Audit Planning & Analytical Procedures

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“Audit Planning” Please respond to the

  • Determine
    both the relationship of risks in the planning of the audit and factors
    that influence those risks. Speculate on which type of risk creates the
    most uncertainty for the auditor, and recommend at least two ways to plan
    the audit to mitigate those risks. Provide specific examples.
  • Imagine
    that you are a senior auditor, and your firm has been selected to audit a
    medium-sized sporting goods company with one single location. Describe the
    four phases of an audit and discuss the key factors that would help you
    determine how to plan the audit for this company. Provide specific

“Analytical Procedures” Please respond to
the following:

  • Identify the components, limitations, and
    inherent risks of not properly crafting an engagement letter. Give an example
    of how the engagement letter would be different, depending on whether the
    client is considered to be a low- or high-risk client. Provide specific

  • From Case 7, in 2008, Harley-Davidson was
    accused of inflating sales by recording revenue when shipments were delivered
    to dealers, instead of when merchandise was sold to customers. Describe the
    analytical procedure(s) that could have been used to identify the overstatement
    of accounts receivables and sales. Recommend at least two ways to plan an audit
    to test for the accuracy of sales, and discuss the types of exception reports
    needed. Recommend at least two analytical procedures for collecting evidence to
    ensure compliance with the controls. Provide detailed recommendations.

Please keep the bullet points separated and these are discussion questions that’s only paragraph or two for each bullet point

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