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Essay Available:
Pages:
8 pages/≈2200 words
Sources:
4 Sources
Style:
APA
Subject:
Accounting, Finance, SPSS
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 42.12
Topic:

Material Account Balances and the Audit Committee

Essay Instructions:

For each of the two companies selected, Nike and Addidas, complete the following:
Go to that company’s website and obtain the most current financial statements and audit report. Identify five material account balances from the financial statements. Since the auditor’s workpapers are not published, discuss audit planning and audit procedures that were potentially required for each of the account balances to support the audit findings presented in the audit report. Note: Essentially, you are working backwards!
Research the company’s Audit Committee’s(AC) Charter. Describe some of the items discussed in the AC’s review of the audit, such as the purpose of the company’s Audit Committee and their engagement with the external auditors.
Prepare a written report discussing each of the components above. Be sure to provide any supporting documents as addendums to your report and not in the body of the report.

Essay Sample Content Preview:

Audit Planning and Procedures
Student Name
Institution
Audit Planning and Procedures
The overall objective of an independent audit is to enhance the level of confidence that users of financial statements have in them. This is attained by the auditor giving an opinion as to whether the financial statements have been prepared using the applicable financial reporting framework and are fairly stated in all material aspects. Therefore, auditors are required to obtain reasonable assurance as to whether the financial statements prepared by the management are free from material misstatements whether as a result of fraud or errors. The mistakes and errors that the auditor should note are those that can be considered material. This makes the concept of materiality is crucial in the audit process because it is the primary basis of the type of opinion that the auditor gives after the audit process (Arens, Elder & Beasley, 2013). A figure, error, or misstatement is considered material in the audit process if it has the potential of influencing the decisions of the users of the financial statements.
Judgments in regards to materiality are made based on the surrounding circumstances. The decisions as to what are material is ofte...
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