SNHU ACC640 Milestone Three Guidelines and Rubric

ACC 640 Milestone Three Guidelines and Rubric

Auditing is a valuable skill in accounting and business, as the odds are very high that you or your organization will be subject to a compliance, federal, IRS, internal, government, or revenue audit at one point in your career. Accountants are required to make professional judgments on both the financial accounting issues and internal accounting forecasts within their organization. The auditor must provide fair, unbiased, materially correct information for investors, employers, employees, and independent stakeholders. This course will help you navigate the relevant processes to provide that unbiased, accurate information.

For Milestone Three, you will submit a draft of your memos to upper management. First, you will prepare a memo to be reviewed by the chief financial officer (CFO) of your chosen company that summarizes the audit process conducted. Then, you will assume the role of CFO of the company and prepare a memo to the Board of Directors as to what potential issues the external audit team might find and what the company’s response should be.

Prompt:Prepare memos with your recommendations to upper management using the findings from your audit report.

Specifically, the following critical elements must be addressed:

1. Prepare a memo to be reviewed by the chief financial officer (CFO) that summarizes the audit process.

1. Explainany sampling or other audit work that could be done, and if you would recommend the company pursue this additional work. Justifyyour response.
2. Makerecommendations to the CFO on how to mitigate potential risk factors for major business transactions identified in the audit report.

1. Assume you are now the CFO. Prepare a memo to the Board of Directors as to what potential issues the external audit team might find and what the company’s response should be.
1. Evaluatethe findings from the audit report. Be sure to view these findings from the CFO’spoint of view.
2. Developa strategy to mitigate risks identified in the audit report.
3. Describehow the company might implement the strategy based on the findings from the audit report.

Rubric

Guidelines for Submission:Each memo should be a 1–3-page Microsoft Word document with double spacing, 12-point Times New Roman font, one-inchmargins, and at least three sources cited in APA format.

Instructor Feedback:This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information,review these instructions.

Critical Elements	Proficient (100%)	Needs Improvement (75%)	Not Evident (0%)	Value
Memos: Explain	Explains any sampling or other	Explains any sampling or other	Does not explain any sampling or	19
	audit work that could be done and	audit work that could be done and	other audit work that could be
	if the company should pursue the	if the company should pursue the	done and if the company should
	additional work	additional work, but explanation is	pursue the additional work
		inaccurate or inappropriate
Memos: Make	Makes recommendations to the	Makes recommendations to the	Does not make recommendations	19
	CFO on how to mitigate potential	CFO on how to mitigate potential	to the CFO on how to mitigate
	risk factors for major business	risk factors for major business	potential risk factors for major
	transactions identified in the audit	transactions identified in the audit	business transactions identified in
	report	report, but recommendations	the audit report
		made are inappropriate or lack
		depth
Memos: Evaluate	Evaluates the findings from the	Evaluates the findings from the	Does not evaluate the findings	19
	audit report from the CFO’s point	audit report through the CFO’s	from the audit report from the
	of view	point of view, but evaluation lacks	CFO’s point of view
		depth or detail
Memos: Develop	Develops a strategy to mitigate	Develops a strategy to mitigate	Does not develop a strategy to	19
	risks identified in the audit report	risks identified in the audit report,	mitigate risks identified in the audit
		but strategy is inappropriate or	report
		lacks depth
Memos: Describe	Describes how the company might	Describes how the company might	Does not describe how the	19
	implement the strategy based on	implement the strategy based on	company might implement the
	the findings from the audit report	the findings from the audit report,	strategy based on the findings from
		but description lacks depth or	the audit report
		detail
Articulation of Response	Submission has no major errors	Submission has major errors	Submission has critical errors	5
	related to citations, grammar,	related to citations, grammar,	related to citations, grammar,
	spelling, syntax, or organization	spelling, syntax, or organization	spelling, syntax, or organization
		that negatively impact readability	that prevent understanding of
		and articulation of main ideas	ideas
			Earned Total	100%