Student response template

Threadchic inventory account report
Team number
Audit program and results
85 points

Assertion
and
objective

  1. Identity of the management assertion
  2. Statement of the audit objective

Procedure execution

Explanation of the audit procedure for implementing the audit objective in terms of the data attributes in the database

 

Results (queries) from execution of queries

For each procedure:
  1. The name(s) of the query(ies) that executes the audit procedure
  2. A statement of the query results
  3. An explanation the meaning of the query results in the context of the audit
Matters meriting followup
  1. Unresolved conditions, if any, that preclude signing off on the inventory account or indicate the need to investigate non-inventory accounts. Show "N/A" for no unresolved conditions.
  2. For each unresolved condition, an explanation of how the matter could be investigated
Existence
1
        
2
        
3
 [add/delete rows as needed]      
Completeness
1
        
2
        
3
 [add/delete rows as needed]      
Rights and obligations
1
        
2
        
3
 [add/delete rows as needed]      
Valuation
1
        
2
        
3
 [add/delete rows as needed]      
Presentation and disclosure
1
        
2
        
3
 [add/delete rows as needed]      
Business process diagram (a business process diagram in BPMN for Threadchic's processes concerning inventory to the extent you can infer them from the narrative and the data files) 10 points 
Lessons that emerged (e.g., strategies that could be applied in other assurance situations) 5 points 
 #
Lesson
Explanation
1
    
2
    
3
 [add/delete rows as needed]  
Time log (hours spent on this engagement, by person) 
 #
Auditor name
Total hours
1
    
2
    
3
    
4
    
5
 [add/delete rows as needed]  

Copyright © 2005 A. Faye Borthick and Mary B. Curtis, Atlanta, Georgia, USA. All rights reserved. February 16, 2005

Source: Borthick, A. F., and M. B. Curtis. 2004. Evaluating the competence of inexperienced IS auditors: Analyzing performance to motivate learning experiences for developing audit expertise. Working paper, Georgia State University and University of North Texas.