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Submitted By: McNamara Inc.

1.0 OBJECTIVE. 1.1 To a complete a full financial audit of the firm McNamara Inc, which will be done by Friedman Accounting, at 123 Dove Lane, Grand Junction, Co. 81504 . 1.2 Results of the complete audit should be completed by March 1, 2011, as to prepare for tax filing. 1.3 Friedman Accounting is required to comply with the Generally Accepted Auditing Standards or (GAAS) (Reed, 2011). 2.0 BACKGROUND. 2.1 McNamara Inc. and its shareholders require an external auditor twice a year (2xs), once in January and once in June. This is our January audit which is being done by Friedman Accounting who has done our Auditors for the last one year and a half (1 ). 2.2 We are also conducting our audit at our office building this year as stated, instead of records leaving to the office of Friedman Accounting:. 3.0 REQUIREMENTS. 3.1 Our internal audit has been completed and is ready for handing over of records to begin the audit. 3.1.1 The Contractor shall work Monday through Saturday until either the audit is complete or March 1, 2011, which ever happens first. 3.1.2 The Contractor shall identify the . 3.1.3 The Contractor shall address themselves as an Independent Contractor and will be responsible for filing their taxes themselves under a 1040 C.


DELIVERY REQUIREMENTS.Once records are completed, Friedman Accounting will set a date within 2 days of completion to go over findings with McNamara Inc and its shareholders. 5.0 PERIOD OF PERFORMANCE. 6.1 Project State Date is January 1, 2011 6.2 Project Completion Date is March 1, 2011 7.0 FINAL PAYMENT. Will be made to Friendman Accounting, the day after final report. The Amount to be paid to the Auditors, will be as stated: Monday-Friday 14.50 hr. and 15.00 hr. on Saturdays.

(Note: Format Used is Performance S.O.W. (Burt, Petcavage, Pinkerton, 2010). The reason that I chose the information that I did was because I have a brother in law who is an accountant, and he gave me a small bit of information over the phone as to how and what questions to ask myself to hence find out what answer I seek before writing out my S.O.W.

I had no clue how much an auditor made, but found a resource guide online that provided estimates, of pay in different states across the U.S., so I came up with a middle answer of 14 dollars an hour. Also, I found many examples as well as templates that show business, as well as students tricks and information that should never be left out on ones S.O.W. I looked and found that there are actually Laws on auditors, rather there are guidelines that reputable auditors follow. I feel this was a GREAT learning experience and I learned a great deal this week, as this hands on assignment made me feel like I have a business that I am shaping, and taking care of!

Burt, D., Petcavage, S., & Pinkerton, R. (2010). Supply m a n a g e m e n t 8 t h e d i t i o n . N e w Yo r k , N Y: M c G r a w Hill/Irwin.

Retrieved by Terrie McNamara on May 21, 2011

My accounting school, Initials. (unkown). Accounting salaries. Retrieved from

Retrieved by Terrie McNamara on May 21, 2011

Reed, Silas. (unknown). External auditor job description. Retrieved from h t t p : / / w w w. a u d i t o r c r o s s i n g . c o m / a r t i c l e / 1 1 4 0 0 4 5 / E x t e rnal-Auditor-Job-Description/

Retrieved by Terrie McNamara on May 22, 2011

Block, Julian. (2011, May 8). Do i have to pay tax on my independant contractor income?. Retrieved from http://webcache.googleusercontent.com/search? q = c a c h e : i H h 8 m T F 4 3 O Y J : w w w. w w w e b t a x . c o m / i n c o m e /independent_contractors.htm+what+type+of+tax+for m+do+independant+contractors+use % 3 F & c d = 4 & h l = e n & c t = c l n k & g l = u s & s o u r c e = w w w. g o o gle.com

Retrieved by Terrie McNamara on May 22, 2011