Present the audit on the gas station (7-eleven and Conocco) or any other gas station please specify the name, and develop an audit plan based upon the below parameters

• Gain an understanding of the Company and provide background
• Perform a risk assessment of the Company:
  • Identify what could go wrong
  • Identify what the significant (i.e. elevated) risk would be
• For the identified significant risk, develop audit procedures which include:
  • A controls-based approach which touches on managements assertions
  • Substantive testing approach (after factoring in controls)

The above procedures need to address how an audit team would gain comfort around managements assertions for those significant risk

• If it is determined that only a substantive based approach will be taken (i.e. no control reliance), explain why and what additional work will be required