High-Risk Business Transactions
Prompt: Outline the procedures that will be involved in conducting the internal audit report and explain how you intend to communicate your findings. Create a test to assess appropriate assertions for designated high-risk business transactions.Specifically, the followingcritical elements must be addressed:A. Describe how you would conduct the audit process, incorporating the analytical procedures you would use to investigate selected business transactions.1. What steps will you take to review the companys business transactions?2. What would your plan be to utilize these procedures?3. How would you determine the high-risk business transactions?B. Explain1. What would you need to do to investigate these?2. Could you convey this information through charts or other supporting documentation?the appropriate procedures needed to review high-risk business transactions for cash and revenue. C. Create a test to assess appropriate assertions for designated high-risk business transactions.