Audit Assignment
Option #1: Material Account Balances and the Audit Committee
Complete the following for each of the two companies selected for your Portfolio Project Milestone in Module 2:
• Go to each company's website and obtain the most current financial statements and audit report. Identify five material account balances from the financial statements. Since the auditor's workpapers are not published, discuss audit planning and audit procedures that were potentially required for each of the account balances to support the audit findings presented in the audit report. Note: Essentially, you are working backwards!
• Research the company's Audit Committee's (AC) Charter. Describe some of the items discussed in the AC's review of the audit, such as the purpose of the company's Audit Committee and their engagement with the external auditors.
Prepare a written report discussing each of the components above. Be sure to provide any supporting documents as addendums to your report and not in the body of the report.
Requirements for paper:
• Demonstrate your comprehension of the course material.
• Use professional business language.
• 10-12 pages in length, not including the cover and reference pages.
• Include a minimum of three credible, academic, or professional references from the CSU-Global Library (Links to an external site.)Links to an external site., in addition to the textbook.
Option #2: Internal Control Reporting and the Audit Committee
Complete the following for each of the two companies selected for your Portfolio Project Milestone in Module 2:
• Go to that company's website and obtain the most current report on internal controls. Summarize the findings related to internal controls for each of the companies.
• Discuss a minimum of five procedures that the auditors were required to complete to opine on the internal controls for the companies. Note: Essentially, you are working backwards!
• Research the company's Audit Committee's (AC) Charter. Describe some of the items discussed in the AC's review of the audit, such as purpose of the company's AC and their engagement with the external auditors.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.