Specifically, the following critical elements must be


Question Description:

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Specifically, the following critical elements must be addressed:I. Procedures and Field Work: For this part of the assessment, you will begin your audit report using the information you have gathered to address thefollowing elements pertaining to procedures and field work.A. Describe how you would conduct the audit process, incorporating the analytical procedures you would use to investigate selected businesstransactions.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.II. Risk Factors: For this part of the assessment, you will continue your audit report using the information you have gathered to address the followingelements pertaining to risk factors in all the major business transactions.A. Analyze the income statement for any potential risk factors and compliance issues with Generally Accepted Accounting Principles (GAAP) orInternational Financial Recording Standards (IFRS).B. Analyze the risk factors and compliance issues with GAAP or IFRS on the balance sheet.C. Using the internal control, analyze the cash and revenue for potential risk factors.1. What risks need to be documented?2. How does this information compare to the company or industry averages, or the company’s past performance?D. Explain the audit universe and how you identified it.E. Based on your analysis of risk, devise a sampling program for the audit universe.F. Choose the most preferable audit testing procedures that could be used in the field, based on the audit universe items sampled in this situation.III. Memos: For this part of the assessment, you will use your audit report to prepare memos to upper management.A. Prepare a memo to be reviewed by the chief financial officer (CFO) that summarizes the audit process.1. Explain any sampling or other audit work that could be done, and if you would recommend the company pursue this additional work.Justify your response.2. Make recommendations to the CFO on how to mitigate potential risk factors for major business transactions identified in the audit report.B. Assume you are now the CFO. Prepare a memo to the Board of Directors as to what potential issues the external audit team might find and whatthe company’s response should be.1. Evaluate the findings from the audit report. Be sure to view these findings from the CFO’s point of view.2. Develop a strategy to mitigate risks identified in the audit report.3. Describe how the company might implement the strategy based on the findings from the audit report. 6 pages acc640_final_project_document.pdf ACC 640 Final Project Guidelines and Rubric Overview The final project for this course is the creation of an audit report with memos. Auditing 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 p

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