Bachelor in Accounting Assignment

Added on - 15 Apr 2020

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Running head: BACHELOR IN ACCOUNTINGBachelor in accountingName of the studentName of the professorCourse titleDate
1BACHELOR IN ACCOUNTINGTable of ContentsInherent steps in audit planning and designing..........................................................................2Examining the performance ratios.............................................................................................3Analytical procedure..................................................................................................................4Analysis of income statement and balance sheet.......................................................................4Audit risk model and the sampling or non-sampling approach.................................................5Preliminary responsibilities if the end result is unqualified report............................................5Reference....................................................................................................................................7
2BACHELOR IN ACCOUNTINGWalmart Stores Inc.The audit plan delivers the specific guidelines to the auditors that they are required tofollow while conducting the external audit. The audit external public accounting needs toassure the outside stakeholders that the financial statement of the company has been preparedas per the IFRS and GAAP.Inherent steps in audit planning and designingCritical inherent steps in planning and designing the audit programme for auditingWalmart stores are as follows –Consider the duties and responsibilities defined under the engagement terms amongthe Walmart stores and audit firm (Arenset al., 2016).Obtain preliminary understanding of Walmart Store’s internal control procedure andthe system of accounting.Auditor shall be familiarised with business of the company and the overview of theindustry.If detailed evaluation of the the company’s internal control is required for analysingthe level of reliance that can be placed on such internal control, then the audit firm isrequired to carry out the substantive tests and analytical procedures (Hayes, Wallage& Gortemaker, 2014).Auditor shall determine and record the audit strategy to be adopted under the auditengagement.Further, the audit planning of Walmart Stores requires that the audit firm shall obtainproper knowledge regarding the company’s business, its external control strategies and itsenvironment. Planning for audit involves assessment of risks for the material misstatement
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