ACC $640$ Milestone Three Guidelines and Rubric

Overview

This milestone will give you practice with drafting audit reports. When you write an audit report, there are the following four opinion types that an auditor can formulate: an unqualified opinion $($or clean report$),$ qualified opinion, disclaimer of opinion, and adverse opinion. In this milestone, you will focus on the simplest opinion type: the unqualified opinion. In Project Two in Module Nine, you will consider all four opinion types.

Scenario

You are an auditor for Tuesday & Co$.,$ CPAs. Your supervisor has asked you to prepare an audit report for Crusoe, one of the firm$$s clients. You begin your audit report by reviewing the relevant background information on Crusoe.

Directions

Prepare the audit report for the firm$$s client.

Specifically, you must address the following rubric criteria:

Outline the possible assertions regarding the financial data. Consider the following:

Accuracy and valuation, existence, completeness, rights and obligations, and presentation and disclosure

Describe the control gaps and anomalies $($Critical Audit Matters $($CAMs$))$ present in the summary of audit findings.

Describe the connection between the findings and generally accepted auditing standards $($GAAS$).$

Summarize an opinion of the audit results. Include the following:

The validity of the results

The impact of the external audit on the client

Identify the required elements to be communicated $($CAMs$)$ in the audit report.