Audit Planning Report

2980 Words Jan 31st, 2018 12 Pages
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SFAS 165 and SUBSEQUENT EVENTS………….……………………………......... 3-4
AUDITOR RESPONSIBILITY...…………………………………..………………........5
AUDIT PLANNING MEMORANDA……………………………………….…......... 5-7
AV IMPORTS AND EXPORTS PLANNING MEMORANDUM…………...............7-13
ENGAGEMENT SCENARIOS………………………………………………...........13-14
REFERENCES…………………………………………………………….………... 15-16
Audit Planning Report
It is very important for an accounting system to have strong internal controls. In fact, today’s accounting systems encompasses vigorous efforts for not just establishing, but also maintaining internal control. This is done by adding additional forms and procedures that goes beyond what is required to keep operations going. Additionally, these additional procedures function to stop and find errors and all matters of dishonesty performed by employees, customers, suppliers, and even managers themselves.
Oftentimes, firms fail to put into place efficient internal controls that may unfortunately lead to corporate loss and even corporate failure. Under the authority of the Sarbanes-Oxley Act of 2002 (SOX), congress mandated that all public companies must establish and enforce a system of internal controls over its financial reporting. The role of an auditor is to evaluate these controls and issue an opinion with the goal of assuring that management…

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