International Financial Reporting Standards (IFRS) standards

International Financial Reporting Standards (IFRS) standards
It is common industry knowledge that an audit plan provides the specific guidelines auditors must follow when conducting
an external audit- External public accounting firms conduct external audits to ensure outside stakeholders that the
company’s financial statements are prepared in accordance with generally accepted accounting principles (GAAP) or
International Financial Reporting Standards (IFRS) standards-

Use the Internet to select a public company that appeals to you- Imagine that you are a senior partner in a public
accounting firm hired to complete an audit for the chosen public company-

Write a four to six (4-6) page paper in which you:

Outline the critical steps inherent in planning an audit and designing an effective audit program- Based upon the type of
company selected, provide specific details of the actions that the company should undertake during planning and
designing the audit program-

Examine at least two (2) performance ratios that you would use in order to determine which analytical tests to perform-
Identify the accounts that you would test, and select at least three (3) analytical procedures that you would use in your
audit-

Analyze the balance sheet and income statement of the company that you have selected, and outline your method for
evidence collection which should include, but not be limited to, the type of evidence to collect and the manner in which
you would determine the sufficiency of the evidence-

Discuss the audit risk model, and ascertain which sampling or non-sampling techniques you would use in order to
establish your preliminary judgment about materiality. Justify your response-

Assuming that the end result is an unqualified audit report, outline the primary responsibilities of the audit firm after it
issues the report in question-

Use at least two (2) quality academic resources in this assignment- Note: Wikipedia and other Websites do not qualify as
academic resources-

Your assignment must follow these formatting requirements:

Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and
references must follow APA or school-specific format-