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ACC/546 Audit Program Design Part III

This solved assignment covers audit program design, focusing on risk assessment and compliance.

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    Running head: AUDIT PROGRAM DESIGN PART III 1 Audit Program Design Part III Craig L. Granville ACC/546 Auditing Todd LaPore November 18 , 2013 In the provided audit program for Apollo Shoes, various audit procedures are outlined for both the inventory and warehousing cycle, as well as the cash cycle. Discuss the key differences between the tests of controls, substantive tests of transactions, and analytical procedures in relation to these two cycles. How do these audit procedures help in identifying risks, ensuring compliance with GAAP, and providing assurance to stakeholders? Additionally, evaluate the importance of addressing internal control deficiencies and their impact on the effectiveness of the audit process. Word Count Requirement: 600 - 800 words

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    AUDIT PROGRAM DESIGN PART III 2 Introduction In order to conduct a substantial audit of Apollo Shoes the auditor must obtain a sufficient appreciative of the entity’s environment, including the internal control. The understanding of its environment will help most auditor s in range of ways throughout the audit, including establishing materiality, considering appropriateness, and designing audit procedures that can facilitate the growth of Apollo Shoes. Before the auditor can begin the process of conducting the audit of the inventory and warehousing cash cycles, the auditor must prepare the audit plan and program for Apollo Shoes. Developing the audit strategy and plan aids the auditor in determining the necessary resources to perform the assign task at hand . He or she will then develop a plan in mind that will be at acceptable level when he or she reduce s audit risk s for the inventory and warehousing cash cycle. The auditor should have a plan that should have the following things in it which include a procedure for risk management, along with description of nature and timing. The audit plan and program significantly affects the types of further audit procedures will be conduct by the auditor in accordance with the US generally accepted accounting principles ( GAAP ) that the financial statements were stated fair. The auditor should take into account the risk that they are taking in relation to a clients account balances, c ertain transactions that were made , and disclosures of the overall level of the client’s financial statements. These further audit procedures that the auditor will used in auditing Apollo Shoes, Inc., will be: 1. test of controls 2. substantive tests of transactions 3. analytical procedures with the evidence collected from these procedures forming part

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