[SOLVED] Auditors Case Competition

I need help with a Accounting question. All explanations and answers will be used to help me learn.

Case Study: What Should Amanda Do?

**I am assigned Question 4** How are the external auditors involved?

Requirements and suggestions are in the “What should Amanda Do” file.

Grading scale is in the “Evaluation Matrix”

Competition details are in the “Case Competition Announcement” file

The following is an overview but details are in the attached files

Objective

The objective of this exercise is to introduce the understanding of the concept of internal controls, analysis of acquisitions and required reporting through real-life scenarios.

Internal controls are evaluated by both internal auditors, external auditors, as well as IT auditors.

Internal Auditors – Auditors who are employees of the organization, report to the audit committee and provide assurance to the audit committee that the company’s internal controls are in accordance with company policies and strategic objectives.

External Auditors – Auditors who are external to the organization and provide an opinion to shareholders and/or stakeholders on the accuracy of the company’s financial statements in accordance with applicable accounting guideline, typically GAAP.External auditors must also understand Internal Controls over Financial Reporting (i.e. ICFRs) as well as Information Technology General Controls (i.e. ITGCs) of an organization to appropriately perform an audit, and if the company is public, in order to validate assurance on compliance with SOX.

IT Auditors – Internal or external IT auditors can work independently or in conjunction with internal or external auditors on specific audit objectives.IT auditors provide insight regarding internal controls within the organization’s system and/or association with the organization’s governance controls over the IT environment.

Case Competition Rules

1. Teams should consist of 3 to 6 current students, any combination freshman through seniors. MAcc (graduate level Accounting students) are also welcome to participate. There will be awards for 1^st, 2^nd,3^rd and 4^th placements. If Universities are planning to have multiple teams submit, please require teams of 5 students for efficiency.
2. Teams are asked to register from September 16 – October 1 by completing the attached form.
3. Teams should submit a written response to the case questions by October 10, 2019.
4. Members of the Academic Relations committee and/or faculty will judge the quality of the cases based on both content and presentation quality.Finalists will be announced on October 18, 2019.
5. Finalists will make an oral presentation using PowerPoint to a panel of judges on October 24, 2019. Following the presentations, there will be a celebration for all finalists, faculty and professionals who participated in the competition.