The final paper will be based on Appendix 6C Illustrative Audit Case: Keystone Computers at pages 237-244 in your text. Write, in outline format but in complete sentences, a 6 to10 page audit plan. It is recommended that you look at Figure 18.8 on page 708, which shows the control objectives related to accounts receivable. In your audit plan cover the steps necessary to determine if you should select the client, the internal control procedures which need to be reviewed, the substantive tests [using accounts receivable a guide], and the final reporting steps. Based on the actual facts in the case determine the emphasis you want to place on various accounts. Also reflect back over your entire accounting program and think about how the accounts are interrelated. For example, when allowance for doubtful accounts is credited the offset is to bad debt expense. Therefore one of the steps should be to trace the debit side of the entry to the balance for bad debt expense. Make you comments as specific as possible. Rather than say look for unusual entries, say look for entries from unusual sources and rounded amounts with focus on those near an accounting cut off. Use precise language. Rather than saying you vouched accounts payable, say that you looked at the item to determine that it was a bona fide business expense. Remember to focus on the key audit objectives and support needed after applying the audit risk model. Remember, the purpose of the Final Paper is for you to culminate the learning achieved in the course by describing your understanding and application of knowledge in the field of accounting. The Final Paper should focus on real life, real time application of topics covered in this course; the uses you have seen and the uses you can envision. The paper must be submitted to your instructor no later than the last day of class. Earlier submittal is appreciated.
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The final paper will be based on Appendix 6C Illustrative Audit Case- (1).docx
1. The final paper will be based on Appendix 6C Illustrative Audit Case: Keystone Computers at
pages 237-244 in your text. Write, in outline format but in complete sentences, a 6 to10 page
audit plan. It is recommended that you look at Figure 18.8 on page 708, which shows the control
objectives related to accounts receivable. In your audit plan cover the steps necessary to
determine if you should select the client, the internal control procedures which need to be
reviewed, the substantive tests [using accounts receivable a guide], and the final reporting steps.
Based on the actual facts in the case determine the emphasis you want to place on various
accounts. Also reflect back over your entire accounting program and think about how the
accounts are interrelated. For example, when allowance for doubtful accounts is credited the
offset is to bad debt expense. Therefore one of the steps should be to trace the debit side of the
entry to the balance for bad debt expense. Make you comments as specific as possible. Rather
than say look for unusual entries, say look for entries from unusual sources and rounded amounts
with focus on those near an accounting cut off. Use precise language. Rather than saying you
vouched accounts payable, say that you looked at the item to determine that it was a bona fide
business expense. Remember to focus on the key audit objectives and support needed after
applying the audit risk model. Remember, the purpose of the Final Paper is for you to culminate
the learning achieved in the course by describing your understanding and application of
knowledge in the field of accounting. The Final Paper should focus on real life, real time
application of topics covered in this course; the uses you have seen and the uses you can
envision. The paper must be submitted to your instructor no later than the last day of class.
Earlier submittal is appreciated.
Solution
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![The final paper will be based on Appendix 6C Illustrative Audit Case: Keystone Computers at
pages 237-244 in your text. Write, in outline format but in complete sentences, a 6 to10 page
audit plan. It is recommended that you look at Figure 18.8 on page 708, which shows the control
objectives related to accounts receivable. In your audit plan cover the steps necessary to
determine if you should select the client, the internal control procedures which need to be
reviewed, the substantive tests [using accounts receivable a guide], and the final reporting steps.
Based on the actual facts in the case determine the emphasis you want to place on various
accounts. Also reflect back over your entire accounting program and think about how the
accounts are interrelated. For example, when allowance for doubtful accounts is credited the
offset is to bad debt expense. Therefore one of the steps should be to trace the debit side of the
entry to the balance for bad debt expense. Make you comments as specific as possible. Rather
than say look for unusual entries, say look for entries from unusual sources and rounded amounts
with focus on those near an accounting cut off. Use precise language. Rather than saying you
vouched accounts payable, say that you looked at the item to determine that it was a bona fide
business expense. Remember to focus on the key audit objectives and support needed after
applying the audit risk model. Remember, the purpose of the Final Paper is for you to culminate
the learning achieved in the course by describing your understanding and application of
knowledge in the field of accounting. The Final Paper should focus on real life, real time
application of topics covered in this course; the uses you have seen and the uses you can
envision. The paper must be submitted to your instructor no later than the last day of class.
Earlier submittal is appreciated.
Solution
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