Part 1: Case Study Review “The Tyronco Foundation COSO” case study. Complete the case study questions using the “CLC – Tyronco COSO Case Study Template.” Part 2: Written Statement Write a 250-500 word

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Part 1: Case Study

Review “The Tyronco Foundation COSO” case study.

Complete the case study questions using the “CLC – Tyronco COSO Case Study Template.”


Part 2: Written Statement

Write a 250-500 word written statement that explains the significance of the case in context of both in this course and in the accounting profession. Address the following in your summary:

  1. What professional auditing standards were included in the case study?
  2. How do the professional auditing standardsprovide insight to a career in accounting?
  3. How would this help you determine to continue to work with a client?
  4. How does the COSO framework relate to auditing standards?
  5. How would the completion of this exercise impact audit risk?


General Requirements

Submitboth the completed case study template and the summary.

This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

You are required to submit this assignment to LopesWrite. Refer to the LopesWrite Technical Support articles for assistance.

Reference


The Audit Risk Model – YouTube

https://www.youtube.com › watch

Part 1: Case Study Review “The Tyronco Foundation COSO” case study. Complete the case study questions using the “CLC – Tyronco COSO Case Study Template.” Part 2: Written Statement Write a 250-500 word
Tyronco COSO Case Study Template The case study to be used for completion of this assignment is being used with permission from Internal Auditing Foundation (IIA). Directions: After reviewing the Tyronco COSO Case Study, use this template to complete the Topic 1 assignment. Requirements The audit programs that you will develop should have two sections to facilitate a top-down audit approach: 1. Organization COSO Evaluation 2. Purchasing COSO Evaluation This approach is suggested since the organization’s evaluation of risk, controls, and corporate governance is the foundation for the audit of the purchasing function. Part 1: Develop a COSO-based audit program Based on the background information provided in the case study document, develop a COSO-based audit program. The audit program should address the following COSO objectives as applicable: 1. Operational: Effectiveness and efficiency of operations. 2. Financial: Reliability of information. 3. Compliance: Compliance with applicable laws and regulations. The organization audit program should be classified to align with the five COSO components: Control Environment Risk Assessment Control Activities Monitoring Information and Communication To provide a consistent framework for comparing solutions; please use the following component subsections: 1. Control Environment Integrity and ethical values ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Commitment to competence ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Board and Audit Committee ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Management philosophy and operating style ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Organization Structure ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Assignment of authority and responsibility ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Human resource policies and practices ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ 2. Risk Assessment Company-wide objectives ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Process-level objectives ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Risk identification ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Managing change ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ 3. Control Activities Policies and procedures ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Segregation of duties ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Periodic reconciliation ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Proper authorization ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Transactions recorded ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Safeguarding assets ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ 4. Information and Communication Quality of Information ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Effectiveness of communication ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ 5. Monitoring On-going monitoring ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Evaluation process ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Reporting control and process deficiencies ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Change management process ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Part 2: Purchasing Department Identify the five major risks in the Purchasing Department. List the controls you would expect to find to mitigate the risks and the audit steps that would be utilized to ascertain that the control mitigates the risk. Purchasing Risk At Risk Control COSO Classification Audit Step 1. 2. 3. 4. 5. Part 3: Audit Steps List one or two audit steps that you would perform in each of the six listed sections: Procurement Audit General ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Requisitioning ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Purchasing ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Receiving ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Invoice Processing ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Accounts Payable, Encumbrances, or Obligations ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ Part 4: Risks related to Tyronco List five major risks specifically related to Tyronco. What would be your five major areas of concern as an internal auditor? ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ © 2020. Grand Canyon University. All Rights Reserved.

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