You are a team of young Accountants working at a Big 4 Accounting firm. You have been be asked a question by a senior partner in the firm about a new area of auditing that the firm is considering. Based on the question below, consider all the relevant audit issues we have discussed ( risk, evidence, ethics, internal control, errors, types of errors, etc.) and answer the six questions to properly audit the transactions discussed. Use research provided by any source necessary to develop your plan and refer to concepts learned in class to support your points and conclusions, where possible. All research sources must be disclosed in the Appendix of your paper. The senior audit partner called you into their office and said:

"Auditors evaluate transactions and use the evidence collected in their work to determine the reliability of financial transactions and data that is used to provide information to stakeholders. Many of our clients have begun to take cryptocurrency in payment for goods and services rendered. Our audit practice has to determine how to audit blockchain technology and the reliability of the related crypto transactions. Create a recommendation for

1) an audit plan that would properly test these transactions

2) flowchart the transactions AND the audit process

Answer rating: 100% (QA)

1 Plan The first step in the audit process is to develop a plan The plan should consider the risks associated with the client and the specific engagem... View the full answer