In further preparation for your audit of the company your team selected, you decided to gather your team and discuss Audit Evidence and Documentation Standards for this audit. Your preparation included a review of evidence and documentation literature (Ch. 7). To properly prepare the staff that will be working with you, you decide to create a Cheat Sheet on Evidence and Documentation to be used in your presentation.
Prepare a “Cheat Sheet” that briefly describes Audit Evidence and Documentation Standards, which includes the following topics. Each topic should be 90 to 175 words:
- Relevance, Reliability and Sufficiency of Evidence.
Write a paper on COSO and how it relates to Sarbanes-Oxley and the auditing of public companies in 700 to 1,050 words. Address the following:
- Provide a brief history of COSO.
- Describe the five components and 17 principles of the COSO Framework.
- Review your company’s “Management’s Annual Report on Internal Control over Financial Reporting” and “Report of Independent Registered Public Accounting Firm” (usually found in Section 9A of the Form 10-K) and explain why these reports are necessary.