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Prepare a brief progress report on your progress toward completing the strategic audit report. What did you do this week What problems have you encoutered how do you plan to resolve them What do you plan to do next week - Term Paper Example

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I have been involved in expressing an opinion whether the financial statements of the company show a clear and fair view of the company’s state of…
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Prepare a brief progress report on your progress toward completing the strategic audit report. What did you do this week What problems have you encoutered how do you plan to resolve them What do you plan to do next week
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Extract of sample "Prepare a brief progress report on your progress toward completing the strategic audit report. What did you do this week What problems have you encoutered how do you plan to resolve them What do you plan to do next week"

Auditing Report Affiliation. Auditing Report. It has been quite a tedious task this week, but I have made a great progress in preparing a strategic audit report for Apple Inc. I have been involved in expressing an opinion whether the financial statements of the company show a clear and fair view of the company’s state of operations. I have managed to make sure that I do not go against the principle of materiality because by doing so, I might give an opinion that contradicts the true nature of the financial situation of the company. I have also been involved in making assertions concerning the financial statements of the Apple Inc. company.
Some of the assertions that I have made are concerning the completeness, accuracy, valuation, allocation, classification and cutoff of the financial statements. It has been my responsibility to ascertain that an asset or liability exists at a given date, that there are no unrecorded assets, liabilities and transactions, that the assets and liabilities are recorded at their appropriate carrying value and that an item on the financial statements of Apple Inc. is disclosed, classified and its description given in accordance with the applicable financial reporting framework. Preparation of the Apple Inc. Auditing report has not been that easy. It has been coupled with a number of challenges that have made it to be quite challenging to prepare the report.
One of the challenges was on the financial statements prepared by the company’s financial accountants. The financial statements were somehow biased because they were not prepared in accordance with the accepted accounting principles. This was a major challenge because I had to reconcile the financial statements in order to comply with the accepted financial accounting principles. As an auditor I would be much glad to see the problem of biasness of the financial statements come to a halt. I would put my energy in stressing the accountants of the Apple Inc. company to always follow the financial accounting principles and that the principle of duality and consistency is followed to prevent the preparation of financial statement that are not up to standard. Next week I plan to give a recommendation to the management of Apple Inc. Company while presenting the report on how to gain competitive advantage over the other companies and also how to improve its business efficiency and avoid ethical problems. Proper auditing will generally reduce risks that may occur as a result of biased financial statement and will also act as a factor that will determine any decision to be made by the company’s management (Johnstone, Gramling&Rittenberg, 2013).
Reference.
Johnstone, K., Gramling, A., &Rittenberg, L. (2013). Auditing: A Risk-based Approach to Conducting a Quality Audit. Cengage Learning. Read More
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