Question Details

(solution) Milestone 2- analyze financial statements for potential risk


Milestone 2- analyze financial statements for potential risk factors, use of internal control, sampling

Milestone 3- Memos summarizing findings to departmental manager and CFO.


ACC 640 Milestone Three Guidelines and Rubric

 

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.

 

For Milestone Three, you will submit a draft of your memos to upper management. First, you will prepare a memo to be reviewed by the chief financial officer

 

(CFO) of your chosen company that summarizes the audit process conducted. Then, you will assume the role of CFO of the company and 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.

 

Prompt: Prepare memos with your recommendations to upper management using the findings from your audit report.

 

Specifically, the following critical elements must be addressed:

 

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. Rubric

 

Guidelines for Submission: Each memo should be a 1?3-page Microsoft Word document with double spacing, 12-point Times New Roman font, one-inch

 

margins, and at least three sources cited in APA format.

 

Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information,

 

review these instructions.

 

Critical Elements

 

Memos: Explain Proficient (100%)

 

Explains any sampling or other

 

audit work that could be done and

 

if the company should pursue the

 

additional work Memos: Make Makes recommendations to the

 

CFO on how to mitigate potential

 

risk factors for major business

 

transactions identified in the audit

 

report Memos: Evaluate Evaluates the findings from the

 

audit report from the CFO?s point

 

of view Memos: Develop Develops a strategy to mitigate

 

risks identified in the audit report Memos: Describe Describes how the company might

 

implement the strategy based on

 

the findings from the audit report Articulation of Response Submission has no major errors

 

related to citations, grammar,

 

spelling, syntax, or organization Needs Improvement (75%)

 

Explains any sampling or other

 

audit work that could be done and

 

if the company should pursue the

 

additional work, but explanation is

 

inaccurate or inappropriate

 

Makes recommendations to the

 

CFO on how to mitigate potential

 

risk factors for major business

 

transactions identified in the audit

 

report, but recommendations

 

made are inappropriate or lack

 

depth

 

Evaluates the findings from the

 

audit report through the CFO?s

 

point of view, but evaluation lacks

 

depth or detail

 

Develops a strategy to mitigate

 

risks identified in the audit report,

 

but strategy is inappropriate or

 

lacks depth

 

Describes how the company might

 

implement the strategy based on

 

the findings from the audit report,

 

but description lacks depth or

 

detail

 

Submission has major errors

 

related to citations, grammar,

 

spelling, syntax, or organization

 

that negatively impact readability

 

and articulation of main ideas Not Evident (0%)

 

Does not explain any sampling or

 

other audit work that could be

 

done and if the company should

 

pursue the additional work Value

 

19 Does not make recommendations

 

to the CFO on how to mitigate

 

potential risk factors for major

 

business transactions identified in

 

the audit report 19 Does not evaluate the findings

 

from the audit report from the

 

CFO?s point of view 19 Does not develop a strategy to

 

mitigate risks identified in the audit

 

report 19 Does not describe how the

 

company might implement the

 

strategy based on the findings from

 

the audit report 19 Submission has critical errors

 

related to citations, grammar,

 

spelling, syntax, or organization

 

that prevent understanding of

 

ideas

 

Earned Total 5 100%

 


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