Jim’s Auto Body (Inc., or LLC)
1122 Sesame Street
New York, NY, 10002
EIN 90-1234567
Dated incorporated January 1st, 2010
Using the case study Jim’s Auto Body, prepare an audit program to audit revenue. You will use all of the relevant management assertions as the audit objectives, and you should include the following:
- Management assertions to be addressed (audit objectives)
- Internal control
- Test of controls
- Substantive test of transactions
Part 1
After the audit program has been drafted, identify the type of report that will be produced as a result of the audit of revenue, and develop the audit report.
** Use template below**
Audit Plan Revenue Cycle
Audit Scope:
Audit Approach:
Phases:
-Preparation:
–Execution:
-Reporting on findings:
Risks:
-Control Risk:
-Detection Risk:
-Inherent Risk:
Internal Controls:
Test of Controls:
-Inspection:
–Observing:
–Inquiry:
-Reperformance:
Substantive test of transactions: