You are the engagement manager conducting the financial statement audit of your selected company. You are now required to use your planning memo as a guide to prepare detailed audit procedures for ONE of your identified risks to the financial statements. The procedures may be presented in a memo or spreadsheet and is due at the conclusion of class 10. This assignment is worth 10% of the course grade
you may assume that the financial statements included in the annual report are not yet audited and you are responsible for preparing detailed audit procedures.
Use the information provided in the company’s Annual Report and other public documents relevant to your planning process. State any assumptions you find it necessary to make. You are not to contact the organization or interview people for this project. You also should not contact the actual auditors as they will need to keep all the client information confidential.
Your submission should be no more than five (5) pages in length using normal margins and a font size no less than 10 and larger than 12.
The submission should include (but not limited to):
· Identification of financial statement risk;
· Assessment of risks (inherent, control, detection) at the assertion level
· The audit program should include:
o Materiality;
o Reliability of evidence;
o Nature, Timing, Extent of the procedure; and
o Documentation references to CAS, ASPE, IFRS or other requirements.
