5-2 Final Project Milestone Two: Audit Program

ACC 411 Milestone Two Guidelines and Rubric

Overview: Careful planning is a critical part of the success of every audit. However, planning is not simply done at the beginning of the audit but is a continuous and iterative process in which the results of one stage of the audit often necessitate revisions to plans for the next stage.

Prompt: Using your analysis of the business environment of RNS from Milestone One, as well as your textbook reading on planning an audit of cash accounts, write an audit program (plan) that could be used to evaluate RNS’s internal controls for cash. Be sure your program addresses each component of internal control.

Specifically, the following critical elements must be addressed:

I. Write an audit program for internal control of cash in Word or Excel. The following components must be included: A. Control environment B. Risk assessment C. Control activities D. Information and communication E. Monitoring

Rubric

Guidelines for Submission: You can submit your audit program using Microsoft Word or Excel.

Critical Elements Proficient (100%) Needs Improvement (75%) Not Evident (0%) Value

Audit Program: Control Environment

Writes an audit program that effectively and completely addresses the control environment component of internal control of cash

Writes an audit program for the control environment component of internal control of cash, but the program is inappropriate, incomplete, or unclear

Does not write an audit program for the control environment component of internal control of cash

18

Audit Program: Risk Assessment

Writes an audit program that effectively and completely addresses the risk assessment component of internal control of cash

Writes an audit program for the risk assessment component of the internal control of cash, but the program is inappropriate, incomplete, or unclear

Does not write an audit program for the risk assessment component of internal control of cash

18

Audit Program: Control Activities

Writes an audit program that effectively and completely addresses the control activities component of internal control of cash

Writes an audit program that addresses the control activities component of internal control of cash, but the program is inappropriate, incomplete, or unclear

Does not write an audit program that addresses the control activities component of the internal control of cash

18

Critical Elements Proficient (100%) Needs Improvement (75%) Not Evident (0%) Value

Audit Program: Information and Communication

Writes an audit program that effectively and completely addresses the information and communication component of internal control of cash

Writes an audit program that addresses the information and communication component of the internal control of cash, but the program is inappropriate, incomplete, or unclear

Does not write a program that addresses the information and communication component of the internal control of cash

18

Audit Program: Monitoring

Writes an audit program that completely and effectively addresses the monitoring component of internal control of cash

Writes an audit program that addresses the monitoring component of internal control of cash, but the program is inappropriate, incomplete, or unclear

Does not write a program to address the monitoring component of the internal control of cash

18

Articulation of Response

Submission has no major errors related to citations, grammar, spelling, syntax, or organization

Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas

Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas

10

Total 100%