Discuss levels of assurance that can be provided on audit

Assignment Help Accounting Basics

Reference no: EM132478154

Part I

Deliverable Length: 1,000-1,200 words

Read the annual report and other news items related to the company, and then complete the following tasks.

Question 1: Create a framework for your audit procedure using the Audit Risk Approach. Your framework should include the following:

At least 3 examples of how you would mitigate risk in your audit
At least 3 accounts or areas that you would focus your attention on for this audit
An outline of tests and procedures that you would employ based on your company
A detailed analysis of the sampling techniques that you would utilize for each of the 3 accounts or areas that you chose
An explanation of the type(s) of documentation that you would require as audit evidence

Question 1: Discuss the levels of assurance that can be provided on audit reports.

Question 2: Explain how the internal controls of a company can impact the overall business.

Question 3: Define 2 internal control areas that you would focus on with your business

Part II

Deliverable Length: 800-1,000 words

Prepare an audit report for your company. Be sure to include the key elements that must be covered in a standard audit report, and discuss the circumstances surrounding each of the following:

Question 4: Explain the process that you will utilize to formulate your audit opinion.

Question 5: Discuss the methodology that you would employ if misstatements are discovered.

Question 6: Explain the common ethical issues that you could encounter during an audit.

Reference no: EM132478154

Questions Cloud

Identify a level of investment in equity securities : Identify a level of investment in equity securities (under 20%, 20%-50%, over 50% of outstanding stock) and explain how investments of that size should be treat

What are the most challenging concepts for to understand : What are the most challenging concepts for you to understand? Have you found any supplemental resources or websites that have helped you to better comprehend

Discuss the career development assignment opportunity : If you have an activity that you plan to participate in that will enhance your career knowledge, you may ask your instructor if you may use

Calculate Jay depreciation deduction : On September 14, 2018, Jay purchased a passenger automobile that is used 75 percent in his accounting business. Calculate Jay depreciation deduction

Discuss levels of assurance that can be provided on audit : Define 2 internal control areas that you would focus on with your business. Discuss the levels of assurance that can be provided on audit reports.

Problem - Modified Accelerated Cost Recovery System : Problem - Modified Accelerated Cost Recovery System. Calculate Holly's total depreciation deduction for the apartments for 2018 using MACRS

Explain how the internal controls of a company can impact : Discuss the methodology that you would employ if misstatements are discovered. At least 3 examples of how you would mitigate risk in your audit

Calculate the new quantity and plot the new demand curve : Calculate the new quantity and plot the new demand curve as D2 against the original demand curve What would happen to the supply of bicycles if there were

Prepare the journal entry by the parent to record purchase : Problem - Acquisitions of additional shares of a subsidiary once control has been achieved. Prepare the journal entry by the parent to record purchase

User Account

All Pages