Assignment: Audit Report-Plan
Prepare an audit plan for Macy's Retail Store by using the Annual Report attached.
Answer the following questions.
Prepare a broad audit plan:
1. What material types of transactions and transaction cycles are involved?
2. What are the high-risk areas?
3. What are the low-risk areas?
4. If management faced tremendous pressure regarding the entity's financial performance, what opportunities might exist for them to engage in fraudulent financial reporting?
5. To what extent do you believe it will be appropriate to reduce assessed control risk?
6. How will audit effort be allocated among geographical areas?
7. What form of auditors' report do you expect will be issued; what does it mean?
Format your assignment according to the give formatting requirements:
1. The answer must be double spaced, typed, 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 course title, the student's name, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.
Attachment:- Annualreport-Macys.rar