The final project for the course involves creating an audit report and memos for a selected company such as Walmart, Target, Sears, Kroger, or Amazon. Students will analyze the company's financial statements and audit reports to identify risk factors, devise a sampling plan, and conduct procedures to audit revenue transactions. They will then prepare memos for the Chief Financial Officer summarizing the audit process and recommending ways to mitigate risks. As CFO, students will also draft a memo for the Board of Directors evaluating potential external audit findings and outlining a risk mitigation strategy.

1. ACC 640 Final Project Guidelines and Rubric
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The final project for this course is the creation of an audit report with memos. Auditing is a
valuable skill in accounting and business, as the odds are very high that you or your organization
will be subject to a compliance, federal, IRS, internal, government, or revenue audit at one point
in your career. Accountants are required to make professional judgments on both the financial
accounting issues and internal accounting forecasts within their organization. The auditor must
provide fair, unbiased, materially correct information for investors, employers, employees, and
independent stakeholders. This course will help you navigate the relevant processes to provide
that unbiased, accurate information. The purpose of the assessment is to familiarize you with the
process of auditing and what to do with the auditing information once you have it. You will
explore how to plan audit work, analyze financial statements, perform tests on that information,
and properly and professionally communicate the results of an audit. The project is divided into
three milestones, which will be submitted at various points throughout the course to scaffold
learning and ensure quality final submissions. These milestones will be submitted in Modules
Three, Five, and Seven. The final submission will be due in Module Nine. In this assignment,
you will demonstrate your mastery of the Determine risk factors for organizationsfollowing
course outcomes: based on analysis of audit risk, audit evidence, and financial statement
Develop strategies to mitigate potential risk factorsassertions Create an audit program tousing
organizational internal controls Analyze audit reports forachieve audit objectives related to
revenue Devise aappropriately communicating the result of the audit process sampling
program for the audit universe to formulate field activities Prompt For this assessment, you
should assume you are on the internal audit staff of a publicly traded company. Choose one of
the following companies: Walmart, Target, Sears, Kroger, or Amazon. You will be required to
obtain the last two years’ worth of financial statements and a recent audit report. The internal
audit group at the company is tasked with preparing for an upcoming revenue audit and
analyzing the business risk internally to mitigate audit findings. You will conduct an internal
audit of the company using the information gathered and create a report. Then, you will prepare
appropriate memos analyzing the audit report you have prepared, while offering feedback and
recommendations Specifically, the following critical elements must be addressed: I. Procedures
and Field Work: For this part of the assessment, you will begin your audit report using the
information you have gathered to address the following elements pertaining to procedures and

2. field work. A. Describe how you would conduct the audit process, incorporating the analytical
procedures you would use to investigate selected business transactions. 1. What steps will you
take to review the company’s business transactions? 2. What would your plan be to utilize these
procedures? B. Explain the appropriate field work needed to review high-risk business
transactions for cash and revenue. 1. What would you need to do in the field to investigate these?
2. Could you convey this information through charts or other supporting documentation? C.
Create a test to assess appropriate assertions for designated high-risk business transactions. II.
Risk Factors: For this part of the assessment, you will continue your audit report using the
information you have gathered to address the following elements pertaining to risk factors in all
the major business transactions. A. Analyze the income statement for any potential risk factors
and compliance issues with Generally Accepted Accounting Principles (GAAP) or International
Financial Recording Standards (IFRS). B. Analyze the risk factors and compliance issues with
GAAP or IFRS on the balance sheet. C. Using the internal control, analyze the cash and revenue
for potential risk factors. 1. What risks need to be documented? 2. How does this information
compare to the company or industry averages, or the company’s past performance? D. Explain
the audit universe and how you identified it. E. Based on your analysis of risk, devise a sampling
program for the audit universe. F. Choose the most preferable audit testing procedures that could
be used in the field, based on the audit universe items sampled in this situation. III. Memos: For
this part of the assessment, you will use your audit report to prepare memos to upper
management. A. Prepare a memo to be reviewed by the chief financial officer (CFO) that
summarizes the audit process.
1. Explain any sampling or other audit work that could be done, and if you would recommend
the company pursue this additional work. Justify your response.
2. Make recommendations to the CFO on how to mitigate potential risk factors for major
business transactions identified in the audit report. B. Assume you are now the CFO. Prepare a
memo to the Board of Directors as to what potential issues the external audit team might find and
what the company’s response should be. 1. Evaluate the findings from the audit report. Be sure
to view these findings from the CFO’s point of view.
2. Develop a strategy to mitigate risks identified in the audit report.
3. Describe how the company might implement the strategy based on the findings from the audit
report.