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Part A As the engagement partner, you are responsible for the evaluation of internal controls regarding investment and accounts payable related accounts at Crest Outfitters.
Part A As the engagement partner, you are responsible for the evaluation of internal controls regarding investment and accounts payable related accounts at Crest Outfitters. You need to answer following questions and record your assessment outcomes in the working paper. You can create your own working paper. 1. Identify transactions related to investment and accounts payable accounts. 2. Determine WCGW (what can go wrong). 3. Describe risks associated to financial statement accounts and assertions related to investment and accounts payable. 4. Identify internal controls in place to prevent or detect the risk of misstatement. 5. Evaluate control risks. 6. Comments on strength (minimum 1 item) and weakness (minimum 1 item) of the client's internal controls for investment and accounts payable. 7. Record the audit plan in the working paper
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