Audit Planning and Control

It is common industry knowledge that an audit plan provides the specific guidelines auditors must follow when conducting an external audit. External public accounting firms conduct external audits to ensure outside stakeholders that the company’s financial statements are prepared in accordance with generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS) standards.

Use the Internet to select a public company that appeals to you. Imagine that you are a senior partner in a public accounting firm hired to complete an audit for the chosen public company.

Write a four to six (4-6) page paper in which you:

1. Outline the critical steps inherent in planning an audit and designing an effective audit program. Based upon the type of company selected, provide specific details of the actions that the company should undertake during planning and designing the audit program.
2. Examine at least two (2) performance ratios that you would use in order to determine which analytical tests to perform. Identify the accounts that you would test, and select at least three (3) analytical procedures that you would use in your audit.
3. Analyze the balance sheet and income statement of the company that you have selected, and outline your method for evidence collection which should include, but not be limited to, the type of evidence to collect and the manner in which you would determine the sufficiency of the evidence.
4. Discuss the audit risk model, and ascertain which sampling or non-sampling techniques you would use in order to establish your preliminary judgment about materiality. Justify your response.
5. Assuming that the end result is an unqualified audit report, outline the primary responsibilities of the audit firm after it issues the report in question.
6. Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.

Your assignment must follow these formatting requirements:

• Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
• Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

• Plan and design a generalized audit program.
• Determine the nature and extent of evidence accumulated to conduct an audit after considering the unique circumstances of an engagement.
• Evaluate a company’s various risk factors and the related impact to the audit process.
• Evaluate effective internal controls that minimize audit risk and potentially reduce the risk of fraud.
• Use technology and information resources to research issues in auditing.
• Write clearly and concisely about auditing using proper writing mechanics.

Writing Assignment 1:Chapter 4 Business Ethics and Social Responsibility

• OrganixProducts
• Personal Responsibility and Corporate Responsibility
• Inflated Expense Reports

If you’ve ever spent more than 60 seconds in the hair-care aisle at Walgreens

or CVS, you have likely seen products by Organix.The products by the trademarked brand are packaged in rounded, solid-color bottles with gold or black text describing signature ingredients, such as Brazilian keratin therapy, Moroccan argan oil, teatree mint shampoo.The shampoos and conditioners generally sell for between $5 and $10.In 2012, the brand generated $250 million in revenue. Despite the brand name, none of the Organix products are organic—the company doesn’t claim they are. Organix’s parent company wants to sell it, but large beauty companies like Procter & Gamble and L’Oréal, which seem like obvious buyers, are not at all interested.

Do you think Organix has an ethical issue? Why or why not?

If you were in charge of acquisitions at a beauty company, would you consider purchasing Organix?Do some research on the company, then make a decision and defend it. (25pts)

A growing number of businesses—including videogame developers, cigarette companies, soft drink producers, liquor marketers, and fast food chains—are feeling the heat from government, the press, and society at large for encouraging harmful consumer habits. But in our free market economy, people are free to choose the products they consume (within legal boundaries, of course).

Where does personal responsibility end and corporate responsibility begin?How does your response change across specific industries?What role (if any) do you believe the government should play?Develop a rationale for each of your answers. (25 pts)

You’ve just done a great job on a recent project at your company. Your boss has been very vocal about acknowledging your work and the increased revenue that resulted from it. Privately, she said that you clearly earned a bonus of at least 10%, but due to company politics, she was unable to secure the bonus for you. She also implied that if you were to submit inflated expense reports for the next few months, she would look the other way, and you could pocket the extra cash as well-deserved compensation for your contributions.

What should you do? Why? (25 pts)

4.Corporate Philanthropy

Student should develop a corporate philanthropy concept for three of the businesses listed below. Choose ideas that are likely to help the business serve the community, build employee morale, and build long-term profitability. Keep in mind that the best programs feature a close link between the firm’s product or customers and the needs of the community. A hair salon, for instance, might offer a year of free haircuts to people who donate their hair to Locks of Love, an organization that makes wigs for cancer victims. To find the most creative ideas, spend a few moments brainstorming each business before you finalize your plan.

• A city newspaper
• A hip-hop music label
• A computer repair service
• A local hot dog stand
• A leading brand of frozen pizza
• A national department store

Student should explain how each idea will serve the community, build employee morale, and pump up the bottom line. (25pts)

• Due Sunday by 11:59pm
• Points 0
• Submitting a text entry box or a file upload
• Available until Dec 1 at 11:59pm

This is your second extra credit opinion essay. This assignment is a 2 page paper, on any topic in the course that made you think, feel or otherwise react to. It can be a rant over some injustice or a rant over something you didn’t want to hear. You MUST use proper spelling and grammar and it must be typed. If you use any resources for the paper they must be properly cited, including your textbook! Once this closes this extra credit opportunity goes away!

This essay is worth up to 5 points.

2 pages double space

You will write a two page paper (double spaced, 1 inch margin, 12 font). You will write about the information that made the most impact on your understanding of human nature or human psychology, or any topic that really interested you. Grammar and style of the writing count. Have it proofread before submitting. Remember, I don’t want a regurgitation of facts from the book. I want to see that you have understood the concepts and have seen the relevance or the application of the concepts in your life. Your name, title of the paper, and so forth should be on a separate page. Points will be deducted for the wrong font and margin or less than two full pages.

OpenStax College. (2014). Principles of Macroeconomics. Rice University.- this ebook is available in print, pdf, web view, and bookshare versions from the OpenStax College site. The assigned readings for this unit are linked below to the web view version for your convenience.

• Chapter 20: International Trade
• Chapter 21: Globalization and Protectionism

Articles, Websites, and Videos:

Here’s a view/blog regarding the state of the US economy as a result of Globalism.

• Snyder, M. (2011, July 13). How globalism has destroyed our jobs, business and national wealth in 10 easy steps. End Of The American Dream [blog].

The following two sites look at world income distribution and provide a comparison over time.

• Organization for Economic Co-operation and Development
• World Economic Outlook: Globalization and Inequality. (2007, October). International Monetary Fund.

Data for the U.S. are also available from the Census Bureau. Search for income distribution.

• United States Census Bureau

From the Heritage Foundation, a conservative think tank, there are two articles that address the impact of tax changes.

• Foster, J. D. (2007, September 26). Taxpayers beware: Record tax burden is rising. The Heritage Foundation [webmemo #1639 on Federal Budget].
• Moore, N. (2007, September 28). Increasing the national debt limit should spur Congress to tackle entitlements. The Heritage Foundation [webmemo #1648 on Federal Budget].

The following resources may be helpful to you in learning more about the topics you will need to research for the assignment due this week.

• Worker Rights Consortium
• Fair Labor Association
• Unite Here
• Business for Social Responsibility
• National Center for Policy Analysis
• Kristof, N. D., & Wudunn, S. (2000, September 24). Two cheers for sweatshops. New York Times Magazine.
• Vickery, T. (2001, April 30). Who’s watching the shop floor? Christian Science Monitor, 93(108), 11.
• Mishea, P., & Topalova, P. (2007). How does globalization affect developing countries? International Monetary Fund Research Bulletin, 8(3).
• World Trade Organization
• Bhagwati, J., & Srinivasan, T. N. (2002). Trade and Poverty in the Poor Countries. The American Economic Review, (2). 180.
• University of Wisconsin-Madison (2001). Sweatshops.

Supplemental Resources:

This site provides numerous resources regarding Protectionism in the global environment.

• The Economic Times. (2015). Protectionism.

The New York Times offers a great chronology and articles regarding current international trade issues.

• New York Times. (2015). International Trade and World Market (Trade Disputes), Chronology of Coverage.

Numerous articles to help you understand globalism in a current, real world environment.

• Huffington Post. (2015). Globalism.

Use these sites to help augment any research you may need for this week’s subjects. It may be helpful to add a bookmark for each site in your internet browser.

• The Brookings Institution
• The Economist- Economics
• Forbes- Economics & Finance
• Investopedia
• Bloomberg View- Economics
• The White House Administration, Council of Economic Advisors
• World Economic Forum
• The Heritage Foundation

International Labor Rights
U.S. imports of manufactured goods have increased in recent years raising questions about the
conditions of workers producing those goods. For this week’s assignment, respond to the
following key questions.
Key questions: 1. First, provide a brief (one paragraph) overview of this week’s material. 2. Discuss whether or not workers are exploited in manufacturing of US imports. In your
response consider whether they are better off in that type of job or an alternative. Provide a
rationale. 3. Examine whether or not US consumers should boycott or increase in the purchase of these
goods and the effects that boycott or increase in purchase would have on the workers. 4. Should standards be set for work rules in other countries? Or, should work rules be left to the
political system in a particular country? 5. If work rules are set, who should set them and how should they be enforced? 

Your final product will be a paper that:  Addresses each of the topic/questions above in total.  Is APA fortatted.  The body is to be 2 pages minimum.
The requirements for your assignment are:
1. Answer each question fully
2. Define the overall subject of each question.
3. Cite at least three (3) resources from this week’s materials.

must be own words.