,ACC 700 Milestone Two Guidelines and RubricThe second milestone is a rough draft of the second artifact for your professional portfolio, a sample audit. The sample audit will consist of three main parts: thebusiness risk analysis, the sample audit program, and the report of recommendations. This will be graded using the rubric at the end of this document and is anopportunity for you to organize your thoughts and receive feedback from your instructor for the final submission. Note that the submission guidelines for thismilestone are less demanding than those for the final submission. Once you have submitted this milestone and received feedback from your instructor, it is up toyou to incorporate this feedback and complete the artifact by meeting the submission requirements found in the Final Project Guidelines and Rubric document.Newham Company InformationNewham Company is a publicly traded company operating in the “personal product” industry. Newham manufactures cosmetic and body-care products. Theseproducts are sold to large department chain stores, such as Target and Walmart, to be sold and distributed to the final consumer. Competitors include Revlon,Inc. (REV – NYSE) and Avon Products, Inc. (AVP – NYSE).Newham Company has experienced steady growth over the past several years. Recently, there has been a change in executive management, including the CEOand CFO. The change was sparked by questionable bonus payments that were paid to the executive management team based on the company’s performance. Inaddition, a recent lawsuit has been filed based on claims that a new product was not properly advertised, leading many customers to experience allergicreactions.Sales and Accounts ReceivableA sample of weekly sales invoices shall be analyzed from the sales report by product category. All sales are on account. Sales are classified into four productcategories: cosmetics, skin care, fragrance, and personal care. Charges to customer accounts should be dated with the date of shipment.Sales invoices are prepared in batches on a daily basis using numbered sales invoices. Sales invoice numbers are automatically generated by the company’scomputer system. The accounts receivable clerk does not have appropriate computer rights to override the computer-generated invoice number. Uponpreparing sales invoices, the accounts receivable clerk verifies that the first invoice number of the batch is consistent with the last invoice number of theprevious batch. Inconsistencies or skipped sales invoice numbers are investigated and resolved before new sales invoices are prepared. The items shipped arecompared to the items billed for proper quantity, price, and other sales order terms.The accounting department supervisor compares and reconciles a copy of the daily sales invoice batch report to the daily accounts posting report indicating theindividual accounts. The daily account posting report is prepared and sent by the accounts receivable department. Discrepancies are investigated and resolved to help assure that the customer subsidiary accounts are posted for the same total amount posted to the control account.,See attachment for full details,
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