Audit Judgment

Homework

Audit Judgment

Please respond to the following:

-- From the case study, evaluate the quality of REDTOP’s internal audit function. Based on your evaluation, recommend at least two (2) changes that you would make in order to improve the quality of REDTOP’s internal audit function. Provide a rationale to support your response.

-- From the case study, give your opinion as to whether or not your external audit engagement team could use REDTOP’s internal audit function in another fashion, as opposed to merely relying on existing internal audits in order to perform the overall audit of REDTOP Sports Company. Recommend one (1) alternative to using the work that the internal audit has already yielded as part of your external audit. Provide a rationale to support your response. . [1-2 references][300 words].

Looking Ahead

 Please respond to the following:

-- Discuss one (1) way in which you anticipate using what you have learned from this course in your current or future career. Provide one (1) specific example to support your response.

-- Speculate on one (1) specific auditing area presented in this course that you believe may be eliminated, added, or changed in the next ten (10) years. Provide a rationale to support your response. [300 words].

COURSE:  ACC 562 – Advanced Auditing

COURSE DESCRIPTION

Surveys in-depth analysis of current auditing issues, including professional standards and ethics, internal control gathering and documentation of evidences, and statistical sampling. Focuses on detailed analysis of audit programs and EDP, as well as concepts concerning the financial condition and operation of commercial enterprises.

COURSE LEARNING OUTCOMES

1. Analyze the requirement for the profession of auditing and the integral role that independence

assurance plays within the economy.

2. Examine the corporate governance of audits including the professional, regulatory, and corporate managerial requirements.

3. Analyze the process and regulatory requirements for professional ethical decision making.

4. Analyze the critical factors of business, audit, and planning risks, and the process of managing

these risks in audit engagements.

5. Analyze an audit framework and assessment process for evaluating the effectiveness of internal controls related to financial reporting.

6. Examine the various types of financial fraud and the auditor’s responsibilities related to fraud

detection.

7. Examine the process for completing an audit engagement, evaluating subsequent events, and

communicating with management.

8. Evaluate the legal environment for liability related to financial audits and the proactive activities that a professional may take to prevent litigation.

9. Examine advanced topics and current trends within the auditing environment.

10. Use technology and information resources to research issues in auditing.

   Click here for more on this paper.......

Click here to have a similar A+ quality paper done for you by one of our writers within the set deadline at a discounted.....