See Critical Elements That Must Be Addressed on Guidelines and Rubric
ACC 411 Module Two Short Paper Guidelines and Rubric ACC 411 Module Two Short Paper Guidelines and Rubric Overview: The fundamental purpose of the financial audit is to express an independent and expert opinion on the financial statements. This opinion is expressed in the auditor’s report. The standard audit report states that in the auditor’s opinion, “financial statements referred to above, represent fairly, in all material respects, the financial position of ABC company as of December xx, xxxx, in accordance with accounting principles generally accepted in the United States of America” (Whittington & Pany, 2019, p. 712). To form an accurate opinion of the financial statements, auditors must collect and analyze evidence. Data analysis plays a key role in every stage of the audit process. Reference Whittington, R., & Pany, K. (2019). Principles of Auditing and Other Assurance Services. New York: McGraw-Hill Education. Prompt: For this short paper, you will prepare a memo to management that explains how and why data analysis is used in the various stages of the audit process, including the risk assessment stage, the determination of sampling method and audit universe, the substantive procedures stage, and the end of the audit. Review Chapter 5 of the textbook to support your work. Specifically, the following critical elements must be addressed: Data Analysis: Risk Assessment Stage: Explain how and why data analysis is used at the risk assessment stage of the audit process. Data Analysis: Determination of Sampling Method and Audit Universe: Explain how data analysis is used in the determination of sampling method and audit universe. Data Analysis: Substantive Procedures Stage: Explain how and why data analysis is used at the substantive procedures stage of the audit. Data Analysis: End of Audit: Explain how and why data analysis is used near the end of an audit. Rubric Guidelines for Submission: The short paper should follow these formatting guidelines: 1–2 pages, double spaced, with 12-point Times New Roman font, one- inch margins, and citations in APA style. Critical Elements Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value Data Analysis: Risk Assessment Stage Meet “Proficient” criteria and demonstrates a keen understanding of the benefits of data analysis during the risk assessment stage of an audit Explains how and why data analysis is used at the risk assessment stage of an audit Explains how and why data analysis is used at the risk assessment stage of an audit, but the explanation is incomplete, inaccurate, or unclear Does not explain how and why data analysis is used at the risk assessment stage of an audit 22.5 Critical Elements Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value Data Analysis: Determination of Sampling Method and Audit Universe Meets “Proficient” criteria and demonstrates a keen understanding of the benefits of data analysis for the determination of sampling method and audit universe Explains how and why data analysis is used in the determination of sampling method and audit universe Explains how and why data analysis is used in the determination of the sampling method and audit universe, but the explanation is incomplete, inaccurate, or unclear Does not explain how and why data analysis is used in the determination of sampling method and audit universe 22.5 Data Analysis: Substantive Procedures Stage Meets “Proficient” criteria and demonstrates a keen understanding of the benefits of data analysis at the substantive procedures stage of an audit Explains how and why data analysis is used in the substantive procedures stage of audit Explains how and why data analysis is used in the substantive procedures stage of an audit, but the explanation is inaccurate, incomplete, or unclear Does not explain how and why data analysis is used at the substantive procedures stage of an audit 22.5 Data Analysis: End of Audit Meets “Proficient” criteria and demonstrates a keen understanding of the benefits of data analysis near the end of an audit Explains how and why data analysis is used near the end of an audit Explains how and why data analysis is used near the end of an audit, but the explanation is inaccurate, incomplete, or unclear Does not explain how and why data analysis is used near the end of an audit 22.5 Articulation of Response Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy to read format Submission has no major errors related to citations, grammar, spelling, syntax, or organization Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas 10 Total 100% ACC 411 Module Two Short Paper Guidelines and Rubric Rubric