Please answer Q2

Assignment Before beginning the assignment, take a moment to look through the papers in this module. Note in the lower left-hand corner that some documents are audit work papers created by Garcia and Foster CPAS as they conducted the audit. Note that other papers are client documents that Garcia and Foster collected and kept in support of their audit. Finally, note the numbering system in the lower right-hand comer of each page and how each paper within the audit is numbered and linked back to the audit program In this part of your assignment, you will examine the firm's audit documentation in relation to the auditors performance on several risk assessment procedures. Please complete the following tasks: Qh Research, cite, and summarize (in one or two sentences per standard identified) the auditing tandards as they relate to the auditors' responsibilities in the following areas: Obtaining and documenting an understanding of the client's environment, including intenal controls b. Materiality assessment in planning and performing the audit. c. The audit risk model. d. Preliminary analytical procedures. Evaluate Garcia and Foster's documentation of their understanding of the client's env (workpaper B.2.1.) Describe any problems you find and provide suggestions for imp mprovement. This 3. Revi B. ion relates to Step 2 of the Garcia and Foster Audit Plan. ew Garcia and Foster's calculations of materiality thresholds for the 20X2 Au dit (workpaper 2.1.) Determin procedures. Des e if the auditors correctly applied the materiality concept in their r cribe any proble relates to Step 2 of the Garcia and Foster Audit Plan r aspects of the Audit Risk you find and provide suggestions for improvement, Ide ns you find and provide suggestions for improvement. 04. Evaluate othe the auditors' application you discover with the memo. This question relates to Step model and bkaper B.2.1.) In particular, review rovement. Identify and document any addition of the audit risk model and brainstorming processes 9gestions for imp Describe any problems mee Garcia and Foster Audit Plan. 9pg. 2of5 Case Assignment: Pg. pB