System Flowchart Creation Prepare a Systems Flowchart Based on the Following Narrative

question 10

Essay

System flowchart creation
Prepare a systems flowchart based on the following narrative:
When Conner and Conner CPAs start an audit, a partner prepares and signs an engagement letter; one copy is filed and the original is sent to the client, who returns an acknowledgement. A partner files the acknowledgment and then assembles an audit team, usually including one manager, two seniors and two junior staff members. The manager holds a planning meeting and assigns specific audit tasks to each team member. The team conducts the audit, conferencing with the client as necessary and preparing audit work papers. At the conclusion of the audit, the team manager files the working papers by client name; the partner prints and signs the audit opinion on Conner and Conner's computer network. The partner delivers the audit opinion to the client.

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Definitions:

Cash Inflows

The total amount of money being transferred into a company, typically from operations, financing, or investing activities.

Net Cash Inflows

The total amount of cash received by a company during a specific period, minus the total amount of cash outflows.

Payback Period

The length of time required to recover the cost of an investment, calculated by dividing the initial investment by the annual cash inflow.

Discount Rate

The interest rate used to discount future cash flows to their present value, reflecting the time value of money and risk.