Understanding Audit Relationships
Hello, I need help with this essay: I attached my “Milestone One” and the Project Scenario.
Adding to memo from Milestone One, document your understanding of the relationship between audit risk, audit evidence, and financial statement assertions as it specifically relates to this company and industry.
A. Describe the audit data or evidence your team will review. Why is this proof important?
B. What if a significant portion of the data is overseas and beyond the auditors jurisdiction or audit universe? Analyze how the audit team will compensate for that risk. What governing rules and regulations must be taken into consideration?
C. Describe analytical procedures you will use to determine the sampling program. How will your internal control evaluation affect this step? Be specific.
D. List and then describe the types of audit evidence you will request from the company.
E. Describe any considerations your team will make in auditing subjective areas, including any governing rules and regulations that were factored into the auditing decisions.
F. Describe the factors you took into consideration when planning the nature and extent of the audit documentation.
G. Describe how responsibility for IT (computers, software, internet usage, databases) risk coverage for companies in the IT industry is defined. Is it adequate? Describe how that definition addresses or fails to address current and future risks related to social media.
H. Describe the internal controls that are put in place to specifically protect computer data and proprietary information. How well do these controls operate within the IT industry?
I. Where do current and future vulnerabilities exist for IT, and what must be done to manage these gaps?
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