This website uses cookies to ensure you have the best experience. Learn more

Audit Proposal Essay

1067 words - 5 pages

Audit Proposal
Tonja Wallace
Georgia State
Accounting Information Systems
ACC 542
Deborah Johnson
September 06, 2010

Audit Proposal
Our firm has been working with Kudler Fine Foods for several weeks implementing a new accounting information system (AIS) that will assist with the process of payroll, inventory, accounts receivable and payables along with the daily sales. The current AIS that have been implemented will address the systems integrity and the new system will help KFF to ensure that the data is accurate and reliable for the preparation of the financial statements for the organization. Now that the new accounting information system has been set up it is now time to ...view middle of the document...

The audit will make deficiency notes and give internal reports of the findings.
The audits that will be used in the audit for KFF will be attestation and financial audit and SAS # 94 audit. The attestation and financial audit will analysis payroll, accounts receivable and payables for KFF to ensure that the financial statements are correct and the internal procedures are in compliance with the regulations. To ensure the accuracy, fairness and reliability of the financial data is prepared according to GAAP rules and regulations. The financial audit will also be used to understand the design of relevant controls and evaluate the effectiveness of the controls and the IT system.
During the attestation engage the auditor will provide assurance for which Kudler Fine Foods is responsible. The audit will need to inform KFF of the duties and the responsibility the need for maintaining the effectiveness of the internal control structure for the company. The controller or owner of KFF will be the responsible party that will make the assertion using some form of criteria. This will assertion will be done in the form of a representation letter stating that the organizations internal control structure is effective under the COSO standards. The auditor will then perform the examination, review or agreed upon procedure. After the audit the auditor will submit an Agreed-Upon Procedures (AUP) written report of the findings this is call a report to management. Normally the AUP is a negative assurance report. Stating what the auditor was required to do and the findings and/or the lack of findings with feedback to the user of the report.
Under SAS # 94 audit requires Kudler to include the information technology into the financial audit. The IT should be also included in the independent audit for assurance of the data availability, integrity and security of data. The SAS 94 is to ensure the organizational processing of electronic data. The auditor is required under SAS 94 to understand the technical aspects for the organization to ensure the understanding for the internal control, financial statements and assessment of any control risks to perform a proper analysis. This is definitely important when the company uses electronic processing...

Other Papers Like Audit Proposal

System Integrity and Validation Essay

946 words - 4 pages System Integrity and Validation - Kudler Fine Foods Theresa Gibbs Acc/542 October 29, 2012 Yasin Dadabhoy System Integrity and Validation - Kudler Fine Foods Over the past few weeks the team has analyzed Kudler’s information systems, recommended industry-specific software, analyzed its inventory data tables, and internal controls and risks for an audit proposal. After analyzing the necessary components the team recommends that an SAS 94

Mr.Yussif Essay

8674 words - 35 pages An assessment of the implications for competition of a cap on auditors' liability July 2004 OFT741 1 1.1 EXECUTIVE SUMMARY This report contains the OFT's advice to Government on the implications for competition in the audit market of proposals to permit auditors to limit their liability by way of negotiated caps. The current liability position 1.2 At present auditors may not limit their liability for fault due to negligence or

Effect of Marketing Audit on Organisational Performance in Selected Nigerian Fast Food

2363 words - 10 pages PROJECT PROPOSAL ON EFFECT OF MARKETING AUDIT ON ORGANISATIONAL PERFORMANCE IN SELECTED NIGERIAN FAST FOOD (A Case Study of MR BIGGS) BY OGUNRINDE FATIMO OLAIDE 090822049 1.1 Background to the Study In recent years, increasing pressure to reduce costs has forced many companies to radically reengineer the way they do business. This pressure is also leading marketing executives to reconsider the goals

Auditing Case Study

2075 words - 9 pages AUDITING CASE STUDY ACCT: 407-01 3/31/2010 The general definition of an audit is an evaluation of a person, organization, system, process, enterprise, project or product. Audits are performed to ascertain the validity[->0] and reliability[->1] of information; also to provide an assessment of a system's internal control[->2]. The goal of an audit is to express an opinion on the person / organization/system (etc) in question

Audit Group Project

3075 words - 13 pages engagement to audit financial statements. (AU 315.02) The successor auditor is required to communicate with the predecessor auditor prior to accepting an audit engagement, though they can make a proposal prior to communications and inform the client that acceptance is conditional on evaluating this communication.  (AU 315.03)  If there is more than one auditor bidding for the engagement, the predecessor auditor is not required to communicate until the

Management Planning

1041 words - 5 pages executive adopts their approach about risks, and that the decisions made are taken in accordance through the system of delegation. Board Monitoring Group Risks The board annually reviews the group risks and the groups’ risks are managed as part of an annual group proposal. The board delegates which risks will be allocated to the committee while reporting to the board. The work program for the board is set on an agenda that identifies the board’s

Brand Management Outline

650 words - 3 pages Overview * Group assignment (replaces a final exam) * In two parts * A 20-30 page report due last class, Dec 1st * Double spaced (excluding exhibits and appendices) * No late papers for this assignment * Worth 30% of your grade * A 45-50 minute presentation on Dec 1st * Worth 20% of your grade * Worth 50% of your class grade (in total) What is a brand audit

Biddy's Bakery

1475 words - 6 pages with the proposal made by the team of business students and why. Explanation of how the business would be different if Elizabeth accepts the proposal made by the students. Lastly, recommendations will be given as to how Elizabeth should proceed. Explain The Challenge Elizabeth Faced In Meeting Her Capacity Needs. What She Should Have Considered Before Moving Into A Larger Facility. Elizabeth is faced with the challenge of her bakery business

Case 1 Erica Carson

554 words - 3 pages a supplier of check printing for this bank? 4. How many suppliers are desirable for check printing? 5. What alternatives are open to Erica Carson here? 6. What action will you take? Why? Actions: * Talk to VP Supply, review proposal * Review cost – benefit analysis? * Present case to upper management * Determine if Killoran is viable supplier? * Supplier audit – process capability * Supplier trial run


2499 words - 10 pages Title CORPORATE GOVERNANCE AND THE ROLE AND INTERNAL AUDIT WITHIN HIGHER EDUCATION IN UNITED ARAB EMIRATES (UAE) Why I am interested in this area I am working as Senior Internal Auditor in the Education Industry from last 4 years and for this reason, I consider it as a great opportunity to explore and research, that, any importance is available and provided in this aspect or not and what are the preventive and mitigating measures

Business Continuity and Disaster Recoery

5677 words - 23 pages Audit of Business Continuity Planning (BCP) Final Audit Report Audit and Evaluation Branch June 2006 Tabled and approved by DAEC on January 9, 2007 Audit of Business Continuity Planning (BCP) Industry Canada (IC) TABLE OF CONTENTS 1.0 EXECUTIVE SUMMARY .............................................................................................. 2 1.1 INTRODUCTION

Related Essays

Should Schools Be Audited? Essay

3674 words - 15 pages deadlines. Inherent in any relationship with an independent auditor is the ability to establish a cooperative and professional working relationship. Chapter 16 Audit Responsibilities 16.4 The following information should be considered in your LEA’s request-for-proposal: Name and address of your district / school entity Scope of services and specific reports to be delivered along with specific due dates Period to be audited Name and telephone

Audit Assignmenr Essay

988 words - 4 pages Foods uses two different types of audits for the four new processes. We are recommending that an attestation audit be used for the new inventory proposal. Kudler is responsible for maintaining internal control over the new inventory processes and procedures. The auditor and the responsible party can agree on an examination, a review, and procedure for the audit and the auditor may then contribute the recommendations to management. The new

Audit Process Letter Essay

1402 words - 6 pages . Prepare a client proposal and obtain an engagement letter. Phase Two: Planning Objectives: Determine the amount and type of evidence and review required to give the assurance that there is no material misstatement of the financial statements. Responsibilities: Perform audit procedures to understand the entity and its environment, including the entity's internal controls. Understand internal control and assess the risks of material

Ten Steps In Auditing Essay

1981 words - 8 pages engagement is to make contact with the potential client. The goal of this step is to obtain new audit business. This is often times is done through the submittal of a general proposal that includes details on the nature of services provided, the qualifications of the firm’s auditors, anticipated fees, and other pertinent information to persuade the client to choose the firm. If the potential client is a publicly held company, arrangements for