ACC491 Procter and Gamble Financial Statements Paper

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ACC491 Procter and Gamble Financial Statements Paper

Procter & Gamble

10K retrieved from :http://www.pginvestor.com/Cache/1001242072.PDF?O=PDF&T=&Y=&D=&FID=1001242072&iid=4004124

Audit Tests

In 350- to 700-words:

The five types of audit tests of financial statements:

  • Risk Assessment Procedures
  • Test of Controls
  • Substantive Tests of Transactions
  • Analytical Procedures
  • Tests of Details of Balances

Identify which tests are best suited for the company you selected and why.

Explain why some tests are not suitable.

Part 2

General Business Concerns

Review and discuss the Form 10-K for Procter & Gamble

10K retrieved from :http://www.pginvestor.com/Cache/1001242072.PDF?O=PDF&T=&Y=&D=&FID=1001242072&iid=4004124

Initial Risk Assessment.

Hint: The business and risk information is usually found in the first part of the Form 10-K. However, for the risks, do not simply restate what is in the Form 10-K. Think like a senior manager at a CPA firm – what accounts (Cash, A/R, Revenue, Inventory, etc.) might be the most potentially risky and why? For example, an airline might not have the same inventory considerations found with a retail outlet like Wal-Mart.

In 100 words min each bullet

Describe the business briefly.

Assess any risks you may encounter in auditing this company.

.

  • Has the company you’re auditing recently increased or decreased their operations due to mergers or sales of parts of the business?
  • Are they a conglomerate with lots of disparate kinds of goods and services, or are they a simple straight-forward type of business operating in a relatively small location?

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