A diagram of the undeformed structure

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Task 3

You have been given absolute freedom to design the structural elements of a 2-storey building. Your task is to design such structure and verify the ULS and SLS limit states using a finite element analysis. Your design however must satisfy the following constraints:

a)     The minimum number of finite element nodes resulting from your discretisation is 10.

b)     No part of the structure can experience a vertical or horizontal displacement larger than 5 mm

c)      The choice of materials and dimensions for your building and its structural elements has to be as realistic as possible.

Your report with regards to this task should include the following diagrams.

1.     A diagram of the undeformed structure including the calculated loads imposed on the building, and the dimensions and orientations of each of the structural elements.

2.     A diagram of the deformed structure under the loads it supports.

3.     A diagram of the structure highlighting the structural elements supporting the maximum and minimum loads/stresses.

Additionally, your report should include:

4.     A finite element connectivity list that can be verified/confirmed with respect to the diagrams above.

5.     A table of input values detailing material properties.

6.     Element stiffness matrices for each of the structural elements.

7.     The global stiffness matrix that represents the problem, as well as the finite element equations to be solved as part of your design/verification.

8.     A table that includes the displacements/rotations that correspond to each of the finite element nodes.

9.     Evidence of verification of your numerical solution.

10.  Evidence of validation of your numerical solution.

11.  Input scripts of your MATLAB/OCTAVE or any other FE software used for the analyses performed.

Overview Professional auditors

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Overview Professional auditors are charged with the responsibility of analyzing internal controls, conducting risk assessments using analytical procedures, and designing and implementing audit program

Overview

Professional auditors are charged with the responsibility of analyzing internal controls, conducting risk assessments using analytical procedures, and designing and implementing audit programs. The purpose of any audit is to report, analyze, and determine whether a specific entity met the stated goals of the procedures being audited. The audit objectives drive the audit program, the analytical procedures, and the substantive fieldwork done by the audit team. Most people think of financial auditing when they discuss, read about, or are involved with audits because it is the most common type; however, there are many other types of audits. These include performance, government, compliance, and internal audits. This class focuses on financial auditing for the majority of the topics, which requires that auditors possess the skills and abilities to successfully implement auditing standards and procedures.

For your final project for this course, you will assume the role of an auditor at a large accounting firm, preparing to perform an audit of financial records for Robbins Network Solutions (RNS). As with any audit, the audit team is not always going to have access to all the information and resources they want prior to starting and working on the audit. That is real-world auditing. The assignment is intended to mimic what auditors face in their career. Do the best with what you have, using auditing standards and critical thinking. Support all your responses based on the material you have.

This summative assessment focuses on the preliminary audit assessment, including the drafting of a summary of findings, preparation of an audit program, and evaluation of the relationship between audit risk, audit evidence, and financial statement assertions.

The project is divided into two milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. These milestones will be submitted in Modules Three and Five. The final product will be submitted in Module Seven.

In this assignment, you will demonstrate your mastery of the following course outcomes:

  ACC-411-01: Explain the use of assurance services in financial reporting

  ACC-411-02: Assess the internal controls of an entity for minimizing risk

  ACC-411-03: Analyze the impact of emerging technologies that could affect auditing

Prompt

Assume you are an auditor at an accounting firm. Your team is getting ready to start a financial audit of Robbins Network Solutions (RNS). You will start with the initial review and audit preparation. Refer to the Final Project Scenario document for more information.

Specifically, the following critical elements must be addressed. Most of the critical elements align with a particular course competency (shown in brackets).

I. In a concise memo, evaluate the internal controls of RNS.

1

Describe the major financial business transactions of the company. Include appropriate research to support your answer. [ACC-411-01]

Evaluate the highest business risks associated with this company. What makes you believe these specifically are the highest risks? Provide

appropriate research or data to support your reasoning. [ACC-411-02]

What would you suggest are the appropriate types of internal controls for this industry? Why? [ACC-411-02]

Describe ethical issues involved with this company and industry that would have a direct effect on the outcome of a financial audit. How could

these issues be addressed? [ACC-411-02]

Analyze current events for their impact on this company’s risk and internal control in the future. Include documentation of these current events.

[ACC-411-02]

II. WriteA. Control environment

an audit program for internal control of cash in Word or Excel. The following internal control components must be included: [ACC-411-02]

Risk assessment

Control activities

Information and communication

Monitoring

III. Adding to your memo from Milestone One, document your understanding of the relationship between audit risk, audit evidence, and financial statement assertions as it specifically relates to this company and industry.

Describe the audit data or evidence your team will review. Why is this proof important? [ACC-411-01]

What if a significant portion of the data is overseas and beyond the auditors’ jurisdiction or audit universe? Analyze how the audit team will

compensate for that risk. What governing rules and regulations must be taken into consideration? [ACC-411-02]

Describe analytical procedures you will use to determine the sampling program. How will your internal control evaluation affect this step? Be

specific. [ACC-411-02]

List and then describe the types of audit evidence you will request from the company. [ACC-411-01]

Describe any considerations your team will make in auditing subjective areas, including any governing rules and regulations that were factored

into the auditing decisions. [ACC-411-02]

Describe the factors you took into consideration when planning the nature and extent of the audit documentation. [ACC-411-01]

Describe how responsibility for IT (computers, software, internet usage, databases) risk coverage for companies in the IT industry is defined. Is it

adequate? Describe how that definition addresses or fails to address current and future risks related to social media. [ACC-411-03]

Describe the internal controls that are put in place to specifically protect computer data and proprietary information. How well do these

controls operate within the IT industry? [ACC-411-03]

Where do current and future vulnerabilities exist for IT, and what must be done to manage these gaps? [ACC-411-03]

2

MilestonesIn Module Three, you will submit Milestone One. You are starting your audit at RNS and the first step you have to take is evaluating the internal controls of the

Milestone One: Internal Controlscompany. This milestone will be graded with the Milestone One Rubric.

Milestone Two: Audit ProgramIn Module Five, you will submit Milestone Two. You will complete your audit program at RNS. This milestone will be graded with the Milestone Two Rubric.

Final Submission: Auditing Final ProjectIn Module Seven, you will submit your final project. It should be a complete, polished artifact containing all of the critical elements of the final product. It should reflect the incorporation of feedback gained throughout the course. This submission will be graded with the Final Project Rubric.

Audit Program control Environment

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write 3 page paper with references : Robbins Network Services (RNS) involved in direct sales and installations of computing systems. In addition, the organization also provides consultation services

write 3 page paper with references :

Robbins Network Services (RNS) involved in direct sales and installations of computing systems. In addition, the organization also provides consultation services for its clients and sells hardware and software essential for networking. Currently, the company is owned by five people and stakeholders who are not directly involved in daily running.

Using your analysis of the business environment of RNS from Milestone One, as well as your textbook reading on planning an audit of cash accounts, write an audit program (plan) that could be used to evaluate RNS’s internal controls for cash. Be sure your program addresses each component of internal control.

this is topic you need to consider with reference and examples 

Audit Program control Environment

For the audit of cash or any audit for that matter, I first recommend a walkthrough to understand the process and how do they ensure the completeness and accuracy of cash balances and transactions.  As part of the walkthrough, one should do a test of one. Have the auditee walk you through the process using a real sample.

For example: take 1 or 2 bank accounts and have them explain the controls they have to ensure good internal controls over cash. Ask them to bring bank statements, account reconciliations, etc. to the walkthrough.  See each rubric section for additional feedback and items to consider.

Before the walkthrough I would have them send you documented Policies and Procedures for Account Recs and the companies Treasury Policies.

Risk Assessment of Cash

Make sure these items are considered:

  • Materiality to the balance sheet. Even if cash is overall immaterial to the total assets, Fraud controls should be assessed. Fraud has no threshold.
  • What Segregation of duties do they have? For Account Recs, is there a separate preparer and reviewer? If not, there should be. For those who participate in recording of cash transactions, they should be ones to reconcile cash.
  • How often do they perform access reviews on cash accounts and who are the authorized signers for an account to add new users to an account?

Control Activities

These are the diverse cash control activities that can be performed to ensure compliance with GAAP and to detect Fraud. Here is a good summary list you can use for future reference when you are doing real audits:

  • Proof of cash
  • Test the accounting records and reconciliations by reperformance.
  • Compare the details of a sample of cash receipts listings to the cash receipts journal, accounts receivable postings, and authenticated deposit slips.
  • Compare the details of a sample of recorded disbursements in the cash payments journal to account payable postings, purchase orders, receiving reports, invoices, and paid checks.
  • Obtain analyses of cash balances and reconcile them to the general ledger.
  • Confirm cash balances with financial institutions.
  • Identify and investigate unusual cash receipts and disbursements.
  • Verify the client’s cutoff of cash receipts and cash disbursements.
  • Analyze bank transfers for the last week of the audit year and the first week of the following year.
  • Investigate payments to related parties.
  • Evaluate proper financial statement presentation and disclosure of cash

Communication

Timely communication is key to the function of any audit. Significant deficiencies and material weaknesses are to be reported as they are discovered during the course of the audit, less than significant deficiencies will be immediately addressed by the auditor and reported to management when it is deemed prudent to be disclosed in the interests of efficiency. SOX provides a formal vehicle to report these items including ensuring controls are being performed and remediation takes. Also, external auditors perform quarterly reviews which help alert management on trends prior to the year-end audit.

Monitoring

Use continuing auditing and analytics. Management should implement a program to assess more real time. If there is a problem with cash one wants to find out sooner versus later.

Articulation

The paper was easy to read, well organized and adequate references cited for your research.

add extra things in the audit of cash (your own research)!!!

Describe the major financial business transactions of the company

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write a paper as follow : 3 pages with references Assume you are an auditor at an accounting firm. Your team is getting ready to start a financial audit of Robbins Network Solutions (RNS). You wi

write a paper as follow :

3 pages with references

Assume you are an auditor at an accounting firm. Your team is getting ready to start a financial audit of Robbins Network Solutions (RNS). You will start with the initial review and audit preparation. Refer to the Final Project Scenario document for more information.

Specifically, the following critical elements must be addressed. Most of the critical elements align with a particular course competency (shown in brackets).

Describe the major financial business transactions of the company. Include appropriate research to support your answer.

Evaluate the highest business risks associated with this company. What makes you believe these specifically are the highest risks? Provide

appropriate research or data to support your reasoning.

What would you suggest are the appropriate types of internal controls for this industry? Why?

Describe ethical issues involved with this company and industry that would have a direct effect on the outcome of a financial audit. How could

these issues be addressed?

Analyze current events for their impact on this company’s risk and internal control in the future. Include documentation of these current events.

II. WriteA. Control environment

an audit program for internal control of cash in Word or Excel. The following internal control components must be included:

Risk assessment

Control activities

Information and communication

Monitoring

III. Adding to your memo from Milestone One, document your understanding of the relationship between audit risk, audit evidence, and financial statement assertions as it specifically relates to this company and industry.

Describe the audit data or evidence your team will review. Why is this proof important? [

What if a significant portion of the data is overseas and beyond the auditors’ jurisdiction or audit universe? Analyze how the audit team will

compensate for that risk. What governing rules and regulations must be taken into consideration?

Describe analytical procedures you will use to determine the sampling program. How will your internal control evaluation affect this step? Be

specific.

List and then describe the types of audit evidence you will request from the company. [

Describe any considerations your team will make in auditing subjective areas, including any governing rules and regulations that were factored

into the auditing decisions.

Describe the factors you took into consideration when planning the nature and extent of the audit documentation.

Describe how responsibility for IT (computers, software, internet usage, databases) risk coverage for companies in the IT industry is defined. Is it

adequate? Describe how that definition addresses or fails to address current and future risks related to social media.

Describe the internal controls that are put in place to specifically protect computer data and proprietary information. How well do these

controls operate within the IT industry?

Where do current and future vulnerabilities exist for IT, and what must be done to manage these gaps?