1. Discuss risks associated with MAKING the journal entry. For instance, think about the timing, who makes the journal entry, or even patterns that may appear over time that would be of interest to investigate. Do not focus on account specific risks as those will be addressed through substantive procedures. Keep in mind that testing the GL dump is the starting point to validate the data and numbers that drive the remainder of the audit procedures. List out at least 4 different risks that should be investigated and explain the concern affiliated with each journal entry. Some general analyses to consider include account analyses, user analyses, and journal entry characteristics analyses. Note, a journal entry can be flagged for multiple concerns. For example if someone made a large entry to revenue on the last day of the year it would be flagged due to the timing of the journal entry as well as the materiality of the amount made to a revenue account. You must identify 4 different types of journal entries that would have an increased risk and explain why there is an increase in risk. Further, the journal entries cannot be account specific. For instance, bad debt expense is not a good example of a general risk associated with the journal entry process.

2. Describe various methods visual aids are used in accounting and business. What is a method or a visual you could provide a client to communicate the risks you identified in the steps you completed above? For instance, tableau, excel, etc What would the visual aids tell the audience? -- For 15 points, you must 1) explain the purpose and different ways visual aids are used in accounting as well as various software that enables the creation of the visuals. 2) Explain and understand why they are used. 3) Provide an explanation of what type of visual aid you could provide regarding this project and what it would tell the audience.

3. Discuss and provide support how you could determine whether the general ledger dump is complete? Is the data provided to you complete? It may be of interest that this company is a real estate company, a reoccurring client, and has relatively low risk. You will need to calculate materiality (justifying all inputs to this calculation) and perform testing on a sample of accounts. (15 points) Technical Grading and Writing Rubric -- To earn 15 points the following would need to be addressed: 1) Answer the question in full. 2) Provide a discussion regarding how to determine the data is complete and accurate. This should include mentioning the double entry system and the accounting equation. 3) Include a calculation of materiality and justifying all inputs and assumptions used. 4) Justifies how many accounts to test and tests the accounts with adequate detail for reperformance.

4. Draft an email requesting ALL of the support for the journal entries that would be flagged in step 1. Briefly explain the purpose for what you are requesting. This should not exceed 3 paragraphs and the support should be general in nature, but specific enough to show you understand what type of audit support is needed and why the support is needed.