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Principles of Auditing
The objectives of this case study is to help students:
• Understand the fundamental role of an auditor and how procedures are designed to conduct an audit
• Develop, use and apply audit skills and evidence gathering tools and techniques, including risk assessment and development of responses to that assessment.
• Experience a “real world” example of what is expected in the profession
Overview of Case Study
Your CPA firm will need to perform an integrated audit under PCAOB Auditing Standard No. 5. For the purpose of this case study you will select a public company of your preference and detail the following:
1. Name your CPA firm
2. The process of obtaining the client (bid process, predecessor audit, client acceptance, etc.)
3. Based on the examination of the entity’s financial statements and notes you will perform a risk assessment and identify the significant account that poses the most risk (e.g. Goodwill/Allowances/Valuation for DTA/etc.). For the selected account determine which assertions are relevant (completeness, existence, accuracy, valuation, obligations and rights, presentation) and provide responses and explanations for:
Note: Only one account needs to be selected but if there is another account that goes hand-in-hand you should be consistent (e.g. Goodwill + Impairment)
Hint: The analysis you performed based on bullets a-g should support your conclusion that this is a significant high risk account. If it does not consider picking a different account.(i.e. why the account is significant, why there is a risk of fraud or error relative to the assertion, why the inherent risk is assessed as non-significant, why control risk is assessed as higher, and why RoMM is assessed as high, etc.)
4. Subsequent to the above risk assessment for the account that your CPA firm deems most significant and risky you will
5. After coming up with procedures please determine if the control test proved that the controls were effective and ineffective. If the substantive tests showed any errors (you can be creative and give them deficiencies on controls or a qualified opinion as long as you detail why).
6. Have a final deliverable:
The case study will make up 15% of your grade and marks will be awarded in direct correlation with the thought, effort and substantiation you put in behind your judgments. I will be readily available via e-mail, phone or text to assist. This is meant to be an exciting project that will put you miles ahead of your peers (in re to audit) from a practical real world perspective.
Client Acceptance/Pre-Audit Work
Audit Procedures (Controls)
Audit Procedures (Substantive)
Presentation (Individual grade)
You will be assigned groups as follows:
1- 10 students
2- 11 students
3- 10 students
4- 10 students
5- 10 students
6- 10 students
7- 10 students
8- 10 students
You will have 20 minutes to present your case study.
Your CPA firm will need to perform an integrated audit under PCAOB Auditing Standard No. 5. For the purpose of this case
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