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Auditing and Assurance ServicesWhat Are The Key Risks In The Revenue And Marketing Procurement Processes? Since There Are No Process Descriptions We Cannot See Which Controls Oxl Vietnam Has Implemented. Therefore, What Are The Expected Key Controls In Both Processes? How Are We Going To Approach The Audit. Please Think About a Step By Step Approach On How To Test The Processes In Scope? Financial auditing refers to the procedure of e...
Running Head: AUDITING & ASSURANCE AUDITING & ASSURANCE Name of the Student: Name of the University: Author Note: 1 AUDITING & ASSURANCE Answer to Question 1) As per the given case study of The Kleer Glass Co, the five identified sources of strength in the internal control of the payroll system of the company are explained as below: 1. All production staff of the company are issued and provided with aclock card that is sequ...
BackgroundBackgroundTucker Engineering, Inc. (“Tuckerâ€), designs, manufactures and sells industrial pumps and related plumbing equipment. You are the audit senior manager assigned to Tucker’s audit for the year ending December 31, 2019. During September 2019, as a part of your risk assessmentprocedures, you identified the following information related to Tucker’s business. ...
Initial Work-In-Progress ReportYou are one of the postgraduate trainees newly employed in IT security auditing at CyberSAFE Auditors. A new client, English & American plc based in the Lloyds of London insurance market in the city of London, has requested a partial ISO27002 compliance audit to be undertaken by CyberSAFE. Before giving CyberSAFE the contract the CEO of English & American has asked for an Audit Plan detailing the me...
TaskThis assignment provides you with an opportunity to demonstrate the achievement of the following course learning outcomes: Implement audit plan strategies by evaluating sample programs for specific accounting cycles, and Demonstrate the use and impact of data analytics and current technological advances in auditing, as well as the impact the use of technology by businesses has in providing assurance. You are expected ...
The CaseIn October 2018 the Cannabis Act was adopted in Canada and regulated by Health Canada, an oversight and regulatory body, under the authority of the Cannabis Regulations (CR). The legislation permits individuals over the age of 18 to purchase, possess, and cultivate limited amounts of cannabis. Andy’s Medicinal Chemicals and Botanicals (Andy’s), one of the initial licensed dealers of cannabis in Canada, supplies high-qualit...
The Role of Auditing and its AgentsIn a recent round table discussion amongst undergraduate travel and tourism management students, one commented as follows: The UK auditing profession is failing in its role, and I'm disappointed that the UK government has not done anything to help maintain confidence in the external audit function. Apparently, a company's directors and auditors both act as agents when they carry out their respective roles!...
To be successful in Assurance, you need to be curious. It’s important to understand exactly what your client does and how they have accounted for business activities, as this may affect the work performed and the conclusions reached. Please imagine you’re working on the audit of a FTSE 100 client. You’re responsible for checking that payments to the company’s suppliers have been correctly accounted for. You’re ha...
Situation (a): Valuing Inventory at Net Realisable ValueQuestion 2: Audit Procedures (suggested word count: 500 words) Consider these independent inventory situations, then answer the questions that follow. (a) ABC company sells high fashion garments and the accountant of the company advises you that all inventory has been valued at net realisable value. (b) A jewellery manufacturing company manufactures necklaces, earrings and rings for ...
Business Activities and Regulatory Issuesa. What are the business activities of Briscoe Group Ltd, and primary regulatory issues in regards to preparation of financial statements that you will need to understand to carry out a successful audit? Using information you obtained about Briscoe Group Ltd, and the industry they are in, come to an informed view as to the ‘business’ and ‘industry’ risk for this prospect...
Question 1 (7 marks)You have reviewed the work performed by your assistant, Raymond Snow, on the audit of Tin Ltd for the year ended 30 June 20X8 and you have noted the following two independent matters: (i) In testing investments in listed securities, Raymond selected all shareholdings with a market value above $200,000 and checked them to the closing market value reported by the Australian Stock Exchange (ASX) to determine the net reali...
Westinghome LtdWestinghome Ltd is a large listed company which specialises in the manufacture of whitegoods and other electrical appliances. It is late April 2021 and you are currently planning the 30 June 2021 audit_ The auditor's report is due to be signed on 20 July 2021. During your planning, the following independent and material situations come to your attention. 1.On 1 January 2021. Westinghome signed a 3-year contract with KP Pty Ltd ...
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Statutory Duties of RBK as External Auditor of Four ChimpsThe following scenario relates to questions 1 –5 You work for Reeve, Bigland and Khan (RBK) as an audit senior. RBK is a UK firm of a registered auditors regulated by the ACCA. One of RBK’s external audit clients is Four Chimps Café Ltd.(Four Chimps) which owns and operates a chain of 12 cafes and restaurants across the East Midlands o...
Identifying and Managing Audit RiskQuestion 1. Sovereign Pharmaceuticals Ltd (‘Sovereign Pharmaceuticals’) develops, manufactures and sells a range of pharmaceuticals and has a wide customer base across Europe and Asia. You are the audit manager of Majesty & Co and you are planning the audit of Sovereign Pharmaceuticals Ltd whose financial year end is 31 December 2020. You attended a planning meeting with the finance directo...
Investigating Scooter LtdQ1. You have recently been hired as the manager of the internal audit department of Vroom Vroom Inc. Your first assignment is to investigate certain aspects of a recently acquired division called Scooter Ltd (“Scooter”). Scooter is a Canadian company that is an importer of scooters and other low powered motorcycles. Certain aspects of Scooter’s business have changed due to a...
Task: Part A - Auditing Entity-Level Controls Remember the following definitions as you complete the requirements under Scenario 1 Activities 1 below: Business Objective: To demonstrate sound ethical conduct in everything we do. Business Risk: Disregard for sound ethical principles, either intentional or unintentional, may cause managers and employees to cut corners, embellish performance results, misuse company resources, or otherwise act in...
Q1. Circumstances Where Audit Procedures May Not Achieve Planned ObjectiveQ1. You are the newly promoted audit manager of a mid-size audit practice in Singapore. The managing partner has tasked you to address the issue that the junior staff do not exercise sufficient professional skepticism when designing audit procedures addressing complex audit areas involving significant judgement and estimates. Junior staff often adopt a “Same-A...
TaskTo develop knowledge and understandings of the audit process and its application in the context of the professional regulatory framework. 1. Assess the nature, purpose and scope of assurance engagements, including external and internal audits within the regulatory and ethical framework 2. Identify and evaluate audit risk, control risk and their potential consequences 3. Evaluate internal controls and information systems and determine an...
Corporate Governance Issues1.a) Mango Ltd is a large UK company which manufactures scientific equipment for use in rockets, on missions to space. As part of an expansion strategy, they are planning to obtain a listing on the London Stock Exchange within the next 12 months. Mango Ltd's CEO, Sue Peach, is concerned that the company is not in compliance with the UK corporate governance code 2018. She has asked you to review their stru...
Learning Outcomes addressed and assessed in this Assignment Evaluate the nature, purpose and scope of an audit and the legal, regulatory and ethical framework for auditing Demonstrate how the auditor obtains and accepts audit engagements and conducts a detailed investigation into an audit client to identify the risks of material misstatement (whether arising from fraud, error or other irregularities) Good Food Company (GFC), is a privat...
Case Assignment Part 1Case Assignment Part 1 It is January 20, 2021. You, a senior auditor with Joakim and Partners LLP, are meeting with audit partner, Robin Joakim, to discuss the year-end audit of a new client, Fast Appliances Inc. (FAI).Tom Fast, CEO and co-owner of FAI, approached Robin two weeks ago about the audit, and she has since accepted the client. Jenny Kwong, a CPA student with the firm, started planning for the engagement ...
Business Operations of M&L's Three Chain RestaurantsQuestion 1 M&L Ltd (M&L) is a private Irish registered company who owns a large number of restaurants throughout the country, operating under three well-known brand names. The company’s strategy is to offer a variety of different dining experiences in the restaurants situated in city and town centres, with the objective of maximising market share in a competit...
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