ACC 410 Week 5 Final Paper Audit Plan Keystone Computers

May 7th, 2015
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The final paper will be based on Appendix 6C Illustrative Audit Case: Keystone Computers at pages 237-244 in your text. Write, in outline format but in complete sentences, a 6 to 10 page audit plan. It is recommended that you look at Figure 18.8 on page 708, which shows the control objectives related to accounts receivable. In your audit plan cover the steps necessary to determine if you should select the client, the internal control procedures which need to be reviewed, the substantive tests [using accounts receivable a guide], and the final reporting steps. Based on the actual facts in the case determine the emphasis you want to place on various accounts. Also reflect back over your entire accounting program and think about how the accounts are interrelated. For example, when allowance for doubtful accounts is credited the offset is to bad debt expense. Therefore one of the steps should be to trace the debit side of the entry to the balance for bad debt expense. Make your comments a

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Audit Plan Keystone Computers(Your Name)ACC410 Auditing(Instructors Name)(Date)Audit Plan Keystone ComputersAn external auditor reviews a companys financial reporting processes to attest that the financial statements fairly and accurately represent operational results and conform to generally accepted accounting principles. The audit process provides a reasonable, verifiable basis for the auditors opinion regarding the financial statements. An audit plan describes the various procedures that will be used and the purpose of those procedures. While management is responsible for presenting the financial statements, the auditor is responsible for attesting to the measure of risk observed in relation to any possible material misstatement in the financial statements provided. The following is an audit plan for Keystone Computers & Networks, Inc.CLIENT SELECTIONThe CPA firm of Adams, Barnes & Co. has audited the financial statements of Keystone Computers & Networks, Inc. for the past three years, 20X2, 20X3, and 20X4. The firm meets professional independence requirements as set forth in the Conceptual Framework for AICPA Independence Standards, ET Section 100.01. Our CPA firm already has working knowledge of the attitude of the principal owners, key management, and the chief financial officers, and has obtained background knowledge from previous audits. No issues exist relating to management integrity that may cause Adams, Barne

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