Week 5 – Assignment 2: Compose a Weekly Summary
Week 5 Overview
Auditing Process-A
The first four weeks of this course focused on the background, reasons for, impediments to, and techniques for mitigating potential issues that would negatively impact the audit. In the remaining weeks, you will examine various accounting areas that are consistently audited. Included in each portion will be definitions, a review of the basic accounting processes related to each area, and then an introduction to the actual application of audit techniques via IDEA and Tableau.
This week, you will begin with a review of revenue recognition. You are encouraged to investigate the changes to the revenue recognition principle that have occurred in recent years. In addition, a discussion of the assessment of inherent risk for revenue and an auditor’s assessment of control risk, internal control issues, accounts receivable, allowance for bad debts, and sales returns and allowances around the analysis. Applying the audit procedures in your connect problems will give you practical experience in conducting an audit.
In the retail world, a store such as Walmart must purchase inventory to sell to its customers. In the manufacturing world, however, a manufacturer must create or manufacture goods to sell to Walmart, or whoever is in its customer base. The outline used for revenue recognition is also used for purchasing, whether that be of inventory, property plant, and equipment, materials, or other items, accounts payable, payments of services, repairs, and items for which a payable account is generally involved. IDEA and TABLEAU exercises are included in this chapter, as well.
Weekly Resources and Assignments
Review the weekly resources (and previously provided resources, as needed) to prepare for this week’s assignments. The resources may include textbook reading assignments, journal articles, websites, links to tools or software, videos, handouts, rubrics, etc.
Instructions for accessing IDEA can be found under the Getting Started link under Course Content.
Today’s Assignment
Week 5 – Assignment 2: Compose a Weekly Summary
Assignment
Task: Submit to complete this assignment
Due September 4 at 8 PM
This weeks’ readings focused on analytical procedures for cash, the collection cycle, and inventory accounts. For this assignment, you will compose a summary demonstrating how the audit process for inventory may, or may not, aid in the process for auditing the revenue process from selling the inventory. Specifically, examine to what extent internal controls and the processes for purchasing aid, if it does, the auditing the revenue function. Look for connections between the purchasing, selling (for cash or credit), and the collection process. You must choose at least two articles, one from each area, from the articles listed in the library links in the summary resources document provided.
Length: 5 pages (1,500 words minimum)
References: Include a minimum of 12 scholarly resources, complete with Help write my thesis – APA citations. You may use your book as a third source.
The completed assignment should address all of the assignment requirements, exhibit evidence of concept knowledge, and demonstrate thoughtful consideration of the content presented in the course. The writing should integrate scholarly resources, reflect academic expectations and current Help write my thesis – APA standards.
When applicable, conduct a TurnItIn pre-check and then upload your completed assignment and click the Submit to Dropbox button.
I will send you the 20 sources provided by the client separately since those attachments were unable to upload on this platform.
