Describe the role of business ethics in strategic financial planning.
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 properly and professionally communicate the results of an audit.
The project is divided into three milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions.
These milestones will be submitted in Modules Three, Five, and Seven. The final submission will be due in Module Nine. In this assignment, you will demonstrate your mastery of the following course outcomes: Choose one of the following companies: Walmart, Target, Sears, Kroger, or Amazon.
The internal audit group 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. Procedures and Field Work: For this part of the assessment, you will begin your audit report using the information you have gathered to address the following elements pertaining to procedures and field work.
Describe how you would conduct the audit process, incorporating the analytical procedures you would use to investigate selected business transactions. What would your plan be to utilize these procedures? Explain the appropriate field work needed to review high-risk business transactions for cash and revenue.
What would you need to do in the field to investigate these? Could you convey this information through charts or other supporting documentation? Create a test to assess appropriate assertions for designated high-risk business transactions.
For this part of the assessment, you will continue your audit report using the information you have gathered to address the following elements pertaining to risk factors in all the major business transactions. Using the internal control, analyze the cash and revenue for potential risk factors.
What risks need to be documented?
Explain the audit universe and how you identified it. Based on your analysis of risk, devise a sampling program for the audit universe. Choose the most preferable audit testing procedures that could be used in the field, based on the audit universe items sampled in this situation.
For this part of the assessment, you will use your audit report to prepare memos to upper management. Prepare a memo to be reviewed by the chief financial officer CFO that summarizes the audit process.
Explain any sampling or other audit work that could be done, and if you would recommend the company pursue this additional work.
Make recommendations to the CFO on how to mitigate potential risk factors for major business transactions identified in the audit report. Assume you are now the CFO.Memo To:Huffman Trucking CEO From: Date:1/26/Re:Ratio Analysis Findings Ratios are used to analyze financial statements to determine their profitability, liduidity and solvency.
Liquidity Ratios are used by suppliers and short-term creditors such as bankers to measure the ability of an organization to pay its maturing short-term financial obligation. Resources: Virtual Organizations/Riordan Manufacturing Industries Click the Virtual Organization link on the student website to access the Virtual Organizations.
Select one of the Virtual Organizations as the basis for this assignment. Obtain faculty approval of your selected organization before beginning the . Free business e-mail papers, essays, and research papers.
Memo To:Huffman Trucking CEO From: Date:1/26/Re:Ratio Analysis Findings Ratios are used to analyze financial statements to determine their profitability, liduidity and solvency.
Liquidity Ratios are used by suppliers and short-term creditors such as bankers to measure the ability of an organization to pay its maturing short-term financial obligation. ACC Ratio Analysis Memo ACC Ratio Analysis Memo Berry's Bug Blasters. So I have the some information contained in my selected organization’s balance sheet and income statement that needs to calculate the following: Here is the current data.
The company is listed under the business tab of your virtual organizations. After clicking "intranet" in the right hand corner, look for the finance and accounting tab at the top and print the balance sheet and income statement.