ACC 411 Module Two Short Paper Guidelines and Rubric ACC 411 Module Two Short Paper Guidelines and Rubric Overview: The fundamental purpose of the financial audit is to express an independent and...

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ACC 411 Module Two Short Paper Guidelines and Rubric ACC 411 Module Two Short Paper Guidelines and Rubric Overview: The fundamental purpose of the financial audit is to express an independent and expert opinion on the financial statements. This opinion is expressed in the auditor’s report. The standard audit report states that in the auditor’s opinion, “financial statements referred to above, represent fairly, in all material respects, the financial position of ABC company as of December xx, xxxx, in accordance with accounting principles generally accepted in the United States of America” (Whittington & Pany, 2019, p. 712). To form an accurate opinion of the financial statements, auditors must collect and analyze evidence. Data analysis plays a key role in every stage of the audit process. Reference Whittington, R., & Pany, K. (2019). Principles of Auditing and Other Assurance Services. New York: McGraw-Hill Education. Prompt: For this short paper, you will prepare a memo to management that explains how and why data analysis is used in the various stages of the audit process, including the risk assessment stage, the determination of sampling method and audit universe, the substantive procedures stage, and the end of the audit. Review Chapter 5 of the textbook to support your work. Specifically, the following critical elements must be addressed:  Data Analysis: Risk Assessment Stage: Explain how and why data analysis is used at the risk assessment stage of the audit process.  Data Analysis: Determination of Sampling Method and Audit Universe: Explain how data analysis is used in the determination of sampling method and audit universe.  Data Analysis: Substantive Procedures Stage: Explain how and why data analysis is used at the substantive procedures stage of the audit.  Data Analysis: End of Audit: Explain how and why data analysis is used near the end of an audit. Rubric Guidelines for Submission: The short paper should follow these formatting guidelines: 1–2 pages, double spaced, with 12-point Times New Roman font, one- inch margins, and citations in APA style. Critical Elements Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value Data Analysis: Risk Assessment Stage Meet “Proficient” criteria and demonstrates a keen understanding of the benefits of data analysis during the risk assessment stage of an audit Explains how and why data analysis is used at the risk assessment stage of an audit Explains how and why data analysis is used at the risk assessment stage of an audit, but the explanation is incomplete, inaccurate, or unclear Does not explain how and why data analysis is used at the risk assessment stage of an audit 22.5 Critical Elements Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value Data Analysis: Determination of Sampling Method and Audit Universe Meets “Proficient” criteria and demonstrates a keen understanding of the benefits of data analysis for the determination of sampling method and audit universe Explains how and why data analysis is used in the determination of sampling method and audit universe Explains how and why data analysis is used in the determination of the sampling method and audit universe, but the explanation is incomplete, inaccurate, or unclear Does not explain how and why data analysis is used in the determination of sampling method and audit universe 22.5 Data Analysis: Substantive Procedures Stage Meets “Proficient” criteria and demonstrates a keen understanding of the benefits of data analysis at the substantive procedures stage of an audit Explains how and why data analysis is used in the substantive procedures stage of audit Explains how and why data analysis is used in the substantive procedures stage of an audit, but the explanation is inaccurate, incomplete, or unclear Does not explain how and why data analysis is used at the substantive procedures stage of an audit 22.5 Data Analysis: End of Audit Meets “Proficient” criteria and demonstrates a keen understanding of the benefits of data analysis near the end of an audit Explains how and why data analysis is used near the end of an audit Explains how and why data analysis is used near the end of an audit, but the explanation is inaccurate, incomplete, or unclear Does not explain how and why data analysis is used near the end of an audit 22.5 Articulation of Response Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy to read format Submission has no major errors related to citations, grammar, spelling, syntax, or organization Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas 10 Total 100% ACC 411 Module Two Short Paper Guidelines and Rubric Rubric
Answered 2 days AfterAug 25, 2022

Answer To: ACC 411 Module Two Short Paper Guidelines and Rubric ACC 411 Module Two Short Paper Guidelines and...

Prince answered on Aug 27 2022
70 Votes
To: Management
From: Student Name
Date: 27th Aug 2022
Subject: Analysis of Data
"An auditor is someone qualified to look through financial records, validate their accur
acy, and ensure that companies are adhering to tax laws. They protect businesses from fraud, point out irregularities in the accounting systems, and on occasion act as advisors to help businesses find ways to boost operational effectiveness. Data analytics are used by auditors to assist firms in making wise judgments. Joining the company's external data to its internal data is a necessary step in the data analytics process. This is done to save expenses, boost income, and assist the business in achieving its objectives (Whittington & Pany, 2019). In order to assess the financial statements of the organisation, auditors must collect and analyse data. Every level of auditing process benefits from data analysis.
Risk Assessment Stage
Data analysis aids auditors in deciding when, whether more audit processes are necessary, and how to gather information about certain firm accounts during risk assessment stage of audit process (Whittington & Pany, 2019). The auditors can assist in identifying suspicious occurrences, questionable transactions, or suspicious amounts that constitute a high risk of falsifying the company's financial records by applying data analysis processes. The auditor gains a deeper understanding of the business of the organisation during risk assessment stage. Additionally, "auditors are required to conduct analytical procedures linked to revenue to discover any odd or unexpected links involving revenue accounts which could be indicative of fraud" (Whittington & Pany, 2019)”
Determination of Sampling Method &...
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