Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Prepare a research memo for my auditing class please help I have no idea how to make one on the bottom are the instructionsThe Assignment:For each memo you will select a standard from the appropriate list and explain how it will affect yourclient's audit. Here is how you do this:1. Select a public company that you will be auditing. This should be a public company that willhave financial statements available. Select a company you are interested in learning about forthe semester.2. Research your company sufficiently to understand its business model, products, customers,vendors and management/directors. Read the most recent financial statements to gain anunderstanding of the types of assets and liabilities on the balance sheet. Use the statements tobe familiar with the sources of revenues and typical operating expenses. The 10-K will have thisinformation. Use EDGAR to find the SEC filings at www.sec.gov and/or the company's own web
site under investor information.3. Write a memo for each of the topics listed above and email it to me by class time on the due date.4. The memo should be addressed to the Audit Committee Chair, the members of the audit committee, and the CFO. You will need to use their names, so research who they are. You may use the DEF 14 A (proxy statement) from EDGAR or the company's web site to find this information. The memo is from you, as the Audit Partner.5. For each memo choose a professional standard topic to research from the list given for each assignment above. For example: for Memo 1, you might research the topic of Audit Evidence. This means you will research AU 500 and AS 15. The topic is your choice; the only requirement is that it come from the list.6. Research the appropriate standards at www.aicpa.org and www.pcaob.org. Read them and refer to the chapter material and any other resource to help you research and understand the requirements of the standard.7. Write up the memo as a way of explaining to your client how the standard will be followed on the upcoming audit. For example, if you are auditing Walmart and you have selected the topic of External Confirmations (Standards AU 505 and PCAOB AU 330) you might write a memo that references the many accounts that must be confirmed because each store has one. Explain the document you will use for this and how the mailing will comply with the standard. If you chose he same standard for a company like Caterpillar, you would probably do less confirmation and can discuss similar details but referencing fewer accounts.8. The memo should be one page. Do not include the verbiage of the standard in the memo. Reference the standard by number. The memo should be the explanation of the pertinent standard.9. The memo will be graded for grammar, syntax, spelling, clarity, completeness, and all other writing skills detailed on the rubric. Remember, a memo may be all a client ever sees of you. IF you don't write it well, they will not trust your accounting skills. You may be the world's best accountant; but, if you can't communicate about accounting that won't matter
AIN is a financial planning firm which has an accounts receivable balance of $97,600. AIN uses the direct write-off method for bad debt. AIN determined that one of its clients which owes $7,300 has filed bankruptcy.
School District 25 formally integrates the budget into the accounting system and uses the encumbrance system. All appropriations lapse at year-end.
A revised or final acceptable level of detection risk is determined for each assertion after (1) assessing inherent risk, (2) performing analytical procedures in audit planning
Purpose a sample draft of a standard unqualified audit opinion and make sure you add a clause that the opinion is a Sample Only and not to be used for any other purpose
Mincin, CPA is the auditor of the Raleigh Corporation. Mincin is considering the audit work to be performed in the accounts payable area for the current year's engagement. The prior year's working papers show that confirmation requests were mailed..
What is life-cycle costing? Under what circumstances can it be most useful? What are some potential problems with this approach? What is target pricing? Under what circumstances can it be most useful? What are some potential problems with this approa..
What are the different types of audits that retailers use. Why is auditing necessary? What benefits can be gained to offset the costs associated with them?
Evaluate an annual report of a publicly held corporation of your selection on the internet (not the General Electric annual report).
What summary journal entry did Disney make to record interest incurred during fiscal 2009? (Hint: Don't forget to distinguish between interest incurred and cash paid for interest.)
Describe the broad purposes of analytical procedures. When are analytical procedures required during an audit? Explain why auditors use analytical procedures extensively in all parts of the audit.
Who performed the audit of the financial statements? What type of audit opinion was received? If other than unqualified, please provide explanation.
You have learned that the internal control framework for most U.S. companies is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control-Integrated Framework, issued in 1992.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd