You have agreed to audit a privately held company that manufactures athletic sho

Question

You have agreed to audit a privately held company that manufactures athletic shoes. You are the owner of a cpa firm that employs a staff of 10. They have been in business for 5 years and have revenue of approximately 10 million dollars. Explain the process that would be involve with the audit of this company; cash, a/r, inventory, and property plant and equipment.This is a first year audit, what internal controls might be considered? What substantive procedures would be performed to provide reasonable assurance that' the financial statements are presented fairly in accordance with GAAP. Discuss steps taken to plan the audit, detail which assertions are involved when describing various procedures (completeness, existence, etc..)

Explanation / Answer

The auditor should perform the following activities at the beginning of the audit:

In establishing the overall audit strategy, the auditor should take into account:

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