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Audit Program Design Part III

Audit Program Design Part III - Audit Program Design Part...

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Audit Program Design Part III Erin Worthen University of Phoenix ACC/546 March 28, 2011
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Before the two accounts, inventory and warehousing and cash cycles can be audited, the auditor in charge of the Apollo Shoes account must first prepare the overall audit plan and audit program for Apollo Shoes, Inc. the audit plan and program significantly affects the types and extent of further audit procedures to be used by the auditor in determining whether the financial statements are fairly stated in accordance with the US generally accepted accounting principles. These further audit procedures include test of controls, substantive tests of transactions and analytical procedures with the evidence collected from these procedures forming part of the auditor’s sufficient and appropriate evidence to support his audit opinion and report in accordance with the US generally accepted auditing standards. In designing the test of controls and substantive tests of transactions for the each of the two cycles, Apollo Shoes, Inc.’s internal control over these accounts must first be understood by the auditor, then the auditor assesses the planned control risk for that account. Below illustrates the general procedures and methodology in designing tests of controls and substantive tests of transactions for any account being audited: 1. Understand the internal control over that cycle or account 2.
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