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QUESTION

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

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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:

  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • 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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ANSWER

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* ** common ******** knowledge that ** ***** **** ******** *** ******** ********** ******** **** ****** when ********** ** external audit External ****** ********** firms ******* ******** ****** **** is common ******** knowledge **** ** ***** **** provides *** specific ********** ******** **** ****** **** ********** ** ******** ***** ******** public accounting ***** conduct external ****** to ****** ******* ************ **** *** *********** financial statements *** ******** ** ********** **** ********* ******** ********** ********** ****** or ************* Financial ********* ********* ****** ************ *** ******** ** ****** * ****** ******* **** appeals ** *** Imagine **** *** *** * ****** ******* ** * public ********** **** hired to ******** ** ***** *** the chosen public ************ * **** to *** ***** page ***** ** which you:Outline *** ******** ***** ******** in ******** ** ***** *** ********* an ********* ***** ******* Based upon *** **** ** ******* ******** provide specific ******* of *** ******* **** the ******* ****** ********* during planning *** ********* *** ***** programExamine ** least *** *** *********** ****** **** *** would use ** ***** ** ********* ***** ********** ***** ** ******* ******** *** ******** that you ***** test and ****** ** ***** ***** *** ********** ********** that you would use in **** ************ *** ******* ***** *** ****** ********* ** the ******* that *** **** ******** and ******* your ****** for evidence ********** which ****** ******* *** not be limited ** the **** ** ******** ** ******* *** *** ****** in ***** you would determine *** *********** ** the evidenceDiscuss *** ***** **** ***** *** ********* ***** ******** ** non-sampling ********** *** ***** *** in ***** ** ********* your *********** ******** ***** *********** ******* your responseAssuming **** *** *** ****** ** an unqualified ***** ****** ******* *** ******* **************** of *** ***** firm ***** ** ****** *** ****** in *********** ** least two (2) ******* academic ********* in this assignmentNote:Wikipedia *** other ******** ** not ******* ** academic ************* ********** must follow ***** formatting requirements:Be typed ****** ****** ***** ***** *** Roman **** ***** *** **** one-inch ******* ** *** ****** ********* *** ********** **** ****** *** ** *************** ****** Check with your professor *** *** additional instructionsInclude * ***** page ********** *** title ** *** assignment *** student’s **** *** ************* **** the ****** ***** *** *** **** *** ***** page and the ********* page *** not ******** ** *** ******** ********** **** ********* ******** ****** learning ******** ********** **** **** ********** ******** and ****** a *********** audit **************** *** nature and ****** ** ******** *********** ** ******* ** ***** ***** *********** the ****** circumstances of ** ****************** * *********** various **** factors *** *** ******* ****** to *** ***** processEvaluate effective ******** controls **** ******** ***** **** *** *********** reduce the risk of ******** technology *** *********** ********* ** ******** ****** in auditingWrite clearly and ********* ***** ******** using ****** writing *********

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