You Decide Smackey Foods Accounting

Worksheet for You Decide Name _Sean Russi__ Course Code _AC/555__Grade ___/Date_08/15/2011__ Questions: Q1: chop up out how the SEC has influence (if any) over the scrutinize of Smackey hang back nourishments, Inc. ascendant: The SEC would definitely have influence over the audit of Smackey Dog solid foods. The SEC would involve to make authentic that the meeters from Keller certified public accountant firm followed the audit standards charm performing the audit. Q2: Discuss the substantial activities involved in the sign planning of an audit. How do these wholly specifically to the Smackey Dog Food client? Solution: Since no one at Keller has have it off in the Dog Food manufacturing field it should be a part of the planning to put one over an understanding of the industry. The auditors should not just now scene at the championship try of exposure plainly also delimit acceptable lay on the line levels for audit risk as well as set mat eriality. Q3:Discuss the 4 compass points of the audit and the major activities performed by the auditor in separately phase. Give an example of how each of these specifically applies to the Smackey Dog Food, Inc audit. For instance, run across the apparent inner(a) control weaknesses and affirmable negative issuing of each. Solution: Planning and risk sagacity, signifi beart tests, test of internal controls, and audit completion.

Planning and Risk assessment During the planning stage the audit team as mentioned preliminary needs to gain an understanding of the Smackey dog Foods business and industry. after they do that they can asses! s the risk. The first risk they may want to look at is the control risk by taking a look at how the internal controls placement works at Smackey Dog Foods. Test of Internal Controls By testing the durability of the internal controls the auditor can bound the control risk that lies within the company. They can do this by taking a small sample of invoices and looking for hindrance by the clerk that the transaction was approved and verified. Substantive Tests of Transactions...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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