Chat with us, powered by LiveChat Imagine that you are a senior auditor and your firm has been selected to audit a medium-sized company with a single location. Provide an overview of the company. Describe the four p | WriteDen

Imagine that you are a senior auditor and your firm has been selected to audit a medium-sized company with a single location. Provide an overview of the company. Describe the four p

 

magine that you are a senior auditor and your firm has been selected to audit a medium-sized company with a single location.

  • Provide an overview of the company.
  • Describe the four phases of an audit and discuss the key factors that would help you determine how to plan the audit for this company. Provide specific examples.
  • Determine both the relationship of risks in the planning of the audit and factors that influence those risks.
  • Speculate on which type of risk creates the most uncertainty for the auditor and recommend at least two ways to plan the audit to mitigate those risks. Provide specific examples.

Response:

 Many companies choose to engage with internal and external auditors in the preparation of their year-end financial statements. However, the depth of the auditor’s investigation may vary depending on the type of engagement and the assertion level required. In a full audit engagement, the auditor conducts a complete and thorough investigation of the financial statements, including verifications of income sources and operating expenses. For example, the auditor may compare reported account receivables with receipts from actual customer orders. At the end of the engagement, the auditor will provide an opinion on the accuracy of the financial statements. A full audit engagement also provides investors, regulators, and other stakeholders with confidence in a corporation’s financial position. In a review engagement, an auditor only conducts limited examinations to ensure the plausibility of the financial statements. In contrast with an audit, the review engagement only assures that the financial statements are fairly stated, and no further examinations are conducted to verify the accuracy of the statements. Therefore, a review engagement does not provide the same level of confidence in the accuracy of the financial reporting relative to an audit. In a notice-to-reader engagement, the role of the auditor is solely to help a company compile its financial information into presentable financial statements. No further examinations are performed, and no opinions are expressed on the accuracy of the financial reporting. Notice to reader engagements is typically only utilized by small corporations without any obligations to external stakeholders. An audit can be an unpleasant surprise, or it can be a welcome opportunity to get your organization's affairs in order. While some audits – such as those performed by the IRS – come as a surprise, some companies hire independent outside auditors to conduct a planned audit. Regardless of the kind of audit in which a company is involved, the auditor will likely use the same four phases to perform the audit. 

    HOW OUR WEBSITE WORKS

    Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of 
    HIGH QUALITY & PLAGIARISM FREE.

    Step 1

    To make an Order you only need to click ORDER NOW and we will direct you to our Order Page at WriteDen. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
     Deadline range from 6 hours to 30 days.

    Step 2

    Once done with writing your paper we will upload it to your account on our website and also forward a copy to your email.

    Step 3
    Upon receiving your paper, review it and if any changes are needed contact us immediately. We offer unlimited revisions at no extra cost.

    Is it Safe to use our services?
    We never resell papers on this site. Meaning after your purchase you will get an original copy of your assignment and you have all the rights to use the paper.

    Discounts

    Our price ranges from $8-$14 per page. If you are short of Budget, contact our Live Support for a Discount Code. All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.

    Please note we do not have prewritten answers. We need some time to prepare a perfect essay for you.