CWU Audit Opinion and Internal Control Report

hey,

Each of the following is separate discussion board post, Each post is about 200 words

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How Would You Write the Audit Opinion and Internal Control Report (1 of 3)

Based on the following, if you were the auditor, what would your conclusions/recommendations be? What would you state in your audit report?

• Materiality is $120 million

Audit Findings:

• Cash reconciliations not performed until 5 months late, but were caught up by year-end. At one point in time, the unreconciled balances totaled $1.4 billion.
• Financial statements had some minor differences before being provided to the auditors
• Financial statements were fairly stated at year-end
• Entity adopted new SFFAS this year that significantly changed the reporting structure

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How would you write the audit opinion and internal control report (2 of 3)?

Based on the following, what would your conclusions/recommendations be? How would you write the audit opinion and internal control report?

• Materiality is $120 million

Audit Findings:

• Audit could not be completed in time due to financial statement preparation weaknesses
• Large numbers of disbursements without supporting documentation (approximately $275 million)

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How would you write the audit opinion and internal control report (3 of 3)?

Based on the following, what would your conclusions/recommendations be? How would you write the audit opinion and internal control report?

• Materiality is $120 million

Audit Findings:

• Major problems after implementing a new financial accounting system
• Problems with locating supporting contract information
• Financial statements were fairly stated after material auditor adjustments.