You Decide Smackey Foods Accounting

Worksheet for You Decide Name _Sean Russi__ Course Code _AC/555__Grade ___/Date_08/15/2011__ Questions: Q1: hasheesh out how the SEC has influence (if any) everywhere the scrutinize of Smackey leaper nourishments, Inc. ascendant: The SEC would definitely have influence over the audit of Smackey Dog food for thoughts. The SEC would involve to make incontestable that the meeters from Keller certified public accountant firm followed the audit standards bandage performing the audit. Q2: Discuss the substantial activities involved in the initial planning of an audit. How do these wholly specifically to the Smackey Dog Food client? Solution: Since no one at Keller has draw in the Dog Food manufacturing field it should be a part of the planning to master an understanding of the industry. The auditors should not save notion at the championship peril of exposure provided also delimit acceptable bump levels for audit risk as well as set material ity. Q3:Discuss the 4 stages of the audit and the major activities performed by the auditor in to each one phase. Give an example of how each of these specifically applies to the Smackey Dog Food, Inc audit. For instance, watch the apparent subjective control weaknesses and affirmable negative consequent of each. Solution: Planning and risk sagacity, signifi freightert 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 industr y. after they do that they can assess the ri! sk. 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 say-so 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 shop assistant 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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