Overview
You have learned the importance of properly planning an audit engagement throughout the course. In this assignment, you will have the opportunity to demonstrate proper audit planning, including risk assessment, procedures, and activities from the perspective of a real-world company.
Prepare
Select a company that interests you; it may be your current organization, a prior employer, a company where you hope to work in the future, or simply a company you like. You may use these Library Database Guides for help with selecting and researching a company if you choose:
IBISWorld Database – Company Reports.
Business Source Ultimate Database – Special Features.
Scenario
Assume that you are working as an auditor with a public accounting firm, and your firm has been hired as the company’s independent financial statement auditor. Your manager has tasked you with some audit planning work.
Instructions
In a 12-14 slide PowerPoint presentation, address the following points. On the face of each slide, cover the main points. Provide your support, rationale, and explanation in either 1) the speaker note section at the bottom of each slide or 2) using the audio feature within PowerPoint to add a voice-over to each slide.
Explain the key characteristics of the company that you have selected, including its industry, purpose, and operating structure. This section should explain what they do and how they do it.
Explain the nature of your firm’s services, including any important professional and ethical responsibilities.
Perform a risk assessment for the company, including the identification of at least three unique risks and an assessment of how those risks will influence the audit strategy and audit procedures.
Summarize the substantive procedures and sampling methods that you believe will be appropriate based on the company selected.
Propose at least 3 ways that your firm can incorporate audit data analytics to improve the efficiency of the audit.
Analyze at least 3 key control activities that you would expect to see in each of the following standard business processes: sales, collections, purchasing, and disbursements.
Use at least 2 sources in addition to the textbook to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least once within your assignment. For help with research, writing, and citation, access the library or review library guides.
This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Pay special attention to the guidelines for SWS PowerPoint/Slideshow assignments. Please refer to the Library site for all support. Check with your professor for any additional instructions.
Resources
Recording and Submitting an Assignment – CanvasLinks to an external site.
Recording and Submitting an Assignment – Canvas. [PDF]Download Recording and Submitting an Assignment – Canvas. [PDF]
PowerPoint Resources
PowerPoint 2016 Tips
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