Assignment: AUDIT REPORTS
Length: 900 to 1000 words.
Using the case study Jim's Auto Body, prepare an audit program to audit revenue. You will use all of the relevant management assertions as the audit objectives, and you should include the following:
1) Management assertions to be addressed (audit objectives)
2) Internal control
3) Test of controls
4) Substantive test of transactions
Part A
After the audit program has been drafted, identify the type of report that will be produced as a result of the audit of revenue, and develop the audit report.
Part B
The American Institute of Certified Public Accountants (AICPA) professional standards provide uniform wording and format for the audit report. The audit report should focus on the revenue cycle and Jim's Auto Body. Write a 1-page audit report for Jim's Auto Body that includes all seven parts of a standard audit report, as follows:
1) Report title
2) Audit report address
3) Introductory paragraphs
4) Scope paragraph
5) Opinion paragraph
6) Name of the Certified Public Accountant (CPA) firm
7) Audit report date
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.