ACC 700 MENTOR Great Stories /acc700mentor.com ACC 700 MENTOR Great Stories /acc700mentor.com | Page 21

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 assess 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