Please do not accept if you cannot meet deadline or do not understand what is needed. I have attache Week 1 – 3 scenarios and answers
I need help with the following:
- Develop an engagement letter on behalf of the audit partner, Scott Payne CPA, for the annual year-end audit of RPC. Be sure to mention any relevant regulatory requirements in your letter, and address the letter to appropriate RPC personnel. (Week 1 assignment): 1,200 – 1,500 words double-spaced
- Develop an audit plan for RPC to present to Scott Payne CPA for review. In addition to basic year-end information, it should address specific procedures based on the first four facts regarding RPC and revealed to you by Scott. (Week 2 and 3 assignment). This plan should be 1,500 – 3,000 words double-spaced.
- Your team lead and senior audit manager and firm partner, Scott Payne, CPA, believes it is time for you to begin writing an audit plan under his supervision. The engagement letter and test procedures are now compiled from weeks 2 and 3, so it is now time to ensure that each test step correspond to the relevant financial and management assertions and as well as distinguished between the standards relevant to all audits (GAAS) and those additional standards relevant to the audit of public companies under the PCAOB.
- As a reminder, those assertions are the following:
- Accuracy or Valuation
- Rights and Obligations
- Presentation and Disclosure
- You will ensure that each test step has an objective that is related to each assertion. Incorporate the four procedures suggested in Weeks 2 and 3 to test the relevant assertions in the financial statements. This can be performed in a chart format.
- Review the GAAS standards and determine if any potential issues or a violation exist that would threaten the standards of the audit.
Determine the sampling methodology that should be used for each test step designed in Weeks 2 and 3. Examples of various sampling methods are statistical and nonstatistical methods. Provide reasoning for the selected sampling methodology