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Audit plan for a Public Company



The assignment is to formulate an audit plan for a public company based on their latest

10-K annual report

Instructions:

1. Document your understanding of your chosen entity focusing on

a. Nature of the entity (e.g. organizational structure and management

personnel; sources of funding of the entity’s operating and investment

activities, including the entity’s capital structure, noncapital funding and

other debt instruments; the entity’s investments; the entity’s operating

characteristics including its size and complexity; sources of the entity’s

earnings, including the relative profitability of key products and services;

key suppliers and customer relationship)

b. Regulatory environment (e.g. Accounting principles and industry specific

practices; regulatory framework for a regulated industry; legislation

and regulation that significantly affect the entity’s operations; taxation

(corporate and other); government policies currently affecting the conduct

of the entity’s business; environmental requirements affecting the industry

and the entity’s business)

c. Objectives and Strategies

2. Determine materiality and list 2 qualitative factors (e.g. material misstatement

in prior years; high risk of fraud; the entity is close to violating a covenant in a

loan agreement; small amounts may cause the entity to miss forecasted revenues

or earnings, or affect the trend in earnings; the entity operates in a volatile

environment, has complex operations like multi-locations, or operates in a highly

regulated industry) that will impact your decision and explain why.

3. Comparing the current year income statement and balance sheet to prior years.

Perform analytical procedures (trend analysis, ratio analysis and reasonableness

analysis) and identify 3 relationships on the balance sheet and income statement

and indicate how they impact your risk assessment.(see definition on picture)

4. Based on findings from the management discussion and analysis portion of

the annual report what have you determined the underlying reasons for the

relationships identified in #3.

5. Determine the balance sheet/income statement accounts which you consider to

have a high risk of material misstatement. Justify your answers as to why you

consider the account to have a high risk of material misstatement.

6. For the accounts determined to have high risk of material misstatement what

assertions (see picture) will you focus on. What is your justification related to the

assertions.

7. List and briefly describe 3 accounting policies listed in the footnotes to the

financial statements.

8. Identify the related parties and describe your procedures to identify the related

parties.

9. What type of audit report was issued based on the types of reports listed in

Chapter 18. (unqualified, qualified, adverse, disclaimer)

10.How does revenue recognition work for your selected company.

Around 8 pages





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