Strayer ACC403 week 8 (discussion+ homework+ assignment
Question # 00051567
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Updated on: 03/01/2015 10:54 PM Due on: 03/28/2015
"Internal Controls and Sampling Strategy" Please respond to the following:
· Imagine that you have been hired to audit the sales and collections of a medium to large merchandising company. Suggest two (2) ways that management could manipulate earnings, and make specific recommendations for the internal control procedure to prevent or detect the transaction. Justify your response.
· Discuss the advantages and disadvantages of two (2) sampling methods. Make a recommendation for the best method to sample accounts receivables. Support your position.
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- Chapter 14: Problems 14-23(a-c) and 14-26(a-c)
- Chapter 15: Problems 15-24(a-c) and 15-28(a-f)
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 accounting 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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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:
- Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
- Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
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Solution: Strayer ACC403 week 8 (discussion+ homework+quiz+ assignment