ACC403 Strayer University Week 8 Audit Planning and Control Paper

Assignment 2: Audit Planning and Control
Due Week 8 and worth 280 points
It is common industry knowledge that an audit plan provides thespecific guidelines auditors must follow when conducting an externalaudit. External public accounting firms conduct external audits toensure outside stakeholders that the company’s financial statements areprepared 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 hiredto complete an audit for the chosen public company.
Write a four to six (4-6) page paper in which you:
Outlinethe critical steps inherent in planning an audit and designing aneffective audit program. Based upon the type of company selected,provide specific details of the actions that the company shouldundertake during planning and designing the audit program.
Examineat least two (2) performance ratios that you would use in order todetermine which analytical tests to perform. Identify the accounts thatyou would test, and select at least three (3) analytical procedures thatyou would use in your audit.
Analyzethe balance sheet and income statement of the company that you haveselected, and outline your method for evidence collection which shouldinclude, but not be limited to, the type of evidence to collect and themanner in which you would determine the sufficiency of the evidence.
Discussthe audit risk model, and ascertain which sampling or non-samplingtechniques you would use in order to establish your preliminary judgmentabout materiality. Justify your response.
Assumingthat the end result is an unqualified audit report, outline the primaryresponsibilities of the audit firm after it issues the report inquestion.
Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
This course requires use of Strayer Writing Standards (SWS).The format is different than other Strayer University courses. Pleasetake a moment to review the SWS documentation for details.
Includea cover page containing the title of the assignment, the student’sname, the professor’s name, the course title, and the date. The coverpage and the reference page are not included in the required assignmentpage length.
The specific course learning outcomes associated with this assignment are:
Plan and design a generalized audit program.
Determinethe nature and extent of evidence accumulated to conduct an audit afterconsidering the unique circumstances of an engagement.
Evaluate a company’s various risk factors and the related impact to the audit process.
Evaluate effective internal controls that minimize audit risk and potentially reduce the risk of fraud.
Use technology and information resources to research issues in auditing.
Write clearly and concisely about auditing using proper writing mechanics.

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