Auditing Accounting
Minimum 1,000 Words
Choose a publicly traded company and research its annual report. (If you cannot find it online, you can go to the U.S. Securities and Exchange Commission Web site and locate a copy). These results have been audited, but for this exercise, they will be viewed as if they have not.
Read the annual report and any other news items involving the company, and then complete the following tasks:
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
Discuss the levels of assurance that can be provided on audit reports.
Explain how the internal controls of a company can impact the overall business.
Define 2 internal control areas that you would focus on with your business.
This is a 2 part- this next part is 400 words minimum its all easy to do but i am currently in a hospital bed.
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has developed a comprehensive framework for assessing the quality of a company’s internal controls with regard to their financial reportings. This organization is made up of representatives from the AICPA, the IIA, IMA, and other leading authorities in the field.
Using the framework issued by COSO (found in your textbook, or click here to follow the link to the Web site), discuss the components and how they fit together to create a continuous internal control process.
Write a minimum of 2 paragraphs.
Then, choose a control that you find interesting, and do additional research to thoroughly explain it to your peers.
Be sure to share your references.
Solution Preview
It is apparent that all the publicly traded companies must file audited accounts at the end of every year. Auditing is an extensive process which entails a thorough assessment of accounts to detect any material errors or misstatements. The process of auditing is executed by registered accountants and auditors. As such, these accounts conduct an inspection of all the financials of the Company or the Organization being audited.
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