Strategic Audit Report for Apple Inc - Term Paper Example

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 by the applicable financial reporting framework. Preparation of the Apple Inc. Auditing reports has not been that easy. It has been coupled with several 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 by the accepted accounting principles. This was a major challenge because I had to reconcile the financial statements to comply with the accepted financial accounting principles. As an auditor I would be much glad to see the problem of business 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 statements that are not up to standard. Next week I plan to recommend the management of Apple Inc. Company while presenting the report on how to gain a 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 statements and will also act as a factor that will determine any decision to be made by the company’s management (Johnstone, Gramling&Rittenberg, 2013).