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 ?