Overview
To complete this week's assignment, you will select a company that interests you, and assume that you are the Audit Manager leading a financial statement audit engagement. Following the format used in prior discussions in this course, the company you select for this assignment could be a prior employer, a company you'd like to work at someday, or simply an organization whose products or services you use or admire. If you select a business where you currently work (or have worked in the past), remember not to use any personal details or potentially confidential information in your presentation. Focus your presentation on addressing the specific audit-related items listed in the Instructions below. If you have questions about your company selection, or if you are having trouble selecting a company, contact your instructor for support.
Instructions
Note: Each slide in your presentation should contain your main points and any appropriate explanatory or supporting images, graphs, charts, et cetera. You may provide your support, rationale, or explanations for each slide in one of two ways:
- Option 1: Provide written support for your slide's main points in the speaker note section at the bottom of each slide.
- Option 2: Support the main points of the slide using the audio feature within PowerPoint to add a recorded verbal explanation.
In a 15–18 slide PowerPoint presentation, please address the following items.
- Explain the specific steps that you would take to gain an understanding of the company’s system of internal control. Provide a rationale for your approach.
- Identify one entity-level control and one transaction-level control that you would expect to see in the company’s revenue process. Explain why you would expect to see these two controls.
- Identify two methods that you would use to design and test controls. Provide a rationale for why you selected these two methods.
- Develop a plan to incorporate audit data analytics (ADA). Explain how the plan would support: risk assessment, evidence evaluation, and substantive procedures.
- Recommend a framework for sampling and testing key transactions and account balances. Provide a rationale for your proposed framework.
- Cite two quality resources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed at least one time within your presentation. List your sources on a Sources slide at the end of your presentation. For help with research, writing, and citation, visit the Strayer Library or review library guides.
This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all support. Check with your professor for any additional instructions.
The specific course learning outcomes associated with this assignment are:
- Develop conclusions about internal controls based on the revenue cycle for a given client.
- Determine the impact of audit risk, inventory transactions, and balances using a given sampling approach.
- Develop conclusions about risks, control tests, and substantive procedures for a given client using analysis and calculations.
View Rubric
