Accounting Question

Using Clorox company’s financial statements focus on their (Cash/Accounts Receivable) account specifically while answering Part 1.

Part I: Written Deliverable

In approximately 2 pages, please answer the following questions regarding the account selected.

a) Briefly describe the U.S. Generally Accepted Accounting Principles relevant to your assignedaccount(s) (e.g., when is revenue recognized?).

b) Review the guidance provided by the Generally Accepted Auditing Standards (PCAOB andAICPA standards) related to auditing your assigned account(s). Describe procedures that wouldbe useful to test the relevant assertions.

PCAOB Auditing Standards: https://pcaobus.org/oversight/standards/auditing-s…

AICPA Statements on Auditing Standards:https://www.aicpa.org/research/standards/auditatte…

c) Using the most recent 10-K for Clorox, describe the information provided by the company regarding yourassigned account(s). What is the year-end balance? How does it compare to the prior-yearbalance? What risks are associated with these accounts from an audit perspective? Have recentevents from COVID-19 significantly impacted this account balance in any way? Also include a brief analysis of the account as compared to that of a close competitor of Clorox.

Please provide thorough and detailed answers especially for Part 1 section (c). Thank you.

Submission

For the written submission, please adhere to the following formatting guidelines: Font – Times NewRoman, Size 12; Single Spaced; Standard Margins. To earn full credit, please ensure that you have followedthe instructions, used professional language, avoided spelling and grammar mistakes, and clearlyorganized the responses.