Question:

Createa 20- to 30-minute presentation, with 15 to 20 slides based the team scenario assignments from Weeks 3 and 4 (Initial Risk Assessment, Analytical Procedures, Materiality and Risk, Audit Tests, Work Programs, Evidence and Documentation, Report on Internal Controls, COSO and SOX).

Statethe company selected for the team assignments.

Explainsthe reason the company was selected.

Describeinsights gained by performing some planning for this company.

Sections Needed COSO and SOX

Conclusion

No Plagiarism please

I have attached what has been accomplished thus far.

Thank you

SCENARIO ASSIGNMENTS SUMMARY Amazon Nicholas Fitzgerald, Nakita St Julien, Neil Salonga, Theresa Strobel, & Stephanie Zahorchak EVIDENCE & DOCUMENTATION EVIDENCE Sample Size Method Relevance, Reliability and Sufficiency of Evidence 8 Types of Evidence 1. Physical examination 2. Confirmation 3. Documentation 4. Analytical procedures 5. Inquiry 6. Recalculation 7. Reperformance 8. Observation WHY CHOOSE AMAZON? ENTERPRISE RISK MANAGEMENT (ERM) What is ERM? Is it am effective form of internal risk management? WHAT DOES ERM DO FOR INTERNAL RISK MANAGEMENT? Secondary Purpose - Assess going concern - Reduce detailed tests Primary Purpose - Reduce detailed tests Secondary Purpose - Find possible misstatements Completion Phase Primary Purpose - Understand business & industry - Find possible misstatements Testing Phase Planning Phase ANALYTICAL PROCEDURES - TIMING & PURPOSE Primary Purpose - Find possible misstatements Secondary Purpose - Assess going concern ANALYTICAL PROCEDURES - TYPES Industry Data Similar Prior-period Data Client-determined Expected Results Auditor-determined Expected Results Expected Results Using Nonfinancial Data MATERIALITY - HOW TO APPLY Planning Extent of Tests Evaluating Results Step 1: Set materiality for the financial statements as a whole Step 2: Determine performance materiality Step 3: Estimate total misstatements in segment Step 4: Estimate the combines misstatement Step 5: Compare combined estimate with preliminary or revised judgment about materiality AUDIT RISK MODEL Audit Risk Model Planned Detection Risk = Acceptable Audit Risk / Risk of Material Misstatment Inheren t Risk (IR) Risk of Material Misstatement (RMM) Control Risk (CR) Relationships Detection Risk and Audit Risk: Direct Detection Risk and Control Risk: Inverse Detection Risk and Inherent: Inverse EVIDENCE & DOCUMENTATION DOCUMENTATION Purpose Ownership Confidentiality Retention INTERNAL CONTROLS INTEGRATED FRAMEWORK COSO Standards of PCAOB Material Weakness, Significant Deficiency, & Control Deficiency Magnitude & Likelihood INTERNAL CONTROLS GAAP Records Reasonable Assurance 1. Transactions 2. Acquisition, Use, or Disposition of Assets