HA3032 Auditing Assignment Help
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HA3032 Auditing Assignment Help
Week 1 Question (10 marks)
Chan & Chow offer their clients a range of professional services, including:
- providing advice on accounting policies and accounting standards
- auditing annual financial reports
- providing assistance to management and the board in strengthening internal controls and corporate governance practices
- providing assistance with the establishment and training of internal audit teams
- checking compliance with company policies and legislative regulations
Required: For each of the five (5) services (a. – e.) listed above, determine whether it is an assurance engagement or not and explain your answer.
Week 2 Question (10 marks)
Shelly, Kelly & Mark (SKM) are the auditors of Bass. SKM’s IT consulting division has undertaken a number of accounts receivable management system implementation projects and is actively looking for opportunities to perform more of this type of work. As a result, SKM’s IT consulting division is planning to submit a proposal to implement an accounts receivables management system at Mass.
- Identify and explain the two primary threats to independence for SKM. (5 marks)
- Outline an appropriate safeguard to address each of the threats identified above. (5 marks)
Week 3 Question (10 marks)
You are the audit senior responsible for the audit of Sampson Limited. You are currently planning the audit for the year ended 31 December 20X7. During your initial planning meeting held with the financial controller, he told you of the following changes in the company’s operations.
- Due to the financial controller’s workload, the company has employed a treasurer. The financial controller is excited about the appointment because in the two months that the treasurer has been with the company he has realized a small profit for the company through foreign-exchange transactions in yen.
- Sampson has planned to close an inefficient factory in country New South Wales before the end of 20X7. It is expected that the redeployment and disposal of the factory’s assets will not be completed until the end of the following year. However, the financial controller is confident that he will be able to determine reasonably accurate closure provisions.
- To help achieve the budgeted sales for the year, Sampson is about to introduce bonuses for its sales staff. The bonuses will be an increasing percentage of the gross sales made, by each salesperson, above certain monthly targets.
- The company is using a new general ledger software package. The financial controller is impressed with the new system, because management accounts are easily produced and allow detailed comparisons with budgets and prior-period figures across product lines and geographical areas. The conversion to the new system occurred with a minimum of fuss. As it is a popular computer package, it required only minor modifications.
- As part of the conversion, the position of systems administrator was created. This position is responsible for all systems maintenance, including data backups and modifications. These tasks were the responsibility of the accountant.
Required:
For each of the five (5) scenarios (i – v) above, explain how the components of audit risk (inherent risk, control risk or detection risk) are affected. (10 marks)
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