ACC 490 Week 3 Learning Team Assignment Ch. 6 & 7 Textbook Exercises

May 1st, 2015
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ACC 490 Week 3 Learning Team Assignment Ch. 6 & 7 Textbook Exercises

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6-26 (Audit programs and assertions) Assume that you are responsible for developing an audit program for a manufacturing client that sells to over 1,400 customers. You want to ensure your audit program addresses all relevant assertions for sales and accounts receivable. Address the following question in the context of the audit sales and receivables for this manufacturing client.a) What is the purpose of the audit program?The purpose of an audit program is for the documentation decisions of the audit procedures that the auditor feels are necessary to obtain reasonable assurances that the financial statements are represented fairly and accurate. The program will vary depending on the audit and company practices and most importantly on the policies of the audit firm. b) Explain why auditors translate audit assertions into specific audit objectives when developing an audit program.

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