ACC 695 Milestone Two Guidelines and Rubric Overview

Chester, Inc. Trial Balances for years ending December 31, 2013, 2014 and 2015 Account Description Cash on Hand Checking Account
June 28, 2019
Provides recommendations as to explanation of findings, Sarbanes-Oxley concerns, appropriate sampling methods, and the external audit
June 28, 2019

ACC 695 Milestone Two Guidelines and Rubric Overview: For Milestone Two, you must review the data collected in the case study and report on whether it is sufficient to confirm or deny the assertions of management. Analyze audit evidence gathered to ensure it is sufficient and appropriate and provide alternative procedures that could be performed to satisfy the assertions. The information in this milestone will be incorporated into your audit report along with the information you compiled for Milestone One. To do so, analyze the following sections of Lakeside Company: Case Studies in Auditing:  Case 4: Assessing Control Risk  Case 5: Tests of Controls: The Revenue and Cash Receipts Cycle  Case 6: Procedures and Audit Documentation: Testing the Inventory Purchasing System  Case 7: Designing Substantive Audit Tests: Compensation Plans  Case 8: Observation of Physical Inventory Count Prompt: Review the information and data in the assigned sections of the Lakeside Company to ensure the audit evidence gathered is sufficient and appropriate, and provide alternative procedures that could be performed to satisfy the assertions. Note: Milestone Two is a draft of some of the critical elements of Part I of the final project. Specifically, the following critical elements must be addressed: A. Determine the risks associated with having the confirmation process controlled by the client. B. Determine the primary assertions associated with classes of transactions and events, account balances, and presentation and disclosure from the scenario. C. Analyze the types of evidence gathered and received from the scenario and document the sufficiency. Be sure to include examples from the scenario to support your response. D. Analyze the types of evidence gathered and received from the scenario and document the appropriateness. Be sure to include examples from the scenario to support your response. E. Recommend appropriate alternate procedures that would satisfy your assertions with the same sufficiency and appropriateness. For example, if your confirmations are not received, what alternate procedures could you use to reach the same sufficiency and appropriateness? Guidelines for Submission: Your milestone must be submitted as a 4- to 5-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. Rubric Critical Elements Proficient (100%) Needs Improvement (70%) Not Evident (0%) Value Audit Report: Confirmation Process Determines the risks associated with having the confirmation process controlled by the client Determines the risks associated with having the confirmation process controlled by the client, but determination is cursory or contains inaccuracies Does not determine the risks associated with having the confirmation process controlled by the client 18 Audit Report: Primary Assertions Determines the primary assertions associated with classes of transactions and events, account balances, and presentations and disclosure from the scenario Determines the primary assertions associated with classes of transactions and events, account balances, and presentations and disclosure from the scenario, but determination is cursory or contains inaccuracies Does not determine the primary assertions associated with classes of transactions and events, account balances, and presentations and disclosure from the scenario 18 Audit Report: Sufficiency Analyzes the types of evidence gathered and received from the scenario and documents the sufficiency of the evidence, including examples from the scenario to support response Analyzes the types of evidence gathered and received from the scenario and documents the sufficiency of the evidence, but analysis is cursory, contains inaccuracies, or does not include examples from the scenario Does not analyze the types of evidence gathered and received from the scenario 18 Audit Report: Appropriateness Analyzes the types of evidence gathered and received from the scenario and documents the appropriateness of the evidence, including examples from the scenario to support response Analyzes the types of evidence gathered and received from the scenario and documents the appropriateness of the evidence, but analysis is cursory, contains inaccuracies, or does not include examples from the scenario Does not analyze the types of evidence gathered and received from the scenario 18 Audit Report: Alternate Procedures Recommends appropriate alternate procedures that would satisfy assertions with the same sufficiency and appropriateness Recommends alternate procedures that would satisfy assertions with the same sufficiency and appropriateness, but recommendations are cursory, contain inaccuracies, or are inappropriate Does not recommend alternate procedures that would satisfy assertions with the same sufficiency and appropriateness 18 Articulation of Response Submission has no major errors related to citations, grammar, spelling, syntax, or organization Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas 10 Total 100%

 
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