsified information. This creates a positive position for further investment in a company.

Scenario

The auditing team of your CPA firm has performed an audit engagement for the Cloud$9$ company, which consists of testing financial statements, internal controls, and other factors that could have an impact on the company's position. Using the Summary of Audit Findings document from this engagement, provided in the Supporting Materials section, you will provide two written audit reports. Each report should include all sections of the audit in accordance with the Generally Accepted Auditing Standards $($GAAS$)$ you$$ve studied within this course.

Directions

After reviewing the Scenario and Supporting Materials sections of this document, you will complete an analysis of the audit engagement program using the Summary of Audit Findings document and then write your financial statements and internal controls audit reports.