Audit Planning & Analytical Procedures

Nov 12th, 2014
Business Finance
Price: $15 USD

Question description

"Audit Planning" Please respond to the following:

  • Determine both the relationship of risks in the planning of the audit and factors that influence those risks. Speculate on which type of risk creates the most uncertainty for the auditor, and recommend at least two ways to plan the audit to mitigate those risks. Provide specific examples.
  • Imagine that you are a senior auditor, and your firm has been selected to audit a medium-sized sporting goods company with one single location. Describe the four phases of an audit and discuss the key factors that would help you determine how to plan the audit for this company. Provide specific examples.

"Analytical Procedures" Please respond to the following:

  • Identify the components, limitations, and inherent risks of not properly crafting an engagement letter. Give an example of how the engagement letter would be different, depending on whether the client is considered to be a low- or high-risk client. Provide specific examples.

  • From Case 7, in 2008, Harley-Davidson was accused of inflating sales by recording revenue when shipments were delivered to dealers, instead of when merchandise was sold to customers. Describe the analytical procedure(s) that could have been used to identify the overstatement of accounts receivables and sales. Recommend at least two ways to plan an audit to test for the accuracy of sales, and discuss the types of exception reports needed. Recommend at least two analytical procedures for collecting evidence to ensure compliance with the controls. Provide detailed recommendations.

Please keep the bullet points separated and these are discussion questions that's only paragraph or two for each bullet point

Tutor Answer

(Top Tutor) johnalia
School: Carnegie Mellon University

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