Unit 5 – Individual Project
Assignment Overview
Type: Individual Project
Unit: Audit Reports
Due Date: Sun, 9/25/16
Grading Type: Numeric
Points Possible: 100
Points Earned: 0
Deliverable Length: 10–12 pages
Go To:
Assignment Details
Learning Materials
Reading Assignment
My Work:
Online Deliverables: Submissions
This assignment is the Common Assignment
Assignment Details
Assignment Description
SEC and Creating Audit Report
Select a publicly traded company using the U.S. Securities and Exchange Commission (SEC) EDGAR System at http://sec.gov/edgar/searchedgar/companysearch.html and
submit to the instructor for approval. Please note that each student must research a different company. Once the instructor has approved the company selection, obtain the
Annual Report (Form 10K) and Proxy Statement (Form DEF 14A) of the company for the immediate past fiscal year. Review these documents in addition to Earnings
Releases and other financial information available on the company’s Investor Relations website to evaluate the following items.
Independent Auditor’s Report
Based on the selected public traded company, what type of auditor’s report was issued on the financial statements.
What kind of evidence the auditors found that indicated the company did not follow Generally Accepted Accounting Principles (GAAP).
Audit Committee
Identify members of the Audit Committee of the Board of Directors, its functions, and number of meetings held.
Determine if the composition of this committee satisfies Public Company Accounting Oversight Board (PCAOB) requirements in terms of independence and
accounting knowledge.
Review the audit committee report and discuss Committee actions. Determine how these actions ensure the integrity of the audited financial statements.
Independent Registered Public Accountants
Identify the company’s independent registered public accounting firm.
Determine how long this firm has served as the external auditors.
Determine other services, if any, provided to or on behalf of the company.
Determine fees paid to this firm by type of service provided.
Discuss changes in or disagreements with the accountants on accounting and financial disclosures, if any.
Reports of the Independent Registered Public Accountants
Review the report of the independent registered public accounting firm on internal controls. Determine if the report and its contents meet the criteria established in
Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the PCAOB.
Review the report of the independent registered public accounting firm on the audited financial statements. Determine what type of opinion was issued and whether the
work performed meets the criteria of COSO and the PCAOB, in addition to GAAP and GAAS.
Prepare a 10-12 page research paper (excluding title page, abstract, references page, and appendices containing financial analysis) in APA format that presents the findings
of your analysis of the company’s SEC filings. Your paper should also discuss the following:
The type of auditor’s report that was issued.
What kind of evidence the auditors found which indicated the company did not follow Generally Accepted Accounting Principles (GAAP).
Roles, responsibilities, and objectives of internal and external auditors.
Types and assessment of audit and Internal control risks.
Ethical standards in auditing and the implications of unethical behavior.
Internal control system, its role in a business and its significance in the auditing process.
Use of computer assisted auditing techniques.
GAAS, GAAP, PCAOB, and COSO requirements for audits of publicly traded companies.
In addition to the SEC Forms, a minimum of five (5) peer-reviewed academic or professional references must be used in the paper.
Please submit your assignment.
Your assignment will be graded in accordance with the following criteria. Click here to view the grading rubric.
For assistance with your assignment, please use your text, Web resources, and all course materials.
This assignment will also be assessed using the Common Assessment criteria provided here.
Reading Assignment
Whittington & Pany: Ch. 16, 17
Assignment Objectives
Understand professional responsibilities of an auditor and the nature of an internal control system, its role in a business and its significance in the auditing process,
the underlying concepts of generally accepted auditing standards, PCAOB standards, and the application of such standards to fact situations
Assignment Objectives
Understand professional responsibilities of an auditor and the nature of an internal control system, its role in a business and its significance in the auditing process,
the underlying concepts of generally accepted auditing standards, PCAOB standards, and the application of such standards to fact situations
Other Information
There is no additional information to display at this time.
Legend
Extra Credit
View Assignment Rubric
Privacy Statement
Terms and Conditions
© 2016 American InterContinental University.
All Rights Reserved. Authorized Users Only.
Contact Us
