Financial Auditing Bullseye Company Term Paper

Open, View, and/or
Download this Document

Total Length: 1515 words ( 5 double-spaced pages)

Total Sources: 4

Page 1 of 5

Bullseye CompanyAn audit is a report given from an analysis of business operations. Business operations are analyzed and set standards set either by regulatory bodies, government, or the audited business itself. The completed product is a final report describing aptitude against the set standards. There are two types of audits, namely internal and external audits. Internal audits are voluntary and conducted within an organization, while external audits are audit reports controlled externally to an organization by an independent qualified auditor. External audits aim at making sure that the records kept by an organization are complete, accurate, and adhere to legal standards (Asare & Wright, 2012).Independent Auditor’s Report to the Members Of Bullseye Company, Minneapolis, MnReport on Financial StatementsWe have audited the accompanying reports of finance of Bullseye corporate on the pages that include the statement of financial position of a period as of 31 December 2020 and 2019. The related statement of income, total revenue, and expense, statement of changes in equity and cash flow statements for the year ended, summary of significant accounting policies, related notes to financial statements, and other explanatory information (Lappi, & Lintunen, 2021).Management’s Responsibility for the Financial StatementsThe Bullseye management is accountable for preparing and presenting all these financial statements according to the theory of accounting generally accepted in the United States of America. For such internal control, as the management determines, it is necessary to prepare financial reports that are free from material misstatement, whether anticipated to fraud or error.Auditor’s ResponsibilityWe must express an opinion on these Bullseye company monetarist statements based on our audits. We have contemplated the provisions of the Act and the Rules made thereunder, including the accounting and auditing standards and matters required in the audit report under the provisions of the Act and Rules made thereunder. We conducted our audits of Bullseye Corporation according to the auditing standards commonly accepted in the United States of America and the standards pertinent to financial audits contained in the Government Auditing Standards, issued from the US’s Comptroller General. These particular ethics require that we plan and execute the audits to obtain a suitable guarantee that the monetary reports are free from material misrepresentation.An audit comprises performing techniques that will support us acquire audit proof about the amounts and disclosure in financial reports. The ways selected depend on the auditor’s judgment, including assessing the risks of material misstatement of the monetary statements, whether due to fraud or error. In making those risks evaluations, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements to design audit procedures that are appropriate in the circumstances, but not to demonstrate a belief in the effectiveness of the entity’s internal control.

Stuck Writing Your "Financial Auditing Bullseye Company" Term Paper?

View All Our Example Financial Auditing Bullseye Company Term Paper

Have A Custom Example Essay Written

An audit also includes assessing the appropriateness of the accounting approaches used, the reasonableness of accounting approximate, and the overall presentation of the financial statements.The audit evidence that we have obtained, we believe that it is sufficient and appropriate to provide a basis for our audit opinion.Other than our capacity as auditors, we don’t…

[…… parts of this paper are missing, click here to view the entire document ]

…material weakness yet necessary enough to merit attention by those charged with governance.Our consideration of internal control was for a limited purpose and was not designed to recognize all internal control deficiencies that could be material weaknesses or significant deficiencies. Given these limitations, we did not identify any internal control deficiencies that we considered material weaknesses during our audit. Nevertheless, material weaknesses may appear that have not been pinpointed (Nzechukwu, 2016). Compliance and other mattersAs part of securing reasonable assurance about whether Bullseye’s financial affirmation is free from material misrepresentation, we carried out tests of its compliance with certain provisions of laws, regulations, contracts, and grants agreements, noncompliance with which can be a direct and material effect on the establishment of financial statement amounts. The results of our tests disclosed that no instances of noncompliance or other matters are needed to be announced under the Government Auditing Standards.Purpose of the other reporting required by government auditing standardsThe purpose of the communication described in other reporting required by the Government Auditing Standards section is to relate the span of our trial of internal control and compliance and the outcome of that testing, and not to offer an opinion on the efficiency of the Company’s internal control or compliance.The purpose of our work and to whom we owe our responsibilitiesOur auditing report is made solely to the Bullseye Company members. Our audit work has been accepted to state to the Company’s members those affairs we are required to state in an auditor’s report and for no other….....

Show More ⇣

     Open the full completed essay and source list


OR

     Order a one-of-a-kind custom essay on this topic


sample essay writing service

Cite This Resource:

Latest APA Format (6th edition)

Copy Reference
"Financial Auditing Bullseye Company" (2021, October 02) Retrieved May 31, 2025, from
https://www.aceyourpaper.com/essays/financial-auditing-bullseye-company-2176685

Latest MLA Format (8th edition)

Copy Reference
"Financial Auditing Bullseye Company" 02 October 2021. Web.31 May. 2025. <
https://www.aceyourpaper.com/essays/financial-auditing-bullseye-company-2176685>

Latest Chicago Format (16th edition)

Copy Reference
"Financial Auditing Bullseye Company", 02 October 2021, Accessed.31 May. 2025,
https://www.aceyourpaper.com/essays/financial-auditing-bullseye-company-2176685
   

Open, View, and/or
Download this Document
order custom essay example

A PHP Error was encountered

Severity: Core Warning

Message: PHP Startup: Unable to load dynamic library '/usr/lib/php/20160303/mysql.so' - /usr/lib/php/20160303/mysql.so: cannot open shared object file: No such file or directory

Filename: Unknown

Line Number: 0