Describe the major financial business transactions of the company. Include appropriate research to support your answer. 

write a paper as follow :

3 pages with references

Assume you are an auditor at an accounting firm. Your team is getting ready to start a financial audit of Robbins Network Solutions (RNS). You will start with the initial review and audit preparation. Refer to the Final Project Scenario document for more information.

Specifically, the following critical elements must be addressed. Most of the critical elements align with a particular course competency (shown in brackets).

Describe the major financial business transactions of the company. Include appropriate research to support your answer.

Evaluate the highest business risks associated with this company. What makes you believe these specifically are the highest risks? Provide

appropriate research or data to support your reasoning.

What would you suggest are the appropriate types of internal controls for this industry? Why?

Describe ethical issues involved with this company and industry that would have a direct effect on the outcome of a financial audit. How could

these issues be addressed?

Analyze current events for their impact on this company’s risk and internal control in the future. Include documentation of these current events.

II. WriteA. Control environment

an audit program for internal control of cash in Word or Excel. The following internal control components must be included:

Risk assessment

Control activities

Information and communication

Monitoring

III. Adding to your memo from Milestone One, document your understanding of the relationship between audit risk, audit evidence, and financial statement assertions as it specifically relates to this company and industry.

Describe the audit data or evidence your team will review. Why is this proof important? [

What if a significant portion of the data is overseas and beyond the auditors’ jurisdiction or audit universe? Analyze how the audit team will

compensate for that risk. What governing rules and regulations must be taken into consideration?

Describe analytical procedures you will use to determine the sampling program. How will your internal control evaluation affect this step? Be

specific.

List and then describe the types of audit evidence you will request from the company. [

Describe any considerations your team will make in auditing subjective areas, including any governing rules and regulations that were factored

into the auditing decisions.

Describe the factors you took into consideration when planning the nature and extent of the audit documentation.

Describe how responsibility for IT (computers, software, internet usage, databases) risk coverage for companies in the IT industry is defined. Is it

adequate? Describe how that definition addresses or fails to address current and future risks related to social media.

Describe the internal controls that are put in place to specifically protect computer data and proprietary information. How well do these

controls operate within the IT industry?

Where do current and future vulnerabilities exist for IT, and what must be done to manage these gaps?

Hide