Essay on Audit Proposal

Kudler policies and procedures will be reviewed using a risk-base audit approach. Attribute sampling technique will test internal controls of the POS System Observed sales transaction made at each store. Using the variable sampling technique, financial report from REMS system and bank statements obtained from the bank will be compared to Kudler 's bank reconciliation reports. After the evidence is gathered and reviewed an overall audit opinion will be given to determine if objectives were met and whether procedures were sufficient.

looking at the solutions will test your. Integrated Audit Practice Case, 5th edition, by Kerr, Elder & Arens (ISBN No.

Information technology (IT) has become increasingly sophisticated and complex, escalating the ongoing change within Kudler Fine Foods. As IT information is adopted within the organization, automation controls many processes within the Kudler’s environment. As Kudler has become more virtualized, a need for increased trust and assurance in the relationships with consumers, partners and suppliers. The swell of e-commerce business has created new ways of conducting an audit. Statement on Auditing Standard 94 (SAS 94) requires that the auditor understands the technological aspect of the organization in order to grasp the internal controls and the assessment of control risks for a proper audit

and of society at large. As specific new offerings like online tax consulting, and remote auditing evolve, demand for the electronic version of traditional services, such as accounting/bookkeeping services on the net will follow (Kogan, Sudit,

Specifically speaking, in ZOU’s case, auditors should obtain understandings over ZOU’s Warehouse K system, Budgetpro, and PeopleSoft.

Knowledge about risks related to the company evaluated as part of the auditor 's client acceptance and retention evaluation; and the relative complexity of the company 's operations. ( Auditing Standard No. 9 //. (n.d.).

ASC 410-20-25-8 indicates that an asset retirement obligation is estimable if all of the following exist:

|Follow Strayer University’s policies and procedures as well as those specific to this class. |

Audited the financial statements and evaluated taxes for some of the biggest clients according to statutory and regulatory requirements and posted on clients’ websites. Recommended measures to track KPIs and aligned financial activities with the regulations of GAAP.

SAS No. 99 commands auditors to perform unpredictable audit tests. For example, visiting company locations unannounced to count inventory, test accounts that are not typically performed or at low risk, request letter of confirmation from employees about information provided to auditors, interview client personnel in different locations, and using different sampling methods. More auditing tests that can be performed are requesting inventory count at the end of the reporting period and perform substantive analytical procedures using disaggregated data. Testing the management override control is crucial as well. A response to management override would be changing the nature, time and extent of auditing procedures. Executives can commit financial

* On the job training is the primary method for employees to learn policies and procedures.

This article initiates with the introduction on what is audit planning. It basically addresses the audit plan strategy of K & S Corporation limited’s Financial Statements. Being an external auditor of the company, key factors to be considered in auditing the financials of the subject company have been discussed in the article. The most significant accounts at risk being materially misstated have been critically examined citing the possible risks associated with such accounts. Last but not the least, the article concludes with recommendations with respect to audit assessment plan of the company. Hence, this article seeks to act as a ready reckoner guide for an audit manager in audit planning of K & S Corporation Limited.

The main source used in planning the audit is the WesFarmer’s annual financial report together with the relevant

Quality Objectives - The quality objectives define measurable goals relative to the company's quality management system. Requirements on the quality objectives are in ISO 9001:2008 section 5.4.1.

This is where there is an audit process already in place within the CTS system and Maximo system, the IBM pre audit is a duplicated process.