Select a public company and determine a significant risk that could affect its financial statements. (Hint: Go to the EDGAR database at www.sec.gov and select the company's form 10-K. The 10-K will have a list of risk factors the company faces). Describe the risk and how it could affect the financial statements, including what assertions might be misstated. Prepare an audit strategy memorandum for the risk describing what controls the company might use to mitigate the risk, how you could test the controls, and what substantive procedures you might use to determine whether there is a misstatement. Because this is early in your auditing class, do not worry about specific procedures, just be creative and think about a general strategy an auditor might use.
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