For Milestone One , you will submit a draft of the procedures and field work required for conducting your audit process . Describe how you would conduct the audit process for the company you have chosen , including the analytical procedures you would use to investigate selected business transactions . Explain the appropriate field work needed to review high-risk business transactions for cash and revenue , and create a test to assess appropriate assertions for designated high-risk business transactions
Prompt : Outline the field work and procedures that will be involved in conducting the internal audit report and explain how you intend to communicate your findings . Create a test to assess appropriate assertions for designated high-risk business transactions .
Specifically , the following critical elements must be addressed :
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 ?
C . Create a test to assess appropriate assertions for designated high-risk business transactions