Auditing Practice

This document is a reflection on being a part of an audit engagement team and gaining deeper insight into the accounting and audit industry. The author discusses their experience in preparing financial statements, assessing the risk of material misstatements, and understanding the wholesale system of Cloud 9. They also highlight the importance of maintaining ethics in the audit process.

Running head: AUDITING PRACTICE
Auditing practice
Name of the student
Name of the university
Student ID
Author note

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Reflection:
It really feels great to be a part of the audit engagement team and I came to know that
working with an audit team helped me to gain deeper insight into the accounting and audit
industry and how it works in preparation of the fair presentation of the financial statements of
Cloud 9. Being one of the team members, I had the opportunity to put my accounting
knowledge to some of the audit engagement which was assigned to me. Me and my team
members while attempting to prepare the financial statements giving true and fair view by
making several assertions. While assessing the several accounts of balances and classes of
transactions, I was able to understand the importance of the auditing standard and why the
organization should adhere to the requirements of the standard. My team assessed the risk of
material misstatements of several accounts balances such as accounts receivable by
identifying the assertions in accordance with the Auditing standard 315.
While engaging in the audit work, I was able to develop a better understanding of the
career path of audit that helps in making informed decision that would assist in preparation of
the financial report that is free from any material misstatements. However, at the initial level,
I found few difficulties while gathering evidences required for the verification of the accounts
to be audited. My team members provided me great assistance when I had the responsibility
of handling specialized account. I was able to understand the importance of assertions when
evaluating the risk of material misstatements of the classes of transactions and accounts
balances. The wholesale system of Cloud 9 was understood by the team with the help of
development of flow chart that helps the team member in understanding the process of sales
and cash receipts generated. We came to know that there is a better understating of the
wholesale system by documenting the facts in the flowchart. This helped us in gaining a
better understanding of the risks associated with the process and presentation of chart is better
than the detailed narrative. The members of team were able to answer a number of questions

AUDITING PRACTICE
related to the wholesale system and the flow of information was documented in well
mannered that enhanced the understanding of the complete process.
Therefore, being a part of the audit engagement team, I was able to apply me
technical skills in handling the accounts and leaned about various assertions that was required
for the discourse and presentation of the financial information’s. In addition to this, while
dealing with the specialized accounts, I ascertained that my ability to solve the problem was
enhanced as I was able to develop the skill sets required while working with the audit team.
Furthermore, I was also made aware of the importance of maintaining ethics and follow
ethical guidelines while evaluating the accounts. My team members assured that the
violations to the ethics is not entertained and during the process of performing audit, the team
has accord with the policies, code of conduct and practices.

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