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Assignment #1 - 6 Use the following columnar headings in...

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APPLE BLOSSOM COLOGNE COMPANY – 2009 Addendum to Audit Planning Exercises No. 1 1. Engagement letter – use Engagement –new.doc template. 2. Time Budget – complete Time Budget.xls 3. Assume that your significant other is the accounting supervisor and reports to the treasurer . 4. Complete as stated 5. (a) Use ATB to complete this requirement by: (1) click on print icon; (2) print change analysis. (b) Ignore (c) Use the print out of the analytical ratios tool provided by ATB. You are not required to compute any other ratio. (d) Complete as stated. This is where you should invest your audit time. For part of (d)(2) use the following format: Cost of Goods Sold The increase may Possible error is the reflect an increase in sales incorrect costing of inventory Example Account Possible Business Reason for the Change Possible Error in the Account
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Unformatted text preview: 6. Use the following columnar headings in completing this requirement: • Risk Factor - Identify the factors (five ) – E.g. Lack of surveillance cameras • Impact on the Risk of Fraud - Implications to the organization because of the risk factor – E.g. Employee theft may remain undetected (more Krispy Kreme® donuts are consumed by employees than by customers) • Evidence and Auditor Actions – Assess impact on control risk and auditors reaction to these weaknesses in internal control 7. Complete as stated. 8. You must also submit: • A printed copy of the ATB trial balance • A copy of Student's Time Budget.xls • The completed Client Acceptance and Continuation Form.doc • The completed Assessing Overall Audit Risk.doc DO NOT PREPARE A MANUAL WORKING TRIAL BALANCE...
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