Essay on Audit Proposal

Knowledge about risks related to the company evaluated as part of the auditor 's client acceptance and retention evaluation; and the relative complexity of the company 's operations. ( Auditing Standard No. 9 //. (n.d.).

documentation, materiality and risk, internal control, statistical tools, and the overall audit plan and program.

ASC 410-20-25-8 indicates that an asset retirement obligation is estimable if all of the following exist:

Kudler policies and procedures will be reviewed using a risk-base audit approach. Attribute sampling technique will test internal controls of the POS System Observed sales transaction made at each store. Using the variable sampling technique, financial report from REMS system and bank statements obtained from the bank will be compared to Kudler 's bank reconciliation reports. After the evidence is gathered and reviewed an overall audit opinion will be given to determine if objectives were met and whether procedures were sufficient.

looking at the solutions will test your. Integrated Audit Practice Case, 5th edition, by Kerr, Elder & Arens (ISBN No.

and of society at large. As specific new offerings like online tax consulting, and remote auditing evolve, demand for the electronic version of traditional services, such as accounting/bookkeeping services on the net will follow (Kogan, Sudit,

Quality Objectives - The quality objectives define measurable goals relative to the company's quality management system. Requirements on the quality objectives are in ISO 9001:2008 section 5.4.1.

The main source used in planning the audit is the WesFarmer’s annual financial report together with the relevant

This research paper is being submitted on March 10, 2013, for Tiffany Krogman, A340/ACG3085 Section 03, Advanced Auditing Concepts & Standards.

Information technology (IT) has become increasingly sophisticated and complex, escalating the ongoing change within Kudler Fine Foods. As IT information is adopted within the organization, automation controls many processes within the Kudler’s environment. As Kudler has become more virtualized, a need for increased trust and assurance in the relationships with consumers, partners and suppliers. The swell of e-commerce business has created new ways of conducting an audit. Statement on Auditing Standard 94 (SAS 94) requires that the auditor understands the technological aspect of the organization in order to grasp the internal controls and the assessment of control risks for a proper audit

Kudler Fine Foods is in search of a new accounting system to help run the corporation faster and more efficiently for its clients, employees, and

|Follow Strayer University’s policies and procedures as well as those specific to this class. |

Another aspect relevant to the information technology is the system-generated data and reports. If auditors choose a control that uses some information generated from the company’s internal IT system, the effectiveness of the control requires obtaining audit evidence of the accuracy and completeness of the internal information. In the ZOU’s case, when testing of the controls over risk #2, auditors use reports, which are automatically generated by the Warehouse K system. Auditors decide to further test the controls over accuracy and completeness. When testing the controls over risk #3, both monthly reporting package and budget information are somewhat generated internally by ZOU’s internal system. Depending on different systems, auditors decide to further test controls for accuracy and completeness with respect to the monthly reporting package, which is generated from PeopleSoft.

* On the job training is the primary method for employees to learn policies and procedures.

This article initiates with the introduction on what is audit planning. It basically addresses the audit plan strategy of K & S Corporation limited’s Financial Statements. Being an external auditor of the company, key factors to be considered in auditing the financials of the subject company have been discussed in the article. The most significant accounts at risk being materially misstated have been critically examined citing the possible risks associated with such accounts. Last but not the least, the article concludes with recommendations with respect to audit assessment plan of the company. Hence, this article seeks to act as a ready reckoner guide for an audit manager in audit planning of K & S Corporation Limited.