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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 accounting 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: 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.
Procedures are how the evidence is to be gathered (these must be very specific and contain action verbs- not look at some stuff or check some stuff).
What is the two-tier test used to determine if a fixed asset has suffered impairment and to calculate the amount of the impairment loss?
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Create your own design audit model that you may use to determine the extent to which your organization participates in design-principled practices. Write a analysis based on your audit findings, which include recommendations for improvement.
question 1an assurance engagement involves evaluation or measurement of subject matter against criteria. discuss the
On September 1, 2011, Triton Entertainment borrowed $24 million cash to fund a new Fun Park. The loan was made by Nevada Bank under a non-committed short-term line of credit arrangement. Prepare journal entry for the issuance of the note by Triton.
question currently moodys investors services issued a special comment explain best practices for the role of audit
The term of the noncancelable lease is6years, with no renewal option. The equipment reverts to the lessor at the termination of the lease and equal rental payments are due on January 1 of each year, beginning in 2012.
Briefly discuss the audit committee's involvement in operational analysis, business ethics, financial integrity, non-financial data integrity, and administration of the internal audit function.
Ethical audit issue must contain integrity, auditing duties and responsibility - ethical issue must contain objectivity, confidentiality, competence
Explain the importance and demand for audit and other assurance services. Explain the auditor's role in providing assurance.
What is internal audits role in the organization's ethics and compliance program and what is the board's role in the organization's ethics and compliance program?
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