Audit

Using the ABC Retailers – Internal Controls Case (PDF Attached), address the following in your report:

    Is the failure in the vendor request change form control indicative of a material weakness in internal control over financial reporting? Why or why not?
    What are the considerations an auditor must take into account when deciding whether a control deficiency is severe or a material weakness?
    Does the Assistant Controllers failure to adequately review the Vendor Change Form represent a deficiency in the design or operating effectiveness of the control? Explain your choice.
    What implications does the deficiency listed above have on other specific controls?

*Notes: These objectives should be addressed through out your paper. To make your report a cohesive analysis, you should not be addressing these item one by one and in order. Consider how these bullet points below relate to each other.  DO NOT simply copy and paste the auditing standards directly into your paper. 1. You should be putting the concept that is relevant from the standards into your own words. 2. You should be explaining why you think a standard is relevant.

Your relevant authoritative guidance MUST come from the PCOAB auditing standards. (Needs to be cited accordingly and MUST state which standard number is being used). Must have at least 2 standard numbers and you need to explain why that standard number was chosen in a cohesive manner. PCAOB Auditing Standards Available at: https://pcaobus.org/Standards/Auditing/Pages/default.aspx

All works cited needs to come from the PCAOB Auditing Standards webpage (link above). Also the Works cited page needs to be properly written. This is an example of how it n MUST look like : Public Company Accounting Oversight Board. (2002). Responsibilities and functions of the independent auditor. In General auditing standards (AS 1001). Retrieved from https://pcaobus.org/Standards/Auditing/Pages/AS1001.aspx (date last accessed 10/14/2020)

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