Auditing Homework (Team Assignment)

The first step is to go to the website of a publically-traded US company and select the most recent 10-K Form (legally-required document publicly-traded companies must submit to the Securities and Exchange Commission [SEC] on an annual basis. Among other things, this document contains the opinion of the CPA firm regarding the company’s financial statements and adherence to Generally Accepted Accounting Principles [GAAP]. The contents of this form will be the basis of the team assignments in throughout the course.   Consider and discuss the specific risks and nature of the company you will be auditing.Create comprehensive audit programs for the cash, financial instruments, sale, and receivables accounts and cycles. Submit a 1,400- to 1,750-word document that includes:Audit steps for tests of controls, balances, transactions, analytical procedures, etc. as well as other considerations such as sample size and sample methodology. A brief summary page should be included in this document, 350 to 700 words for each of the audit programs. Include in this summary specific financial information gleaned from the current Form 10-K used to perform an analysis of work program steps. For example, if the team noted significant swings in the Receivables balance year-over-year, identify these swings and how you address them in your work program (this is in essence an audit procedure – analytical review). The group has chosen Coca-Cola Company as our company. Here is the link for Coca-Cola’s 10K report for 2015:http://www.coca-colacompany.com/content/dam/journey/us/en/private/fileassets/pdf/investors/2015-annual-report-on-form-10-k.pdfThis is a team assignment and this is how we broke up the assignment: (please do highlighted part only)1.Introduction2. Audit Steps for tests of controls summary3. Audit steps for tests of balance summary4. Audit steps for tests of transactions summary5. Audit steps for tests of analytical procedures summary6. Sample size and methodology summary – minimum of 150-250 word count7. A brief summary page should be included in this document, 350 to 700 words for each of the audit programs. Include in this summary specific financial information gleaned from the current Form 10-K used to perform an analysis of work program steps. For example, if the team noted significant swings in the Receivables balance year-over-year, identify these swings and how you address them in your work program (this is in essence an audit procedure – analytical review). 8.ConclusionShould be in own words with References that can be easily accessed from the Internet. References should also be in APA format. The assginment is Due Saturday by midnight CST.