33|EXCEL – Assembling Audit Flows

BYU Student Author: @Donovon
Reviewers: @Andrew, @Spencer, @Alex_Garrett
Estimated Time to Solve: 10 Minutes

We provide the solution to this challenge using:

  • Excel

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Overview
Congratulations on your new role as an associate at Senior & Senior CPA, a prestigious accounting firm. You’re excited to be starting your career in accounting and eager to learn everything you can about the audit process. As part of this process, your new boss, John Senior, has given you a spreadsheet with various flowchart elements and asked you to arrange them in the proper order. This is an important task, as the flowchart will help to ensure that you understand how to perform audits efficiently and effectively. He also wants this to be something you can refer back to in the future, so he asks that you take some time to format the sheet with appealing visuals.

This exercise is designed to help you become familiar with the audit process and the various roles involved. It is an open-ended process, and there is no specific right way to go about things. You should use your best judgment and explain why you made the decisions you did. This will help you develop your critical thinking and problem-solving skills, which are essential for success in the accounting field.

Good luck with the exercise, and don’t forget to have fun!

Instructions

  1. Download the spreadsheet.
  2. Organize the process cards and arrows into the proper order.
  3. Use the built-in formatting tools to improve the clarity and visual appeal of your flowchart.
  4. Using comments, write brief explanations of the logic you use to arrange the process cards.

Data Files

Suggestions and Hints

Here is a link to Guide to Roles in Public Accounting.

Solution

Hey Donovan, this was a nice quick challenge to go over Excel’s flowcharting capabilities. My flowchart ended up being a little different, and I think that is okay. I added an arrow at the end of each lane to go to the next ranking employee. For example, there is an arrow from the associates “review work” box that goes to the Senior’s “review associate’s work” box. I did like how you added a word bank in your file. That is a nice way to stay organized.

Here’s my solution:

This was a good refresher on the formatting tools in Excel. Oftentimes I just think of Excel as a quantitative and analytical tool, but here you can see it also works as a management/organization tool. To me, it makes the most sense to have the management plan and identify risk, and then have the senior and associate develop the actual plan. I liked using color for the textboxes to better communicate the flow of the chart.

3 Likes

I really liked Allison’s solution to this challenge! I liked that one of the steps was shared between the associate and the senior. It made me think about my tax internship and all of the collaboration that happened during each level of the engagement. I chose to make many of the steps collaborative. My flowchart doesn’t look as nice as some of the others presented, but I like that this challenge made me think of the big picture.

image

Challenge33AssemblingAuditFlows.xlsx (16.5 KB)

Here is my solution to the problem, along with my reasoning.

Hey Donovan, I liked your challenge it helped me brush the dust off some less used Excel skills, and a quick reminder in how to plan an audit.

2 Likes

I took a more “color tells the story” approach to my map. This made me a little scared for the AUD CPA exam because it’s been a while since I’ve even thought about how to plan and execute an audit. This was a good reminder for me. I’m in awe of @TylerBooth’s viz, the mixed colors were interesting! Here’s mine:

1 Like

Nice color progression @Allison_Korth!


Hi Donovan, it was a nice challege to practice Excel skills. Here is my solution!

2 Likes

I’m with Parker on this one - I’m definitely going to need to spend a lot of time studying for the Audit CPA exam. I haven’t thought audit processes in a while, so it was good to get the basics refreshed. Also I love how the arrows can attach to the boxes and move with them. Simply amazing.

Challenge33AssemblingAuditFlows.xlsx (14.3 KB)
This was good to help me learn a little bit about the audit process.

Super helpful challenge that enhanced my understanding of the auditing process!


Great review of the audit process.

1 Like


Great overview of the audit process

Challenge33AssemblingAuditFlows.xlsx (17.9 KB)

Challenge33AssemblingAuditFlows.xlsx (15.4 KB)


Here is the solution to the problem!


The reason i designed the flowchart in this pattern was based on my knowledge of the process of performing an audit. first, we gained knowledge of the entity. we then develop a plan, review our plan, and begin to implement it. before going over the procedures we review if if our procedures were working properly. then we review all aspects, the standards we followed, the completeness, our associates work and summarize it all before submitting


Here is my solution! I tried to organize the events in a logical timeline. I also tried to make it clear who was responsible for each task.