ACC 640 – Auditing is a valuable skill in accounting and business, as the odds are very high

QUESTION

ACC 640 Milestone OneGuidelines and RubricAuditing is a valuable skill in accounting and business, as the odds are very high that you or your organization will be subject to a compliance, federal, IRS, internal, government, or revenue audit at one point in your career. Accountants are required to make professional judgments on both the financial accounting issues and internal accounting forecasts within their organization. The auditor must provide fair, unbiased, materially correct information for investors,employers, employees, and independent stakeholders. This course will help you navigate the relevant processes to provide that unbiased, accurate information.The purpose of the assessment is to familiarize you with the process of auditing and what to do with the auditing information once you have it. You will explore how to plan audit work, analyze financial statements, perform tests on that information, and properly and professionally communicate the results of an audit.For this assessment, you should assume you are on the internal audit staff of a publicly traded company. Choose one of the following companies: Walmart, Target, Sears, Kroger, or Amazon. You will be required to obtain the last two years’ worth of financial statements and a recent audit report. The internal auditgroup at the company is tasked with preparing for an upcoming revenue audit and analyzing the business risk internally to mitigate audit findings. You will conduct an internal audit of the company using the information gathered and create a report. Then, you will prepare appropriate memos analyzing the auditreport you have prepared, while offering feedback and recommendations.For Milestone One, you will submit a draft of the procedures and field work required for conducting your audit process. Describe how you would conduct the audit process for the company you have chosen, including the analytical procedures you would use to investigate selected business transactions. Explain the appropriate field work needed to review high-risk business transactions for cash and revenue, and create a test to assess appropriate assertions for designatedhigh-risk business transactions.Prompt: Outline the field work and procedures that will be involved in conducting the internal audit report and explain how you intend to communicate your findings. Create a test to assess appropriate assertions for designated high-risk business transactions.Specifically, the following critical elements must be addressed:A. Describe how you would conduct the audit process, incorporating the analytical procedures you would use to investigate selected business transactions.1. What steps will you take to review the company’s business transactions?2. What would your plan be to utilize these procedures?B. Explain the appropriate field work needed to review high-risk business transactions for cash and revenue.1. What would you need to do in the field to investigate these?2. Could you convey this information through charts or other supporting documentation?C. Create a test to assess appropriate assertions for designated high-risk business transactions.RubricGuidelines for Submission: Your paper must be submitted as a 3–4-page Microsoft Word document with double spacing, 12-point Times New Roman font, oneinchmargins, and at least three sources cited in APA format.Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information,review these instructions.Critical Elements Proficient (100%) Needs Improvement (75%) Not Evident (0%) ValueProcedures: Describe Describes how the audit processwould be conducted,incorporating analyticalprocedures for selected businesstransactionsDescribes how the audit processwould be conducted,incorporating analyticalprocedures for selected businesstransactions, but description isinaccurate or lacks detailDoes not describe the how theaudit process would beconducted incorporatinganalytical procedures forselected business transactions30Procedures: Explain Explains the appropriate fieldwork needed to review high-riskbusiness transactions for cashand revenueExplains the appropriate fieldwork needed to review high-riskbusiness transactions for cashand revenue, but explanation iscursory or lacks detailDoes not explain the appropriatefield work needed to reviewhigh-risk business transactionsfor cash and revenue30Procedures: Create Creates a test to assessappropriate assertions fordesignated high-risk businesstransactionsCreates a test to assessassertions for designated highriskbusiness transactions, buttest is inaccurate orinappropriateDoes not create a test to assessappropriate assertions fordesignated high-risk businesstransactions30Articulation ofResponseSubmission has no major errorsrelated to citations, grammar,spelling, syntax, or organizationSubmission has major errorsrelated to citations, grammar,spelling, syntax, or organizationthat negatively impact readabilityand articulation of main ideasSubmission has critical errorsrelated to citations, grammar,spelling, syntax, or organizationthat prevent understanding ofideas10Earned Total 100%

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