ACC 700 help A Guide to career/Snaptutorial ACC 700 help A Guide to career/Snaptutorial | Page 17

Statements of accounts receivable balances are mailed to customers
each month by the accounts receivable accounting department.
Customers’ reports of
disputes or differences shall be handled by customer service.
Cash Disbursements
All disbursements are made by check, signed by the controller.
Artifact Two: Sample Audit Program
Your second portfolio artifact will be the professional audit program
based on PCAOB audit standards that you create for Newham, an
influential client at
S.N.H.U, LLC. Make sure to incorporate the feedback you receive
from your instructor while developing this audit program. The
following sections should be
included:
Business Risk Analysis: Identifying risk in an organization and the
environment in which it operates is the first step in approaching a
potential audit and
designing an effective audit program. To analyze business risk, you
must:
Gain an understanding of Newham
Investigate the industry in which Newham operates
Analyze and asse ss the risk, including fraud, involved in the company
and industry
Identify the relevant PCAOB audit standards and address their
relevance to the Newham audit risk assessment
Sample Audit Program: An audit program involves compiling a list
(program) of procedures for the auditors to perform in order to obtain
evidence and
reasonable assurance that internal controls are operating properly and
thus producing accurate financial statements. To compile a sample
audit