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Essay / Research Paper Abstract
This is a 7 page paper that provides an overview of audit planning. Every step from engagement assessment to reporting is covered. Bibliography lists 3 sources.
Page Count:
7 pages (~225 words per page)
File: KW60_KFaudit3.doc
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Unformatted sample text from the term paper:
intentional. This has establish an environment in which the financial reports issued by companies are ultimately of little value if produced internally; investors and wise stakeholders will demand that some
external organization confirm the accuracy and validity of statements in order to produce a true and realistic picture of the companys actual value and profitability. This is the role of
auditing. Auditors take on organizations as clients, gaining access to their financial data and information about internal control procedures, and from this data produce a report indicating any inaccuracies in
financial reporting. This enables organizations to present a statement of their value with greater substance to potential investors and stakeholders, and also to operate with a level of transparency that
is expected of responsible corporations in the modern era. This paper will present the various stages of an external audit for a hypothetical company, Keystone Computers and Networks, Inc.
Assessing Risk of Engagement Risks of Engagement This paragraph helps the student present an overview of the importance of assessing whether or not to take on a client. Before jumping
to any conclusions about performing an audit for Keystone, however, one key point must be made clear: auditors should not and can not arbitrarily accept any offer they receive from
an organization. Instead, auditors must conduct careful analyses in order to determine which organizations would be wise to accept as clients and which would be better passed on. The reason
such a determination must be made is that inaccurate financial reporting entails major risks not just for the organizations, but for auditors as well. This is because, in recent years,
expectations regarding the auditors role in accurate reporting have changed considerably; one need only look at recent history to see that the auditors associated with major organizational fallouts such as
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