Management assertions to be addressed (audit objectives)

Using the case study Jim’s Auto Body, prepare an audit program to audit revenue. You will use all of the relevant management assertions as the audit objectives, and you should include the following:

Management assertions to be addressed (audit objectives)
Internal control
Test of controls
Substantive test of transactions
Part 1

After the audit program has been drafted, identify the type of report that will be produced as a result of the audit of revenue, and develop the audit report.

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Part 2

The American Institute of Certified Public Accountants (AICPA) professional standards provide uniform wording and format for the audit report. The audit report should focus on the revenue cycle and Jim’s Auto Body. Write a 1-page audit report for Jim’s Auto Body that includes all seven parts of a standard audit report, as follows:

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Report title
Audit report address
Introductory paragraphs
Scope paragraph
Opinion paragraph
Name of the Certified Public Accountant (CPA) firm
Audit report date

SAMPLE SOLUTION

Jim’s Auto Body Audit Report
An audit process is critical for any organization because it helps businesses to understand their financial strength and evaluate whether there is transparency and disclosure or not. While undertaking the audit, the auditor has to adhere to all the accounting rules related to auditing as well as per the guidelines given by relevant institutions such as AIPCA (Brown et al., 2019). The objective of undertaking the audit…