Work paper for Evaluation of internal control

Audit program

Test of internal control

Test of internal controls

Kindly assist me to answer these questions mention above. Part A and Part B.

The objective of this task is to develop a draft audit plan for related accounts at Crest Outfitters. To complete this assessment task, you will need to adopt information regarding Crest Outfitters provided in the Case Study of the textbook (Moroney, et al. 4th edition, 2020). Attempt the following questions and provide work papers to record your evaluation of internal controls and plans of control tests. (Please note some references might not available in the Case Study so you can refer to reasonable examples or documents obtained from other sources such as listed companies or practices that you experienced from your work) Part A As the engagement partner, you are responsible for the evaluation of internal controls concerning Property, Plant and Equipment and Sales accounts at Crest Outfitters. You can attempt to answer following questions and record your assessment outcomes in the work paper. You can create your own work paper. 1. Identify transactions related to Property, Plant and Equipment and Sales accounts. 2. Determine WCGW (what can go wrong). 3. Describe risks and assertions associated to Property, Plant and Equipment and Sales. 4. Identify internal controls in place to prevent or detect the risk of misstatement. 5. Evaluate control risks. 6. Comments on strength (minimum 1 item) and weakness (minimum 1 item) of the client's internal controls. 7. Record the audit plan in the work paper. You are responsible for control tests concerning Property, Plant and Equipment and Sales accounts at Crest Outfitters. You need to describe the required audit procedures to perform control tests of Property, Plant and Equipment and Sales related accounts at Crest Outfitters. Answer following questions and provide your audit plans in the work paper. You can create your own work paper. 8. Identify objectives/assertions related to Property, Plant and Equipment and Sales. 9. Determine controls activities related to assertions. 10. Describe the extent of internal control tests. 11. Apply appropriate procedures or techniques for control tests 12. Record your audit procedures in the work paper. Appendix: Work paper Evaluation of internal control Audit program Test of internal controls Toct nf intornal rontrols