Name
Institutional Affiliation
Audit and Assurance
 

  1. What Steps Will You Take to Review the Company’s Business Transactions?

Notably, auditing and assurance refer to the investigative procedures done by both the internal and external auditors to provide a testimony of the accuracy and truth in the business financial statements. In essence, this procedure requires the use of analytical and technical skills. In addition, the auditor must exercise professional skepticism when analyzing the financial records (Arens et al., 2016). In light of this, the audit review of Walmart Inc. will have the following steps:

  1. Planning
  2. Test of controls
  3. Substantive procedures
  4. Completion
  5. Reporting

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