Field work.
a. Contact an experienced auditor in your area for an interview about common audit procedures. Compare the process with the generic one presented in Figure 17.3 . Prepare a short report or presentation comparing and contrasting the two.
b. Reviewing internal controls is an important part of any AIS evaluation. Visit a local business such as a restaurant, movie theater, bank, or amusement park; observe one or more common transactions and assess the strength of internal control over those transactions. Classify the internal controls as preventive, detective, or corrective. If you wanted to circumvent the internal control system, how would you do it?
c. Using your work in ( b) above as a basis, create a flowchart/data flow diagram/REA model of the transaction process.
d. Point your Web browser to www.soxtoolkit.com . Review and summarize the tools available for accountants and managers seeking to comply with the Sarbanes-Oxley Act of 2002.
e. Use your school’s library to find Greg Rogers, “Environmental Transparency: Five Areas for Concern,” Financial Executive,June 2004. Summarize the article and suggest at least three ways an auditor would discover undisclosed environmental liabilities.
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