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Respond to your fellow classmate with at least a 100 word reply…

Respond to your fellow classmate with at least a 100 word reply about their Primary Task Response regarding items you found to be compelling and enlightening. To help you with your discussion, please consider the following questions:

  • What did you learn from your classmate’s posting?
  • Do you agree with their finding and justifications for the selection (support your position)?
  • What clarification do you need regarding the posting?
  • What differences or similarities do you see between your posting and other classmates’ postings?


***Responding to the statement below***


As we are about conduct an audit within the organization there will be a heavy focus for this particular situation on the revenue generated section. To start we will start by looking at these specific documents when it comes to the audit the balance sheets, Income statements, and Cash flow. These will be specifically important in order to understand how, where, what, and why the money is going to the specific sections that they are going to and where we can look back as a reference to track any of the missing information when it comes time to submitting this report. When look at the organization as a whole we will be looking at the Sales, Customer service, Shipping, Billing, and receipts. As you can already start to put together how these specific sections go hand and hand with the documents we are needing the company to fill out when we look at our customers we will need numbers of who is coming in and how many which continues into the sales portion for what we are charging and how much of the inventory they will need to order and maintain documentation of for how much or how little is going to be left over to budge next time to know how much of the shipping we will need.


When we look at what audit objectives are going to be most important to be focusing on it will be completeness and   Accuracy/valuation. Why these specific objectives will be so important when it comes to preforming this Audit will be  for one if the financial statements that are being presented are not filled out all the way and have huge chunks of information that are missing this will leave room for questions as to why the company is leaving out this information that is so important to the federal government in which they are asking for? Also if while the information provided is inaccurate this leave wider questions as to who is providing these numbers, where this specific information was obtained, how did this number get mixed in with this specific section or was it meant to be placed on another section and was just not place correctly? While some of these numbers may have been missed it makes a huge difference when it comes to having money that is not being accounted for and where this money has gone to. This could be as serious as a threat to the company and all the employees sensitive information being put at risk due to a break in the security system or it may be there was an extra number that might need to be changed but until the level of this is known for sure we cannot just assume or let these situations go unaddressed.