Demonstrate an understanding of the basic principles of audit planning financial
The aim of this undertaking is for audit college students to display an understanding the basic principles of audit planning financial assertion Assessment, and inner management Assessment. You may be given a simulated firm (Overlook Video Retailer) that has some audit, inner management and accounting points.
You assume the position of auditor at Hartford and Hartford CA agency will put together an
particular person report to deal with these points (particulars beneath)
Your report needs to be 5 pages with out the cowl and content material web page.
Particular person assignment- That is an particular person project. All stories will probably be
submitted to a plagiarism checking service. Any scholar caught plagiarizing
one other scholar’s work (previous, current or at one other establishment) will obtain a mark of zero.
Grading
This undertaking is value 10% of your general grade.
See the separate project grading rubric doc.
Formatting necessities:
Reviews have to be typed, utilizing Arial 12-point font, double-spaced, single sided
paper with 1-inch margins. Additionally, further formatting of responses will probably be
required as outlined beneath. Failure to observe these necessities will lead to a
10% discount in grade.
Half I- Audit danger Assessment
Put together an general danger Assessment for the December 31, 2005 audit of Overlook
Video Retailer. Your danger Assessment ought to embrace:
1. Assessment of inherent danger
2. Assessment of general management danger
three. An Assessment of fraud danger
four. Dialogue of the sort of audit method that needs to be taken
5. A dialogue of the varied ranges of materiality and customers
6. General conclusion about audit danger, materiality and audit method.
Half II- Assessment of the Motion pictures by mail inner controls
Discuss with Exhibit III of the case. Nick Nightingale has produced a abstract of the methods surrounding new “Motion pictures by Mail” division. Please analyze these
methods and establish and Weaknesses in Inside Management, Implications of these
weak point and supply a suggestion on treatment the weak point.
You need to format your dialogue as bullet factors utilizing the following headings:
Weak point recognized:
Implication of the weak point:
Advice to repair the weak point:
Your Assessment ought to contemplate solely four weaknesses, implications and
suggestions. Something greater than four won’t be reviewed.
