I'd like some help with this milestone. I just need some guidance with it.

ACC 640 Final Project Guidelines and Rubric Overview The final project for this course is the creation of an audit report with memos. Auditing is a valuable skill in accounting and business, as the odds are very high that you or your organization will be subject to a compliance, federal, IRS, internal, government, or revenue audit at one point in your career. Accountants are required to make professional judgments on both the financial accounting issues and internal accounting forecasts within their organization. The auditor must provide fair, unbiased, materially correct information for investors, employers, employees, and independent stakeholders. This course will help you navigate the relevant processes to provide that unbiased, accurate information. The purpose of the assessment is to familiarize you with the process of auditing and what to do with the auditing information once you have it. You will explore how to plan audit work, analyze financial statements, perform tests on that information, and properly and professionally communicate the results of an audit. The project is divided into three milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. These milestones will be submitted in Modules Three, Five, and Seven. The final submission will be due in Module Nine. In this assignment, you will demonstrate your mastery of the following course outcomes: Determine risk factors for organizations based on analysis of audit risk, audit evidence, and financial statement assertions Develop strategies to mitigate potential risk factors using organizational internal controls Create an audit program to achieve audit objectives related to revenue Analyze audit reports for appropriately communicating the result of the audit process Devise a sampling program for the audit universe to formulate field activities Prompt For this assessment, you should assume you are on the internal audit staff of a publicly traded company. Choose one of the following companies: Walmart, Target, Sears, Kroger, or Amazon. You will be required to obtain the last two years' worth of financial statements and a recent audit report. The internal audit group at the company is tasked with preparing for an upcoming revenue audit and analyzing the business risk internally to mitigate audit findings. You will conduct an internal audit of the company using the information gathered and create a report. Then, you will prepare appropriate memos analyzing the audit report you have prepared, while offering feedback and recommendations. Specifically, the following critical elements must be addressed: I. Procedures and Field Work: For this part of the assessment, you will begin your audit report using the information you have gathered to address the following elements pertaining to procedures and field work. A. Describe how you would conduct the audit process, incorporating the analytical procedures you would use to investigate selected business transactions. 1. What steps will you take to review the company's business transactions? 2. What would your plan be to utilize these procedures? B. Explain the appropriate field work needed to review high-risk business transactions for cash and revenue. 1. What would you need to do in the field to investigate these? 2. Could you convey this information through charts or other supporting documentation? C. Create a test to assess appropriate assertions for designated high-risk business transactions. II. Risk Factors: For this part of the assessment, you will continue your audit report using the information you have gathered to address the following elements pertaining to risk factors in all the major business transactions. A. Analyze the income statement for any potential risk factors and compliance issues with Generally Accepted Accounting Principles (GAAP) or International Financial Recording Standards (IFRS). B. Analyze the risk factors and compliance issues with GAAP or IFRS on the balance sheet. C. Using the internal control, analyze the cash and revenue for potential risk factors. 1. What risks need to be documented? 2. How does this information compare to the company or industry averages, or the company's past performance? D. Explain the audit universe and how you identified it. E. Based on your analysis of risk, devise a sampling program for the audit universe. F. Choose the most preferable audit testing procedures that could be used in the field, based on the audit universe items sampled in this situation. III. Memos: For this part of the assessment, you will use your audit report to prepare memos to upper management. A. Prepare a memo to be reviewed by the chief financial officer (CFO) that summarizes the audit process. 1. Explain any sampling or other audit work that could be done, and if you would recommend the company pursue this additional work. Justify your response. 2. Make recommendations to the CFO on how to mitigate potential risk factors for major business transactions identified in the audit report. B. Assume you are now the CFO. Prepare a memo to the Board of Directors as to what potential issues the external audit team might find and what the company's response should be. 1. Evaluate the findings from the audit report. Be sure to view these findings from the CFO's point of view. 2. Develop a strategy to mitigate risks identified in the audit report. 3. Describe how the company might implement the strategy based on the findings from the audit report. Milestones Milestone One: Draft of Procedures and Field Work (Section I) In Module Three, you will submit a draft of the procedures and field work required for conducting your audit process. Describe how you would conduct the audit process for the company you have chosen, including the analytical procedures you would use to investigate selected business transactions. Explain the appropriate field work needed to review high-risk business transactions for cash and revenue and create a test to assess appropriate assertions for designated high-risk business transactions. This milestone is graded with the Milestone One Rubric. Milestone Two: Draft of Risk Factors (Section II) In Module Five, you will submit a draft of risk factors as identified for all of the major business transactions conducted by your chosen company. Analyze the income statement, balance sheet, and cash and revenue for any potential risk factors and compliance issues with Generally Accepted Accounting Principles (GAAP) or International Financial Recording Standards (IFRS). Based on your analysis of risk, devise a statistical and judgmental sampling program for the audit universe. Recommend the most preferable audit testing procedure based on the audit universe items sampled. This milestone is graded with the Milestone Two Rubric. Milestone Three: Draft of Memos (Section III) In Module Seven, you will submit a draft of your memos to upper management. First, you will prepare a memo to be reviewed by the chief financial officer (CFO) of your chosen company that summarizes the audit process conducted. Then, you will assume the role of CFO of the company and prepare a memo to the Board of Directors as to what potential issues the external audit team might find and what the company's response should be. This milestone is graded with the Milestone Three Rubric. Final Submission: Audit Report with Memos In Module Nine, you will submit your audit report with memos offering feedback and recommendations. It should be a complete, polished artifact containing all of the critical elements of the final project. It should reflect the incorporation of feedback gained throughout the course. This submission is graded with the Final Project Rubric. Deliverables Milestone One Two Three Deliverable Draft of Procedures and Field Work (Section I) Draft of Risk Factors (Section II) Module Due Three Grading Graded separately; Milestone One Rubric Five Graded separately; Milestone Two Rubric Draft of Memos (Section III) Seven Graded separately; Milestone Three Rubric Final Submission: Audit Report with Memos Nine Graded separately; Final project Rubric Final Project Rubric Guidelines for Submission: Your audit report with memos must be 8-10 pages in length including report and supporting documents (plus a cover page and references). Use double spacing, 12-point Times New Roman font, and one-inch margins. Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information, review these instructions. Critical Elements Procedures: Describe Exemplary Meets \"Proficient\" criteria and description demonstrates keen insight into how to conduct the audit process while also incorporating analytical procedures (100%) Proficient Describes how the audit process would be conducted, incorporating analytical procedures for selected business transactions (90%) Procedures: Explain Meets \"Proficient\" criteria and provides a flowchart or supporting documentation describing the high-risk business transactions (100%) Explains the appropriate field work needed to review high-risk business transactions for cash and revenue (90%) Procedures: Create Factors: Statement Factors: Sheet Creates a test to assess appropriate assertions for designated high-risk business transactions (100%) Meets \"Proficient\" criteria and makes cogent connections to the relationship between revenue and accounts receivable (100%) Meets \"Proficient\" criteria and provides keen insight into the risk factors present in the balance sheet (100%) Analyzes the income statement for any potential risk factors or compliance issues with GAAP or IFRS (90%) Analyzes risk factors and compliance issues with GAAP or IFRS on the balance sheet (90%) Needs Improvement Describes how the audit process would be conducted incorporating analytical procedures for selected business transactions, but description is inaccurate or lacks detail (70%) Explains the appropriate field work needed to review high-risk business transactions for cash and revenue, but explanation is cursory or lacks detail (70%) Creates a test to assess assertions for designated highrisk business transactions, but test is inaccurate or inappropriate (70%) Analyzes the income statement for any potential risk factors or compliance issues with GAAP or IFRS, but analysis lacks depth or detail (70%) Analyzes risk factors and compliance issues with GAAP or IFRS the balance sheet, but analysis lacks depth or detail (70%) Not Evident Does not describe the how the audit process would be conducted incorporating analytical procedures for selected business transactions (0%) Value 7 Does not explain the appropriate field work needed to review high-risk business transactions for cash and revenue (0%) Does not create a test to assess appropriate assertions for designated high-risk business transactions (0%) 7 Does not analyze the income statement for any potential risk factors or compliance issues with GAAP or IFRS (0%) 7 Does not analyze risk factors and compliance issues with GAAP or IFRS on the balance sheet (0%) 7 7 Factors: Control Meets \"Proficient\" criteria and analysis demonstrates a nuanced understanding of how the internal control is utilized in analyzing cash and revenue (100%) Analyzes the cash and revenue of the company for potential risk factors using the internal control (90%) Factors: Explain Meets \"Proficient\" criteria and explanation shows a nuanced understanding of the audit universe (100%) Explains the audit universe and how it was identified (90%) Factors: Devise Devises a sampling program for the audit universe based on the risk analysis (100%) Factors: Procedures Meets \"Proficient\" criteria and demonstrates keen insight into the process used to test the items sampled (100%) Chooses an audit testing procedure that could be used and justifies why it would be preferable for this situation (90%) Memos: Explain Meets \"Proficient\" criteria and uses industry-specific language to establish expertise (100%) Explains any sampling or other audit work that could be done and if the company should pursue the additional work (90%) Memos: Make Meets \"Proficient\" criteria and uses industry-specific language to establish expertise (100%) Makes recommendations to the CFO on how to mitigate potential risk factors for major business transactions identified in the audit report (90%) Analyzes the cash and revenue of the company for potential risk factors using the internal control, but analysis lacks depth or does not reference the internal control (70%) Explains the audit universe and how it was identified, but explanation lacks depth or detail (70%) Devises a sampling program for the audit universe based on the risk analysis, but the documentation of risk lacks depth or detail (70%) Chooses an audit testing procedure that could be used and justifies why it would be preferable, but justification is inaccurate or inappropriate (70%) Explains any sampling or other audit work that could be done and if the company should pursue the additional work, but explanation is inaccurate or inappropriate (70%) Makes recommendations to the CFO on how to mitigate potential risk factors for major business transactions identified in the audit report, but recommendations made are inappropriate or lack depth (70%) Does not analyze the cash and revenue of the company for potential risk factors using the internal control (0%) 7 Does not explain the audit universe and how it was identified (0%) 7 Does not devise a sampling program for the audit universe based on the risk analysis (0%) 7 Does not choose an audit testing procedure that could be used nor justify why it would be preferable (0%) 7 Does not explain any sampling or other audit work that could be done and if the company should pursue the additional work (0%) 7 Does not make recommendations to the CFO on how to mitigate potential risk factors for major business transactions identified in the audit report (0%) 7 Memos: Evaluate Meets \"Proficient\" criteria and uses industry-specific language to establish expertise (100%) Evaluates the findings from the audit report from the CFO's point of view (90%) Memos: Develop Meets \"Proficient\" criteria and uses industry-specific language to establish expertise (100%) Develops a strategy to mitigate risks identified in the audit report (90%) Memos: Describe Meets \"Proficient\" criteria and uses industry-specific language to establish expertise (100%) Describes how the company might implement the strategy based on the findings from the audit report (90%) Articulation of Response Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy-to-read format (100%) Submission has no major errors related to citations, grammar, spelling, syntax, or organization (90%) Evaluates the findings from the audit report from the CFO's point of view, but evaluation lacks depth or detail (70%) Develops a strategy to mitigate risks identified in the audit report, but strategy is inappropriate or lacks depth (70%) Describes how the company might implement the strategy based on the findings from the audit report, but description lacks depth or detail (70%) Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas (70%) Does not evaluate the findings from the audit report from the CFO's point of view (0%) 7 Does not develop a strategy to mitigate risks identified in the audit report (0%) 7 Does not describe how the company might implement the strategy based on the findings from the audit report (0%) 7 Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas (0%) 2 Earned Total 100%