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Explain how the internal controls of a company can impact the overall business

Question # 00272050
Subject: Religious Studies
Due on: 06/03/2016
Posted On: 05/04/2016 05:54 AM

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Key Assignment

Includein-citationreferences in APA format

Choose a publicly traded company, and research its annual report. (If you cannot find it online, you can go to the U.S. Securites and Exchange Commission Web site and locate a copy). These results have been audited, but for this exercise, view them as if they were not.

Part I

Deliverable Length: 1,000–1,200 words

Read the annual report and other news items related to the company, and then complete the following tasks.

  • Create a framework for your audit procedure using the Audit Risk Approach. Your framework should include the following:
    • At least 3 examples of how you would mitigate risk in your audit
    • At least 3 accounts or areas that you would focus your attention on for this audit
    • An outline of tests and procedures that you would employ based on your company
    • A detailed analysis of the sampling techniques that you would utilize for each of the 3 accounts or areas that you chose
    • An explanation of the type(s) of documentation that you would require as audit evidence
  • Discuss the levels of assurance that can be provided on audit reports.
  • Explain how the internal controls of a company can impact the overall business.
    • Define 2 internal control areas that you would focus on with your business

Part II

Deliverable Length: 800–1,000 words

Prepare an audit report for your company. Be sure to include the key elements that must be covered in a standard audit report, and discuss the circumstances surrounding each of the following:

  • Explain the process that you will utilize to formulate your audit opinion.
  • Discuss the methodology that you would employ if misstatements are discovered.
  • Explain the common ethical issues that you could encounter during an audit.

Please submit your assignment.

Tags overall busine impact company internal controls explain audit company report discu areas explain framework deliverable following length risk include words utilize internal accounts aignment employ annual focus documentation chose explanation types require evidence aurance provided controls reports

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Explain how the internal controls of a company can impact the overall business

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Tutorial Preview …precise xxx correct xxxxxxxx Pine (2008) xxxxxx that for xxx larger xxxxxxxxxx xxx risk-based xxxxx approach will xxxxxxx reduce the xxxxxxxx of xxxxx xxxxxxxxxx not xxxxx complied with xxx 315, Identifying xxx Assessing xxx xxxxx of xxxxxxxx Misstatements through xxxxxxxxxxxxx the entity xxx its xxxxxxxxxxxx xxxxxxx the xxxxxxxx to adopt xxx risk-based approach xx exercise xxxxx xxxxxxxxxxx Through xxx risk-based approach, xxx auditors ensure xxxx the xxxxxxxx xx done xxxxxxxx keeping in xxxxxxx the risks xxxx a xxxxxxxx xxxxx (Fraser xxxxx The company xxxxxx herein is xxxxxxxxxx and xxx xxxxxxxxx report xx of 2013 xxxx The following xx the xxxxxxxxx xx the xxxxx of Coca-Cola…
Attachments
250062.docx (196.98 KB)
Preview: from xxxx to xxxxx and figure xxx the correct xxxxx of xxxxxxxx xxxx such xxxxx are mitigated xxx of the xxxxxxxxxx of xxxxxxxxx xxx sample xx this case xx selected out xx the xxxxxxxxxx xxxxxxxxx of xxx auditor In xxx case of xxxxxxxxxxx the xxxxxxxxx xxxxxxxx of xxxx million on xxxxxx advertising of xxxxxxxxxx sample xx xxxxxxxx on xxx basis of xxxxxxxxxxxx and hence xxx sampling xxxxxxxxx xx also xxxxx as sampling xxxxxxxxx This form xx sampling xxxxxxxxx xx employed xx the beginning xx the research xx order xx xxx a xxxxxxx idea of xxx entire focus xxxx The xxxxxx xxxxxxx of xxxxxxxxxxx sampling is xx judge the xxxxxxxxx of xxxxxxxxxx x lump xxx amount of xxxx million on xxxxxx advertising xx xxxx Cola xxxxxxxx for better xxxxxxxxxx rates The xxxxxxx rate xx xxxxxxx consumption xx 1 9 xxxxxxx per day, xxxxx is x xxxx figure xxxxxxxxx intends to xxxxxxxx the consumption xxxxx significantly xxxxxxxxxx xxxxxxxx is xx be put xx application in xxxxx to xxxxx xxx best xxxxxx decisions of xxxxxxxxxx into a xxxxxxxxxx region/city xxxxxxxxxx xxxxxxxx reduces xxxxxxxx errors and xxxxxxx subjects which xxxx a xxxxxx xxxxxxxxxxxxxx For xxxxxxxxx if Coca xxxx wants to xxxxxx its xxxxxxxxxxx xx would xxxxxxxx locations which xxx located in xxxx demand xxxxxxx xxxx would xxxxxx that Coca xxxxxxxxxxxxx investment into xxxx regions xx xxxxxxxxxx and xxxxx are constant xxxxxxx on such xxxxxxxxxxx which xxx xxxxxxxxxx in xxxxxx Documentations required xxx audit evidencesAudit xxxxxxxx is x xxxx of xxxxxx which can xx vouched and xxxxxxxx and xxxxxxxxxxxx xxxxxxxx in xxxxx to support x particular audit xxxx or xxxxxxx xxxxx are xxxxxxxxx documents which xxx required for xxxxx evidences xxxx xxxxxxxxxxxxx Plans: xxx strategic plans xx paper are xxxxxxxxx forms xx xxxxxxxxxxxxx for xxx company’s annual xxxxxxxx which are xxxxxxxxxx of x xxxxxxxxxx business xxxxxxxxxx decision, and xxx ideas behind xx Meeting xxxxxxxx xxx meeting xxxxxxx are indicative xx what discussions xxxx place xx x particular xxxxxxxx meeting, and xxxx are the xxxxxxxxxxx drawn xxx xx it, xx per consensus xxxxxx documents: These xxxxxxxxx are xxxxxx xxxxxx which xxx released by xxxx to the xxxxxx in xxxxx xxx a xxxxxxxxxx work For xxxxxxxx the construction xx new xxxxxx xx Myanmar xxx China must xxxx taken place xxxxx the xxxxxxx xx a xxxx tender to xxx third parties xx that xxxx xxxxxxxxxxxx quote xxxxx rates for xxx job Business xxxxxx Various xxxxxxxx xxxxx prove xx be ideal xxxx studies for xxx risk-based xxxxxxxx xx auditing, xxx can be xxxxxxxx to in xxxx of xxxxxx xx confusions xx the current xxxxxxxx of a xxxxxxxxxxxxxxxxxxxx audit xxxxxx xxxxxxxxxxx data: xxx performance data xxxxx refer to xxx various xxxxxxx xxxxxxxx ledgers, xxxxxxxx and other xxxxxxxxx which are xxxxxxxxxx of xxx xxxxxxxxxxx of xxxx in a xxxxxxxxxx fiscal year xxxxxxxx with xxxxxxx xxxxxxxx Any xxxxxxxx formed with x third/private.....
250063.docx (358.63 KB)
Preview: report xxxx is xxxxxxx the documents xxxx already been xxxxxxx accepted xxx xxxxxxxxxxxxxx and xxx backed by xxxxx provisions of xxx relevant xxxx xxx acts xxxxx of assurance xx audit reportsThere xx an xxxxxxxxx xxxx level xx assurance on xxx absence of xxxxxxxx misstatements xx xxx financial xxxxxxx of a xxxxxxx However, there xx no xxxxxxxx xxxxx of xxxxxxxxx in the xxxxx reports whether xxxx ensure xxxx xxx materials xxx correctly stated xx there is xxxxxxxx of xxxxxxxx xxxxxxxxxxxxx in xxx financial reports xxxxxx 2010) However, xxx level xx xxxxxxxxx on xxxxx reports is xxxx higher than xxx compilations xxx xxxxxxx prepared xx accountants Impact xx internal control xx the xxxxxxxxxx xxxxxxxx control xx the agent xxxxx drives out x company xx xxxxxxx in xxx manner to xxxxxxx its business xxxxxxxxxx and xxxxx xxxxxxx 2014) xxxxxxxx control quality xxx an immense xxxx to xxxxxxx xxx future xxxxx of Coca-Cola, xxx hence the xxxxxxxxxxx must xxxx x strong xxxxx over it x focus areas xx internal xxxxxxx xxx Coca-ColaCompliance xxxxxxx is one xxxx which needs xxxxxxx focus xx xxx Coca-Cola xxxxxxxxxxx the fact xxxx Coca-Cola is x global xxxxxxx xxx operates xx around more xxxx 40 countries xxxx respect xx xxx fact, xx is essential xxxx it complies xxxx the xxxxxxxx xxxxx and xxxxxxxx regulations The xxxxxx area would xx the xxxxxxxx xxxxxxxxxxx as xxxxxxxxx determines itself xx be making xxxxxx the xxxxxxx xx the xxxx decade Business xxxxxxxxxx do not xxxxxxxxxxx imply xxxx xxxxxxxxxxxx figures xxx also consider xxx futuristic visions xx corporations xxx xxxxx alignment xxxxxx it (Lohrey xxxxx Part IIIn xxx following xxxxxxx xx the xxxxxxxx has been xxxxxxxx the audit xxxxxx of xxx xxxxxxxxx Company, xxx the fiscal xxxx of 2013 xxxxxx on xxxxxxxxx xxx ’s xxxxxxxxx StatementIndependent Auditor’s xxxxxxxxxxxxxxxxxxxxxx nameCertified Public xxxxxxxxxxxxxxxxxxxxxx of xxxxxxxxxxxxxxxxx xxxxxxxxx on xxx Financial Statements xx Coca-ColaIt is xx certify xxxx xxx auditing xx Coca-Cola Inc x a company xxxxx $46,854 xxxxxxxx xx on xxxxxxxx 31, 2013, xxx been conducted xx us, xxx xxxxx with xxxxx the associated xxxxxxxxx and other xxxxxxxxxxxxxxxxxxx linked xx xxx operations xx Coca-Cola for xxx calendar year xxxxxx 2013 xxx xxxxxxxxx audited xxxxxxx the Balance xxxxxx Income Statement xxx Cash xxxx xxxxxxxxx Coca-Cola’s xxxxxxxxxx responsibility The xxxxxxxxx documents so xxxxxxxx are xxx xxxxx duty xx the management xx Coca-Cola, and xxx precise xxxxxxxxxx xx facts xxx figures lies xx the sole xxxxxxxxxx of xxx xxxxxxxxx management xx responsibility is xxxxxxx to the xxxxx of xxxxx xxxxxxxxx reports xx prepared and xxxxxxxxx by the xxxxxxxxx management, xxx xx pass xx honest judgement, xxxxxx of any xxxx of xxxxxxxxxx xxxxxxxx or xxxxxxxxx Compliance with xxxx and Government xxxxxxxx StandardsThe xxxxxx xxxx been xxxxxxxxx keeping in xxxxxxxxxx with the xxxxxxxxx Accepted xxxxxxxxxx xxxxxxxxxx of xxxxxxx (GAAP) The xxxxxxxx.....
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