Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Auditing Expert

INSTRUCTIONS FOR TEAM PRESENTATION AND TERM PAPER BUSINESS AND AUDIT RISK

Introduction: An auditor needs to gain an understanding of a client’s Understanding of the Client’s Business operations and processes (i.e. Major sources of revenue, key customers and suppliers, sources of financing, Information about related parties) and Industry and external environment in order to determine risk associated with certain industries, inherent risks common to all clients in certain industries, unique accounting requirements. The auditor’s primary concern is the detection of material misstatements in the financialstatements due to client business risk. Thus each team is being asked to choose an industry and analyze the related business and audit risk.

Instructions:

The following is a link to the SEC’s Accounting and Auditing Enforcement Releases where a fraud and related industry which choosed:
#1911 (Gateway, Inc.)

http://www.sec.gov/litigation/admin/33-8338.htm

The team will be required to obtain/study:

• annual reports of companies in the industry,
• industry audit guides (RIA Checkpoint in Library databases)
• analysts’ comments
• library resources (i.e., Factiva, Dun and Bradstreet, Standard and Poor’s)
• consider speaking to individuals working in the industry or auditors in public accounting to assist you in identifying business and audit risks peculiar to the industry you have selected.  

1) Summarize individual company Annual Report data and information to support your findings from one company in the industry (technology industry)for three pages (These need not be fraud cases).

2) Detailed analysis of business and audit risks and audit procedures to address these risks

– (i.e., investment valuation may be an audit risk, so what audit procedures do you think we should perform to audit investments and valuation)

-A company that is within the technology industry and discuss the audit and business risks for that company as compared to the industry risk (Gateway Inc. Case).

3) References and support (NO WIKIPEDIA is to be used as a research source!)You may, however, include annual reports of companies, you examined.

Auditing, Accounting

  • Category:- Auditing
  • Reference No.:- M94639

Have any Question? 


Related Questions in Auditing

Auditor rotationread the article house counts on honor

Auditor Rotation Read the article, "House Counts on Honor Amongst Thieves: Votes Against Mandatory Auditor Rotation." Based on the information presented in the article, discuss the following: Article link: http://www.for ...

Generally accepted auditing standardscomplete problem below

Generally Accepted Auditing Standards Complete problem below and submit to your instructor. Write under the generally accepted auditing standards column the specific standard that was violated and how the action of Jones ...

Internal audithow could the effectiveness of the internal

Internal Audit How could the effectiveness of the internal audit function be improved to obtain better protection of shareholders and enable external auditors to provide a higher quality of audit opinion? Should any such ...

Write a 750- to 1050-word paper on fraud auditing and it

Write a 750- to 1,050-word paper on fraud auditing and IT auditing. Describe the different kinds of fraud andthe Fraud Triangle, an auditor's responsibility to identify and assess fraud. Describe the specific risks, bene ...

Assignment accounting and audit enforcementusing the

Assignment: Accounting and Audit Enforcement Using the Internet, Strayer databases, or the Securities and Exchange Commission's Website, located at http://www.sec.gov/divisions/enforce/friactions/friactions2012.shtml, pe ...

Write a report that discusses emerging issuestop risks and

Write a report that discusses emerging issues/top risks and its impact on internal auditing. Topic: Third-party relationships - Ensuring third-party adherence to regulatory mandates Two pages' long Single spaced Times Ne ...

Assignmenta credit union is developing a new ais the

Assignment A credit union is developing a new AIS. The internal auditors suggest planning the systems development process in accordance with the SDLC concept. The following nine items are identified as major systems deve ...

Background informationthis assignment is based on the

Background information This assignment is based on the Professional Application Question 2.37 in your e-text. Fellowes and Associates Chartered Accountants is a successful mid-tier accounting firm with a large range of c ...

Assignment question 1impulse pty ltd impulse is an

Assignment Question ( 1) Impulse Pty Ltd (Impulse) is an entertainment system manufacturer that was established in 2005. Your audit firm King & Queen have been the auditor of Impulse since its formation. The audit report ...

Smith a certified public accounting firm was engaged to

Smith, a certified public accounting firm, was engaged to audit the financial statements of the Sky-is-the-Limit company. The company has its own IT installation. While obtaining an understanding of internal control, Smi ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen