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Assignment 2: Audit Planning and Control Due Week 8 and worth 280 points
It is common industry knowledge that an audit plan provides the
specific guidelines auditors must follow when conducting an external
audit. External public accounting firms conduct external audits to
ensure outside stakeholders that the company’s financial statements are
prepared in accordance with generally accepted accounting principles
(GAAP) or International Financial Reporting Standards (IFRS) standards.
Use the Internet to select a public company that appeals to you.
Imagine that you are a senior partner in a public accounting firm hired
to complete an audit for the chosen public company. Write a four to six (4-6) page paper in which you:
Outline
the critical steps inherent in planning an audit and designing an
effective audit program. Based upon the type of company selected,
provide specific details of the actions that the company should
undertake during planning and designing the audit program.
Examine
at least two (2) performance ratios that you would use in order to
determine which analytical tests to perform. Identify the accounts that
you would test, and select at least three (3) analytical procedures that
you would use in your audit.
Analyze
the balance sheet and income statement of the company that you have
selected, and outline your method for evidence collection which should
include, but not be limited to, the type of evidence to collect and the
manner in which you would determine the sufficiency of the evidence.
Discuss
the audit risk model, and ascertain which sampling or non-sampling
techniques you would use in order to establish your preliminary judgment
about materiality. Justify your response.
Assuming
that the end result is an unqualified audit report, outline the primary
responsibilities of the audit firm after it issues the report in
question.
Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
This course requires use of Strayer Writing Standards (SWS).
The format is different than other Strayer University courses. Please
take a moment to review the SWS documentation for details.
Include
a cover page containing the title of the assignment, the student’s
name, the professor’s name, the course title, and the date. The cover
page and the reference page are not included in the required assignment
page length.
The specific course learning outcomes associated with this assignment are:
Plan and design a generalized audit program.
Determine
the nature and extent of evidence accumulated to conduct an audit after
considering the unique circumstances of an engagement.
Evaluate a company’s various risk factors and the related impact to the audit process.
Evaluate effective internal controls that minimize audit risk and potentially reduce the risk of fraud.
Use technology and information resources to research issues in auditing.
Write clearly and concisely about auditing using proper writing mechanics.

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