The final paper will be based on Appendix 6C Illustrative Audit Case: Keystone Computers at pages 237-244 in your text. Write, in outline format but complete sentences, a six to10 page audit plan. It is recommended that you look at Figure 18.8 on page 708, which shows the control objectives related to accounts receivable.In your audit plan cover the steps necessary to determine if you should select the client, the internal control procedures which need to be reviewed, the substantive tests [using accounts receivable a guide], and the final reporting steps. Based on the facts of the case determine the emphasis you want to place on various accounts. Also, reflect back over your entire accounting program and think about how the accounts are interrelated. For example, when allowance for doubtful accounts is credited the offset is too bad debt expense. Therefore, one of the steps should be to trace the debit side of the entry to the balance for bad debt expense.
Make your comments as specific as possible. Rather than say look for unusual entries, say look for entries from unusual sources and rounded amounts with a focus on those near an accounting cut off. Use precise language. Rather than saying you “the vouched accounts payable,” say that You looked at the item to determine that it was a bona fide business expense. Remember to focus on the key audit objectives and support needed after applying the audit risk model.Remember, the purpose of the Final Paper is for you to culminate the learning achieved in the course by describing your understanding and application of knowledge in the field of accounting.The Final Paper should focus on real life, real time application of topics covered in this course; the uses you have seen and the uses you can envision.
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