Financial Auditing Bullseye Company&nbspTerm Paper

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Bullseye Company

An audit is a report given from an analysis of business operations. Business operations are analyzed and set standards set either by regulatory bodies, government, or the audited business itself. The completed product is a final report describing aptitude against the set standards. There are two types of audits, namely internal and external audits. Internal audits are voluntary and conducted within an organization, while external audits are audit reports controlled externally to an organization by an independent qualified auditor. External audits aim at making sure that the records kept by an organization are complete, accurate, and adhere to legal standards (Asare & Wright, 2012).

Independent Auditors Report to the Members Of Bullseye Company, Minneapolis, Mn

Report on Financial Statements

We have audited the accompanying reports of finance of Bullseye corporate on the pages that include the statement of financial position of a period as of 31 December 2020 and 2019. The related statement of income, total revenue, and expense, statement of changes in equity and cash flow statements for the year ended, summary of significant accounting policies, related notes to financial statements, and other explanatory information (Lappi, & Lintunen, 2021).

Managements Responsibility for the Financial Statements

The Bullseye management is accountable for preparing and presenting all these financial statements according to the theory of accounting generally accepted in the United States of America. For such internal control, as the management determines, it is necessary to prepare financial reports that are free from material misstatement, whether anticipated to fraud or error.

Auditors Responsibility

We must express an opinion on these Bullseye company monetarist statements based on our audits. We have contemplated the provisions of the Act and the Rules made thereunder, including the accounting and auditing standards and matters required in the audit report under the provisions of the Act and Rules made thereunder. We conducted our audits of Bullseye Corporation according to the auditing standards commonly accepted in the United States of America and the standards pertinent to financial audits contained in the Government Auditing Standards, issued from the USs Comptroller General. These particular ethics require that we plan and execute the audits to obtain a suitable guarantee that the monetary reports are free from material misrepresentation.

An audit comprises performing techniques that will support us acquire audit proof about the amounts and disclosure in financial reports. The ways selected depend on the auditors judgment, including assessing the risks of material misstatement of the monetary statements, whether due to fraud or error. In making those risks evaluations, the auditor considers internal control relevant to the entitys preparation and fair presentation of the financial statements to design audit procedures that are appropriate in the circumstances, but not to demonstrate a belief in the effectiveness of the entitys internal control. An audit also includes assessing the appropriateness of the accounting approaches used, the reasonableness of accounting approximate, and the overall presentation of the financial statements.

The audit evidence that we have obtained, we believe that it is sufficient and appropriate to provide a basis for our audit opinion.

Other than our capacity as auditors, we dont…material weakness yet necessary enough to merit attention by those charged with governance.

Our consideration of internal control was for a limited purpose and was not designed to recognize all internal control deficiencies that could be material weaknesses or significant deficiencies. Given these limitations, we did not identify any internal control deficiencies that we considered material weaknesses during our audit. Nevertheless, material weaknesses may appear that have not been pinpointed (Nzechukwu, 2016).

Compliance and other matters

As part of securing reasonable assurance about whether Bullseyes financial affirmation is free from material misrepresentation, we carried out tests of its compliance with certain provisions of laws, regulations, contracts, and grants agreements, noncompliance with which can be a direct and material effect on the establishment of financial statement amounts. The results of our tests disclosed that no instances of noncompliance or other matters are needed to be announced under the Government Auditing Standards.

Purpose of the other reporting required by government auditing standards

The purpose of the communication described in other reporting required by the Government Auditing Standards section is to relate the span of our trial of internal control and compliance and the outcome of that testing, and not to offer an opinion on the efficiency of the Companys internal control or compliance.

The purpose of our work and to whom we owe our responsibilities

Our auditing report is made solely to the Bullseye Company members. Our audit work has been accepted to state to the Companys members those affairs we are required to state in an auditors report and for no other…

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