Risk Of Material Misstatement Discussion

Risk Of Material Misstatement DiscussionAccountancy 4400: Financial Statement Auditing Instructor: Dr. David L. Senteney Ph.D. CPA CGMASpring 2021 Department of AccountancyAssignment No.1: Two PartsDescription Of The Assignment: This assignment has two parts. The first is a description of therequirements for the relevant Generally Accepted Auditing Standards (GAAS) guidance for the transactions described. The second part of the assignment is to apply the appropriate auditprocedure guidance to the company and transactions provided in the case. Further detailsregarding the two parts of the assignment are provided below.GAAS Audit Issues Report: The first part of the assignment is to provide a 4-5 page written description of the relevant (GAAS) guidance for the transaction specified in the caseinformation. The written work product is to be your original work and is to include an academichonesty pledge cover sheet affirming that it is entirely your regional work. You may use additional references beyond the AICPA Exposure Draft as appropriate being sure to cite thereferences appropriately. Additional guides for the written assignment are below:Course Research Mini-Paper Guidelines: Use established style requirements. Quickly speaking,the mini-paper format requirements are as follows:1. Approx. 4-5 pages. 2. Double spaced, 12 pt font, 1″ margins all around. 3. FORMAL DOCUMENTS ARE NEVER RIGHT JUSTIFIED. Justify left margin only. 4. References on a separate reference page. 5. I prefer footnotes although established style requirements presently use endnotes. 6. Do not use footnotes or endnotes for references. Use parenthetical reference in the text to cite authoritative support for statements included in the text.Risks of Material Misstatement and Mitigating Controls : The second part of the assignment isto apply the appropriate GAAS you have referenced in the Mini-Paper to the case. For the caseassignment you are to “role play” as if you are a CPA explaining to the client the appropriaterisks, controls, or substantive tests. The deliverables for the case assignment are (1) PowerPoint slides outlining your presentation to the client and (2) an MP4 file of a videorecording (using Zoom) of your presentation to the client. The presentation should be about 15minutes in length.Considering the virus situation you may work on these assignments as a group of no more than four individuals, or you may perform the work as an individual. Put all contributing membersnames on the first PowerPoint slide.All assignments must be uploaded to blackboard. All three of the deliverables must beuploaded to Blackboard including: (1) the mini-paper, (2) the presentation PowerPoint slides, and (3) the presentation MP4 file.