Advanced Auditing-Auditing Business Processes-Sampling-Conducting an Audit

Paper Format:Other

Academic Level:Bachelor

Sources needed:2

Paper details:Please develop and write 2 pages Audit plan for the following requirements

1. Discuss two risks from the attached “Financial Statements” that represent issues that warrant additional attention during this audit, using the audit risk model.
a. Identify one question for each risk identified in part A1 that you could ask senior management in order to obtain additional information.
b. Identify the senior management team members, by job title, with whom you would address those risks.
c. Identify additional auditing procedure(s) you could use to address these risks after your inquiry.
i. Describe how these additional auditing procedures could address these risks.
2. Identify the internal controls for the acquisition and payment cycle.
a. Identify where these internal controls should be placed in the cycle.
3. Identify the internal controls for the payroll and personnel cycle.
a. Identify where these internal controls should be placed in the cycle.
4. Identify the internal controls for the inventory and warehouse cycle.
a. Identify where these internal controls should be placed in the cycle.

Develop and write 2 pages testing plan for the following requirements

1. Discuss one financial statement account to be tested within the acquisition and payment cycle from part A2.
2. Discuss one financial statement account to be tested within the payroll and personnel cycle from part A3.
3. Discuss one financial statement account to be tested within the inventory and warehouse cycle from part A4.
4. Identify the sampling approach for each of the three financial statement accounts from parts A2–A4 to be tested.
a. Justify your choice of the sampling approach in the acquisition and payment cycle.
b. Justify your choice of the sampling approach in the payroll and personnel cycle.
c. Justify your choice of the sampling approach in the inventory and warehouse cycle.
C. Describe the necessary audit evidence gathered in parts A and B to support management’s assertions.

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