Reference no: EM13147783

Create an audit report with the findings being somewhere between $5,000,000 and $30,000,000 Include these items in the report: The area under audit where the finding occurred, The steps you undertook during the audit, The problem that was noted, the amount of the finding and the suggested accounting correction, The conclusion of the auditor as a result of the steps taken and the problem noted, and The corrective action necessary to prevent this problem from reoccurring.

Here is an example:

Having undertaken the audit of ABC College during the last week, it was found that there was a discrepancy in the actual cash balance and the cash in the cash box. This was found to be mainly due to the oversight of few cash receipts and not having recorder two of the cash payments. We found that the payments that were not accounted for were of value $10,000 and the receipts that were not recorder for were of value $50,000. It was evident that the receipts and payments were not being recorded with prudence by the accountant. The possible way to avoid this problem form reoccurring is to create a strong system of internal control and dividing the responsibility of collection of cash and recording of cash between two different people.