In this assignment, you will demonstrate your mastery of the following course outcomes:
Determine risk factors for organizations based on analysis of audit risk, audit evidence, and financial statement assertions
Develop strategies to mitigate potential risk factors using organizational internal controls
Create an audit program to achieve audit objectives related to revenue Analyze audit reports for appropriately communicating the result of the audit process
Devise a sampling program for the audit universe to formulate field activities Prompt For this assessment, you should assume you are on the internal audit staff of a publicly traded company.
Choose one of the following companies: Amazon.
You will be required to obtain the last two years’ worth of financial statements and a recent audit report. The internal auditgroup at the company is tasked with preparing for an upcoming revenue audit and analyzing the business risk internally to mitigate audit findings. You willconduct an internal audit of the company using the information gathered and create a report. Then, you will prepare appropriate memos analyzing the audit report you have prepared, while offering feedback and recommendations.
Specifically, the following critical elements must be addressed:
I. Procedures and Field Work: For this part of the assessment, you will begin your audit report using the information you have gathered to address the following elements pertaining to procedures and field work.
A. Describe how you would conduct the audit process, incorporating the analytical procedures you would use to investigate selected businesstransactions.
1. What steps will you take to review the company’s business transactions?
2. What would your plan be to utilize these procedures?
B. Explain the appropriate field work needed to review high-risk business transactions for cash and report.