Audit plan development for SEC 10-K report

TurnitinTM enabled This assignment will be submitted to TurnitinTM. Instructions ACCT-422 10-K Project Instructions UMGC’s accounting department curriculum requires an SEC 10-K Report Project in multiple courses from introductory to advanced-level courses, including: ACCT 220: Principles of Accounting I / ACCT 221: Principles of Accounting II ACCT 310: Intermediate Accounting I / ACCT 311: Intermediate Accounting II ACCT 321: Cost Accounting ACCT 422: Auditing ACCT 424: Advanced Accounting / ACCT 425: International Accounting The UMGC Principles of Accounting, I & II courses introduced you to specific components of an SEC 10-K Report as bases for fundamental financial ratio analyses and interpretation of results for a selected corporation. In the more advanced accounting courses, including Intermediate Accounting I & II, Cost and Data Analytics, Auditing, and Advanced Accounting, you analyze financial statements, schedules, and notes to gain a more in-depth understanding of a corporation through its SEC 10-K filing. ACCT-422 10-K Project Instructions ACCT 422 SEC 10-K Audit Plan In Auditing, the SEC 10-K project focuses on US-Based corporations and developing an Audit plan. These will be based on information found in the financial statements, annual reports, and disclosures of the SEC 10-K filing of a corporation. Using knowledge learned in introductory accounting courses, you will: (1) review the SEC 10-K Report of a U.S. Corporation with subsidiaries; (2) review their annual reports for the prior two years and the current year; (3) develop an audit plan using the SEC 10-K Reports. ACCT 422: Auditing SEC 10-K Project Requirements Summary: This SEC 10-K project challenges you to review, analyze, and interpret financial statements and disclosures of a U.S. corporation headquartered in the U.S. To simulate processes used by practicing accountants, you present analyses and findings to the class and participate in a peer-review process in the Discussions area. The deliverables are in response to information and analysis requests by your supervisor. Outcomes: Prepare discussion postings and reports on the U.S. publicly traded corporation with subsidiaries using its most current SEC 10-K report. Competencies: Demonstrate ability to develop a comprehensive audit plan and present the plan and associated Points to the Audit Manager. Project Explanation: You are the new auditor for the SEC 10K company you selected and approved by the professor. Another auditor performed the audit last year. As the new auditor, you are to develop a comprehensive audit plan. The auditing standards describe the components of what is to be included in an audit plan. You are to describe accounting and auditing issues in the audit you will face as the new auditor. You are to identify the company’s risks, how these risks will affect the audit, and how you will mitigate the risks. For example, if you select a company with overseas manufacturing plants that produce inventory, what approach will you take to observe the inventory in the U.S. and overseas? What will you include in your audit plan? The purpose of the report is to write an audit plan. Note that this report is to be written from an auditor’s perspective and not from an analyst’s perspective performing an analysis of a company’s financial statements. The perspectives are quite different. The deliverable should be five to seven pages, single-spaced, with APA format for citations and references. Data visualization, small charts, and your commentary are included in the page count. Financial statements are not included in the page count. The APA citations can be single-spaced. You must have a reference list, including the course’s link to the SEC-10K and learning resources. You must include and discuss graphics or charts in your report. Write in your own words. A report with excessive quotations is not in your own words. Consider the academic honesty assignment for our course. Write to show your mastery of concepts and topics for our course. You must provide a brief background of the company and the industry. The report must be appropriately organized with an introduction, body, and conclusion. Address issues associated with the specific industry and operations of your U.S. Corporation. Assessments: Assessments will include a Word document report and a PowerPoint presentation based on the Word document. Microsoft Word 10K report: Estimated length: five to seven (5-7) pages Use bullet lists, create data visualization and charts to accompany your commentary 1-inch margins top & bottom; 1 to 1.25 inches on left & right sides Line spacing: single spacing with double spacing between paragraphs Font size: 12 CPI Font style: Times New Roman