to revenue Analyze audit reports for appropriately communicating the result of the audit process Devise a sampling program for the audit universe to formulate field activities
For this assessment, you should assume you are on the internal audit staff of a publicly traded company. Choose one of the following companies: Walmart, Target, Sears, Kroger, or Amazon. You will be required to obtain the last two years’ worth of financial statements and a recent audit report. 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. Then, you will prepare appropriate memos analyzing the audit report you have prepared, while offering feedback and recommendations
Specifically, the following critical elements must be addressed:
I. 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.
A. Describe how you would conduct the audit process, incorporating the analytical procedures you would use to investigate selected business transactions.
1. What steps will you take to review the company’ s business transactions?
2. What would your plan be to utilize these procedures?
B. Explain the appropriate field work needed to review high-risk business transactions for cash and revenue.
1. What would you need to do in the field to investigate these?
2. Could you convey this information through charts or other supporting documentation?