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Financial Management

TEAM ASSIGNMENT RESEARCH PAPER

The first step is to go to the website of a publically-traded US company and select the most recent 10-K Form, a legally-required document publicly-traded companies must submit to the Securities and Exchange Commission [SEC] on an annual basis. Among other things, this document contains the opinion of the CPA firm regarding the company’s financial statements and adherence to Generally Accepted Accounting Principles [GAAP]. The contents of this form will be the basis of the team assignments in throughout the course.   

Consider and discuss the specific risks and nature of the company you will be auditing.

Create comprehensive audit programs for the cash, financial instruments, sale, and receivables accounts and cycles. 

Submit a 1,400- to 1,750-word document that includes:

  • Audit steps for tests of controls, balances, transactions, analytical procedures, etc. as well as other considerations such as sample size and sample methodology. 
  • A brief summary page should be included in this document, 350 to 700 words for each of the audit programs. Include in this summary specific financial information gleaned from the current Form 10-K used to perform an analysis of work program steps. For example, if the team noted significant swings in the Receivables balance year-over-year, identify these swings and how you address them in your work program (this is in essence an audit procedure – analytical review).

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Internal controls, COSO and Sarbanes-Oxley Act (SOX) Paper

Write a 700-1050 word paper on COSO and how it relates to the Sarbanes-Oxley Act and the auditing of public companies. Address the following:

  • Provide a brief history of COSO.
  • Describe the five components and 17 principles of the COSO framework
  • Review your company’s “Management Annual Report on Internal Control over Financial Reporting” and “Report of Independent Registered Public Accounting Firm” (Usually found in Section 9A of the Form 10-K) and explain why these reports are necessary.

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Fraud Auditing Essay

Assignment content

Write a 700-1050 word paper on fraud auditing and IT auditing.

  • Describe the different kinds of fraud and the fraud triangle, an auditor’s responsibility to identify and assess fraud.
  • Describe the specific risks, benefits and internal controls associated with IT functions.

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Evidence and Standards Cheat Sheet Essay

In further preparation for your audit of the company your team selected, you decided to gather your
team and discuss Audit Evidence and Documentation Standards for this audit. Your preparation
included a review of evidence and documentation literature (Ch. 7). To properly prepare the staff that
will be working with you, you decide to create a Cheat Sheet on Evidence and Documentation to be
used in your presentation.
Prepare a “Cheat Sheet” that briefly describes Audit Evidence and Documentation Standards, which
includes the following topics. Each topic should be 100 to 175 words:
. Relevance, Reliability and Sufficiency of Evidence

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Assignment 1 Essay
 

Consider and discuss the specific risks and nature of the company you will be auditing and create comprehensive work programs for the Acquisition, Payment, Property Plant, and Equipment (Fixed Assets), Notes Payable and Owner’s Equity accounts and cycles. 

Submit a 700- to 1,050-word document that includes the following: Audit steps for tests of controls, balances, transactions, analytical procedures, etc. as well as other considerations such as sample size and sample methodology.

A brief summary page should be included in this document, 525 to 700 words, for each of the audit programs. Include in this summary specific financial information gleaned from the current Form 10-K used to perform an analysis of work program steps. For example, if the team noted significant swings in the Fixed Assets balance year-over-year, identify these swings, and how you address them in your work program (this is in essence an audit procedure – analytical review).

Please check the 10-K to see if there are any specific links between your topics and the information provided.

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