In 3-4 pages Internal AuditPrompt: Outline the field work and procedures that will be involved in conducting the internal audit report and explain how you intend to communicate your findings. Create a

ACC 640 Milestone One Guidelines and Rubric Auditing is a valuable skill in accounting and business, as the odds are very high that you or your organization will be subj ect to a compliance, federal, IRS, internal, government , or revenue audit at one point in your career. Accountants are required to make professional judgments on both the financial a ccounting issues and internal accounting forecasts within their organization. The auditor must provide fair, unbiased, materially correct information for investors, employers, employees , and independent stakeholders. This course will help you navigate the relevant processes to provide that unbiased, accurate information. The purpose of the assessment is to familiarize you with the p rocess of auditing and what to do with the auditing information once you have it. You will explore how to plan audit work, analyze financial statements, perform tests on that information, and properly and professionally comm unicate the results of an audit. For this assessment, you should assume you are on the internal audit staff of a publicly traded company. Choose one of the fo llowing companies: Walmart , Target, Sears, Kroger, or Amazon. You will be required to obtain the last two years’ worth of financi al statements and a recent audit report. The internal audit group at the company is tasked with preparing for an upcoming revenue audit and analyzing the business risk internally to mit igate audit findings. You will conduct an internal audit of the company using the information gathered and create a report. Then, you will prepare appropriate memos analyzing the audit report you have prepared, while offering feedback and recommendations. For Milestone One, you will submit a draft of the procedures and field work required for conducting your audit process. Describe how you would conduct the audit process for the company you have chosen , including the analytical procedures you would use to investigate selected business transactions. Explain the appropriate fie ld work needed to review high -risk business transactions for cash and revenue , and create a test to assess appropriate assertions for designated high -risk business transactions. Prompt: Outline the field work and procedures that will be involved in conduc ting the internal audit report and explain how you intend to communicate your findings. Create a test to assess appropriate assertions for designated high -risk business transactions. Specifically , the following critical elements must be addressed: A. Describe how you would conduct the audit process, incorporating the analytical procedures you would use to investigate selected business transactions. 1. What steps will you take to review the company’s business transactions? 2. What would your plan be to utili ze these procedures? B. Explain the appropriate field work needed to review high -risk business transactions for cash and revenue. 1. What would you need to do in the field to investigate these? 2. Could you convey this information through charts or other supportin g documentation? C. Create a test to assess appropriate assertions for designated high -risk business transactions. Rubric Guidelines for Submission: Your paper mu st be submitted as a 3–4-page Microsoft Word document with double spacing, 12 -point Times New Roman font, one - inch margins, and at least thre e sources cited in APA format . Critical Elements Proficient (100%) Needs Improvement (75%) Not Evident (0% ) Value Procedures: Describe Describes how the audit process would be conducted, incorporating analytical procedures for selected business transaction s Describes how the audit process would be conducted , incorporating analytical procedures for selected business transaction s, but description is inaccurate or lacks detail Does not describe the how the audit process would be conducted incorporating analytical procedures for selected business transaction s 30 Procedures: Explain Explains the appropriate field work needed to revie w high -risk business tr ansactions for cash and revenue Explains the appropriate field work needed to review high -risk business transactions for cash and revenue , but explanation i s cursory or lacks detail Does not explain the appropriate field work needed to review high -risk business tr ansactions for cash and revenue 30 Procedures: Create Creates a test to assess appropriate assertions for designated high -risk bu siness transactions Creates a test to assess assertions for designated high - risk business trans actions , but test is inaccurate or inappropriate Does not create a test to assess appropriate assertions for designated high -risk business transactions 30 Articulation of Response Submission has no major errors related to citations, grammar, spelling, syntax, or organization Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Submission has critical errors related to citations, grammar, spelling, s yntax, or organization that prevent understanding of ideas 10 Earned Total 100%