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AC410-01_Unit_5_Assignment_HallHawkins - d Test your...

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Stephanie HallHawkins AC410-01 Unit 5 Assignment a. Ask a question concerning the issue. What can I do to assure that I have minimized the potential for audit risk? b. Do background research in relationship to the issue to get a more in-depth understanding of the situation. I am aware that the company sells 65% of its products to just five companies and I know that there are only two other companies with similar products one of which has a moderately larger market share and the other has a significantly smaller market share. I am also aware that the economy appears to be slowing and that would affect the market for the products this company sells. c. Construct a Hypothesis concerning the issue which we will use to test our data against. I do believe that I can assure that I have minimized the potential for audit risk.
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Unformatted text preview: d. Test your Hypothesis by doing experiments of the population we are focused on. I would make sure that the audit plan I have in place covers all possible risks to the audit by testing each step of the plan and determining if I have overlooked any possible steps. e. Analyze your data and draw a conclusion concerning the population under study. I have determined that the audit plan I have created does allow for all possible risks to the audit and the plan is complete and thorough. f. Communicate your results. The knowledge that I have of the company as a whole has allowed to me create an audit plan that will not put the audit at risk. Had I not been able to show that my audit plan is not at risk I would have modified the audit plan to fit the needs of this particular company....
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