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 management’s 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.