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I need help with an audit class writing assignment:
Audit Lab Assignment – 2 part writing assignment
All financial statement audits will include an audit of the inventory cycle. You should plan for the audit by setting the audit objectives. For this assignment, write and submit 300–400 words that set specific internal controls that should be included to meet the following management assertions:
- Accuracy or valuation
- Rights and obligations
- Presentation and disclosure
Now that you have identified the revenue-related internal control that relates to the five assertions (existence, completeness, accuracy or valuation, rights and obligations, and presentation and disclosure), the test of controls will need to be identified for each assertion and internal control.
For this assignment, you will write and submit 400–500 words that set specific tests of internal controls for the 5 internal controls related to management assertions that you identified in Part 1.