Audit Planning and Control

 
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 paper of 4 body pages 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:

Be  typed, double spaced, using Times New Roman font (size 12), with  one-inch margins on all sides; citations and references must follow APA  or school-specific format. Check with your professor for any additional  instructions.
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.

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