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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
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
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