ACCT644 Phase 2 IP Unadjusted misstatement audit schedule -...

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Phase 2 Individual Project Audit Review and Documentation Colorado Technical University Online ACCT644-1404B-01: Management Control and Auditing Professor: Dr. Carla Hodge December 1, 2014
I. Introduction Every business encounters various doubts and perils, which could either adversely or positively alter it. Risk can be handled via various methods, such as: recognition, evasion, transference, or control. Internal controls are the customary technique utilized to reduce the possible adverse effects that can be caused by risk and uncertainty. In order to effectively assess the internal controls that are currently being utilized at Bovar Company there are three key objectives that firms must adhere to in order to build an efficient and effective internal control structure: 1. Dependability of fiscal records 2. Efficient and effective manufacturing processes 3. Adherence to legalities and rules (Glover, 2014) II. Dependability of Fiscal Records The dependability of fiscal records indicates that the auditor experiences affirmation that a business’s transactions transpired as a result of factual and approved happenings, no transactions were over-looked and no transactions were dually reported. Also, the examiner will

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