Audit Planning and ControlIt is common industry knowledge that an audit plan provides the specific guidelines auditors must follow when conducting an external audit. External public accounting firms conduct external audits to ensure outside stakeholders that the company’s financial statements are prepared in accordance with generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS) standards.Use the Internet to select a public company that appeals to you. Imagine that you are a senior partner in a public accounting firm hired to complete an audit for the chosen public company.Write a four to six (4-6) page paper in which you:Outline the critical steps inherent in planning an audit and designing an effective audit program. Based upon the type of company selected, provide specific details of the actions that the company should undertake during planning and designing the audit program.Examine at least two (2) performance ratios that you would use in order to determine which analytical tests to perform. Identify the accounts that you would test, and select at least three (3) analytical procedures that you would use in your audit.Analyze the balance sheet and income statement of the company that you have selected, and outline your method for evidence collection which should include, but not be limited to, the type of evidence to collect and the manner in which you would determine the sufficiency of the evidence.Discuss the audit risk model, and ascertain which sampling or non-sampling techniques you would use in order to establish your preliminary judgment about materiality. Justify your response.Assuming that the end result is an unqualified audit report, outline the primary responsibilities of the audit firm after it issues the report in question.Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.Your assignment must follow these formatting requirements:Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.The specific course learning outcomes associated with this assignment are:Plan and design a generalized audit program.Determine the nature and extent of evidence accumulated to conduct an audit after considering the unique circumstances of an engagement.Evaluate a company’s various risk factors and the related impact to the audit process.Evaluate effective internal controls that minimize audit risk and potentially reduce the risk of fraud.Use technology and information resources to research issues in auditing.Write clearly and concisely about auditing using proper writing mechanics.

Assignment 1: Partnership vs. Corporation Due Week 7 and worth 280 points Using internet websites such as https://www.irs.gov/ or other similar resources related to partnerships and corporate taxation, complete the following assignment: Write a four to five (4-5) page paper in which you:Compare and contrast the tax rules and treatment applicable to corporations and partnerships. Indicate the major way in which the tax treatment affects the shareholders or partners.Explain at least two (2) reasons why a business owner might opt to become a partnership over a corporation. Provide support for your rationale.Imagine that you are a partner in a LLC. Justify why you elected to become a partnership as opposed to a corporation. Indicate tax rules that influenced your decision.Imagine that you are a consultant and make the recommendation that the most advantageous business structure is a C-corporation. Justify why you would recommend a Corporation over a Partnership. Indicate tax rules that influenced your decision.Analyze what a business owner must consider when deciding what type of entity is best for the goals and vision of the business. Provide at least two (2) examples of research the owner must perform to ensure the proper election is made. Provide support for your rationale.Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources

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