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Unit 1 Scenario:
Throughout this course, you will be producing assignments that combined will all be key deliverables that will support an audit plan.
The audit plan begins with accepting the client and ends with the issues of the report and includes any relevant management memos. The following are steps that are included in the audit plan:
- Accepting client and performing initial audit planning
- Understanding the client’s business and industry
- Assessing the client’s risk
- Performing preliminary analytical procedures
- Setting materiality and assessing acceptable audit risk and inherent risk
- Understanding internal control and assessing control risk
- Gathering information to assess fraud risks
- Developing an overall audit plan and audit program
The audit plan (all assignments) will be based on the following scenario.
You are a senior auditor assigned to the team performing an audit for Restorative Pharmaceutical Corporation (RPC), a 10-year-old publicly held corporation listed on the New York Stock Exchange (NYSE), which specializes in anti-aging products such as vitamins, protein-infused beverages, and dietary supplements. RPC’s corporate office is located in San Diego, CA. Its annual sales are approximately $100 million. Restorative’s products have been endorsed by noted doctors and talk show hosts on daytime network television. Restorative also develops and markets products through television commercials, drawing clients to their Web site to accomplish direct sales as well as via major drugstore chains. None of Restorative’s products are FDA-approved, as these are part of a class of products which do not require approval to be marketed in the United States. However, the products are subject to scrutiny when claims regarding various outcomes are assured for clients; general product safety is critical. Products are manufactured primarily in Tijuana, Mexico and are imported for distribution from the main warehouse in National City, CA which is between the corporate office and the manufacturing plant. Your team lead and senior audit manager and firm partner, Scott Payne, CPA, has recruited you to write the engagement letter for the year-end audit of Restorative Pharmaceutical. In addition, he believes it is time for you to begin writing an audit plan under his supervision.
Unit 2 IP Task based on Unit 1 scenairo
Review scenario in above Unit 1
For this assignment, you will continue to work on the key assignment based on the scenario provided in Unit 1.
You are the senior auditor assigned to the team performing an audit for Restorative Pharmaceutical Corporation (RPC), a 10-year-old publicly held corporation listed on the New York Stock Exchange (NYSE) which specializes in anti-aging products such as vitamins protein infused beverages and dietary supplements. RPC’s corporate office is located in San Diego, CA.
The audit firm’s lead and senior audit manager and firm partner, Scott Payne, CPA, has requested that you develop two audit/internal control procedures which address the following issues which emerged during the past three reviews of RPC:
- The company’s newest product, an acai and mango blend smoothie, is under scrutiny by the FDA because claims have been initiated by consumers indicating that the product does not “improve memory by 50% and lower cholesterol count by 50% in those over 50” as RPC’s advertisements had claimed. A class action lawsuit is pending for $2 million. RPC’s attorneys indicate that there may be some merit to the claims, although the product is generally safe. No entry or disclosure was provided in the year-end financial statements.
- The company’s supply chain is subject to some risk due to the Mexican infrastructure. Also, certain inventory shipments did not arrive in a timely manner over the border, and this resulted in lost sales of approximately $5 million over the course of a year.