Auditing: Client Engagement & Audit Plan

Assume the role of a lead auditor at Willis & Adams http://lectures.mhhe.com/willisadams/. Your firm has been approached by http://lectures.mhhe.com/earthwear/
to perform an audit.
Prompt: Evaluate the corporate structure of EarthWear Clothiers and their annual report and then summarize your findings. Evaluate the following for your auditing firm, Willis & Adams:
I. Client Engagement: The external auditing team has been approached by a client to do their yearly audit. You are responsible for evaluating the factors associated with the organization and the external auditing team to determine why it would be appropriate to move forward with the client request.

1. Evaluate the corporate structure and annual report of the organization,
2. Summarize your findings.
3. Evaluate the following information related to the external auditing firm, and summarize your findings:
A) Independence
B) Knowledge of client industry
C) Staffing capabilities

4. Assume your firm has decided to move forward. Referring to your evaluation of internal and external factors, explain why it would be appropriate for the external auditing team to accept the client audit request, using examples to support your response.

II. Planning the Audit: Select one of the organization’s business objectives and create an audit plan of the organization’s financial statements. Use the information from your preliminary review and auditing standards to support your plan.
Support your plan with the appropriate auditing standards. Also, determine materiality by conducting a preliminary risk assessment, and explain which factors were used in making this determination. You can obtain the ICFR and materiality guidelines on the Willis & Adams website.

A. Using your selected business objective, create an audit plan of the organization’s financial statements that address the following, and support each with the appropriate auditing standards:
1. Business risks
2. Management assertions
3. Audit risk
4. Internal controls
5. Effect on audit procedures

B. Determine materiality by conducting a preliminary risk assessment, and explain which factors were used in making this determination.

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