Audit Proposal - 1094 Words

Audit Proposal By: Catherine Chase Instructor: Khatrina Higgs, CPA ACC/542 Audit Proposal Abstract Understanding the audit process and how auditors operate is vital since it informs IT managers how to develop an environment that is compliant. More importantly, this brief will discuss the role of the auditor and its responsibilities as well as expand on the role and responsibilities of management during and after the audit. This brief will also focus on the methodologies of how auditors conduct the IT audit process and the specifics that are involved in performing an audit as well as the responsibilities of management. Financial Audit vs. IT Audit The primary objective of a financial statement audit is to ensure that†¦show more content†¦Additionally, AICPA issued SAS No. 90, which requires Auditors conduct open and frank discussions with management and the audit committee relating to the quality and the acceptability of the organization s accounting principles as it pertains to its financial statements. These discussion should generally also include matters relating to the consistency and application of the accounting policies as well as the clarity and completeness of the financial statements (Reinstein Houston, n.d.). The new rules by the SEC s require audit committees to include a report in the company s proxy statement that informs shareholders of the committee s financial oversight responsibilities. Auditing Around The Computer The auditing around the computer approach is pragmatic when computer applications are simplex. Moreover, SAS No. 94 doesn’t eliminate the use of this technique, rather, this approach may be well suited for firms using a variety of accounting software that process applications periodically, or where the audit trail generated is extensive and allows outputs to be referenced back to inputs. However, one of the primary weaknesses of auditing around the computer is that it is unable to determine whether the program logic is correct, nor does this approach reveal how the automated controls respond to a wide variety of transactions that contain errors. Therefore, in a complex IT environment, this approach may potentially overlook significant errors rendering itShow MoreRelatedaudit proposal1127 Words   |  5 Pages Audit Proposal Brenda Pina, Rachel Foster, Maria Kight, Christine Twiford, and Clorissa Willie ACC/542 July 14, 2014 Professor Thomas Cappels Audit Proposal There are many different types of audits including internal, external, and information technology. Companies should be familiar with the types of audits that may possibly be used on an Accounting Information System (AIS). Knowing the different types of audits and where they are used will help a company be ready for an audit and makeRead MoreEssay on Audit Proposal1327 Words   |  6 Pageswould now like to see a proposed audit schedule for these systems. The team will distinguish between the types of audits that may use for each process. The team will also recommend the most appropriate audit for each process and explain how to conduct the audits. Identifying events that may prevent reliance on auditing through the computer will also be presented to Kudler for review (Apollo Group, 2009). Types of Audits The types of information technology audits are attestation, findings andRead MoreEssay on Audit Proposal - 1à §1611 Words   |  7 PagesAudit Proposal—Kudler Fine Foods Previously Kudler Fine Foods had asked accounting firm 123 Accounting for their recommendation on a system which would improve automation in their business processes. Accounting firm 123 Accounting provided Kudler with a recommended course of action to take towards automating their accounting information system, as well as provided a flowchart to assist in describing the process by which the software will help management consolidate their financial data. CurrentlyRead MoreAcct 542 Audit Proposal Essay1239 Words   |  5 PagesAudit Proposal Audit Proposal Kudler Fine Foods has many different types of audit to consider that could be used for each functional areas of AP, AR, inventory management and payroll. This brief has the purpose to distinguish among the types of audits that could be used for each process; to recommend the audit most appropriate for each process; to explain how the audits will be conducted; and to identify events that could prevent reliance on auditing through the computer. Types of Audit Read MoreProposal on Energy Audit1640 Words   |  7 PagesProposal Energy Audit: An energy audit is an inspection, survey and analysis of energy, flows for energy conservation in a building, process or system to reduce the amount of energy input into the system without negatively affecting the output(s). Energy audit identifies opportunities for financial savings by elimination of wasteful use of electricity, coal and fuel oil, without affecting the process or quality of product. Need for Energy Audit: It has been established that EnergyRead MoreTalent Management and Development Audit and Strategy Proposal1551 Words   |  7 PagesTalent Management and Development Audit and Strategy Proposal James McClain Jr. Walden University Bank of America is a bank and financial holding company. It is a financial institution that serves individuals small and large business, large corporations and the government. The bank offers banking, investing, asset management, risk management, and other financial services. Through its subsidiaries and other nonbanking subsidiaries in the United States and international markets it providesRead MoreCase Study : Eagle s Nest Motel Essay1255 Words   |  6 Pagescompany to expand further. Areas of investments are Time Shares Companies, 24hrs Cafe, and Car Rentals. Background: The goal of the proposal is to provide and merge the available resources to invest and increase its market position locally or internationally. The investment plan if approved will offer greater expansion of the company over 5 years. This proposal will be presented to the Executive Directors for endorsement. Objective: The strategy of the investment plan involves: 1. To advance theRead MoreCase Study : Eagle s Nest Motel Essay1264 Words   |  6 Pagescompany to expand further. Areas of investments are Time Shares Companies, 24hrs Cafe, and Car Rentals. Background: The goal of the proposal is to provide and merge the available resources to invest and increase its market position locally or internationally. The investment plan, if approved will offer a greater expansion of the company over 5 years. This proposal will be presented to the Executive Directors for endorsement. Objective: 1. The strategy of the investment plan involves: 1. To advanceRead MoreRfp Inventory Control Essay5651 Words   |  23 PagesRequest for Proposal An Inventory Control System Just Seeds Unlimited Co. 4105 Stuart Andrew Blvd Unit #3 Charlotte, NC 28217 704.222.2222 Distribution List (TBD) Linnea L. Williams lwilliams.lwilliams@gmail.com PM598 – May 2011 TABLE OF CONTENTS 1. INSTRUCTIONS TO BIDDERS 5 1.1. General Description of Work 5 1.2. What Must Be Included with Bid 5 1.3. Schedule of Bid Period Activities 6 1.4. Location of Work 6 1.5. Pre-Bid Meeting 7 1.6. Owner Contact for QuestionsRead MoreEssay about Request for Proposals26340 Words   |  106 PagesRFP-427.04-107-08 STATE GOVERNMENT DEPARTMENT OF FINANCE AND ADMINISTRATION REQUEST FOR PROPOSALS FOR INFORMATION SECURITY ASSESSMENT SERVICES (ISAS) RFP NUMBER: 427.04-107-08 CONTENTS SECTION 1 2 3 4 5 INTRODUCTION RFP SCHEDULE OF EVENTS PROPOSAL REQUIREMENTS GENERAL REQUIREMENTS CONTRACTING INFORMATION PROPOSAL EVALUATION CONTRACT AWARD RFP ATTACHMENTS: 6.1 Pro Forma Contract Contract Attachment A: Attestation Re Personnel Used in Contract Performance Contract Attachment B: Memorandum