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Assignment 2: Audit Planning and ControlDue 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:
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:
This course requires use of Strayer Writing Standards (SWS). The format is different than other Strayer University courses. Please take a moment to review the SWS documentation for details.
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.
The specific course learning outcomes associated with this assignment are:
Plan and design a generalized audit program.
Determine the nature and extent of evidence accumulated to conduct an audit after considering 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.
Click here to view the grading rubric.
Assignment 1: What Business Entity Works Best?
Due Week 8 and worth 295 points
For Assignment 1, you will conduct research on https://www.irs.gov, consult your textbook, and refer to other similar, reputable resources on taxation. Your goal is to compare the three major forms of corporate organizations: partnerships, s-corporations, and corporations. You will then select a domestic organization, identify its entity type, and describe how the organization’s tax methods are detailed in its financial report.
To complete Assignment 1, write a four to five (4-5) page paper in which you do the following:
Compare and contrast the tax rules and treatment applicable to those three forms of organization and the major way in which the tax treatment affects the shareholders or partners.
Explain at least two reasons why a business owner might opt for one form of organization over another. Provide support for your rationale.
Identify two sources of tax guidance (e.g. IRS code, Revenue Procedure) for each form of organization and how it defines a component of the tax policy for that form of organization.
Research an organization by identifying its entity type (corporation, s-corporation, or partnership) and describe how that organization’s tax methods are detailed in their financial reports.
Use at least three quality academic resources in this assignment. Note: Wikipedia and similar 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. Please take a moment to review the SWS documentation for details.
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 source list are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
Analyze the concepts and tax treatment related to corporations, S corporations, exempt organizations, and partnerships.
Examine the accounting concepts related to income taxes.
Analyze the concepts of corporate formation, reorganization, earnings and profits distributions, and liquidations.
Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric.
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