Present the audit on the gas station (7-eleven and Conocco) or any other gas station please specify
Question:
Present the audit on the gas station (7-eleven and Conocco) or any other gas station please specify the name, and develop an audit plan based upon the below parameters
Gain an understanding of the Company and provide background
Perform a risk assessment of the Company:
Identify what could go wrong
Identify what the significant (i.e. elevated) risk would be
For the identified significant risk, develop audit procedures which include:
A controls-based approach which touches on managements assertions
Substantive testing approach (after factoring in controls)
The above procedures need to address how an audit team would gain comfort around management’s assertions for those significant risk
If it is determined that only a substantive based approach will be taken (i.e. no control reliance), explain why and what additional work will be required.
Chemistry The Central Science
ISBN: 978-0321696724
12th edition
Authors: Theodore Brown, Eugene LeMay, Bruce Bursten, Catherine Murphy, Patrick Woodward