ACC 403 Assignment 2: Audit Planning and
Control
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ACC 403 Assignment 2: Audit Planning and
Control
Assignment 2: Audit Planning and Control
Due Week 8 and worth 280 points
Due Week 8 and worth 280 points
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 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:
1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. Use at least two (2) quality academic
resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic
resources.
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