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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...
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 ...
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 ...
Clifford Hone's ProblemClifford Hone had a problem. His company had come up short of its earnings target. For the fiscal year ended April 30. 1995. financial analysts had projected that Health Management. Inc. (HMI). I). a New York-based pharmaceuticals distributor. would post earnings per share of $0.74. Following the close of fiscal 1995, Drew Bergman, HMI's chief financial officer (CFO) informed Hone, the company's founder and chief exe...
Natural GasI have highlighted the required section to be done one page 17. The interview questions needed are in APPENDIX 3 on pages 25-30. also pages 5-7 gives a general idea about the company. The overall goal of this project is to provide you with a semester-long simulation of an audit of the financial statements of a pipeline company. There are three main objectives behind this simulation: 1.To help you better understand the concepts p...
Project ObjectivesColAlta Pipeline: An External Auditing Simulation The overall goal of this project is to provide you with a semester-long simulation of an audit of the financial statements of a pipeline company. There are three main objectives behind this simulation: To help you better understand the concepts presented in the external audit course by giving you some hands-on practice related to those concepts; To provide you with exampl...
Overall Allocation Analysis using Morningstar X-RaySection I: The Analysis 1. We can start analyzing the Overall Allocation of the 401(k) plan by using the X-Ray Overview section of Morningstar (located in the supplemental document titled: “Documents for the Case Study”) to answer the following questions: a. Does the current allocation of your friend’s 401(k) plan satisfy the desired overall allocation? Please explain your answ...
Task Question Better Spirit Ltd operates eight bars in Auckland and two bars in Hamilton .Th They also have a brewery, which supplies beers to their bars and sells to liquor stores in Auckland. Each bar is considered to be a Cash Generation Unit (CGU). The audit fieldwork for Better Spirit Ltd's 30 June 2021 fin andal statements was completed on 10 August 2021. Both the auditor's report and financial statements were signed on 15 August 2021, ...
Procedure #3: Describing subsequent eventsTasks In Caseware ProVision platform, Phase C - Reporting: 1. Completing Task: Completion: (a) Procedure # 3: describe three subsequent events, one for each type of actions (adjustment, disclosure and do nothing) (b) Procedure # 6: describe three items in Detailed Audit Findings and Communication to those charged with Governance, ensure you describe clearly your audit findings in three colu...
Overview of Anthony's Building Company Ltd.Answer AT LEAST TWO questions, and NO MORE THAN THREE questions from this section. You are the audit partner for Anthony’s Building Company Ltd. (ABC), a property developer specialising mainly in residential housing. At the end of 2019, the assets of the company were valued at cost at £250m. Sales totalled £100m for the year with ABC 10% net profit. Seeking to diversify, in the first t...
Factors concerning auditors for Top Notch Homes Ltd.Top Notch Homes Ltd. (TNH) is a privately owned company selling a luxury range of home equipment. Fiona Fielding, the daughter of the company’s founder, took over responsibility for running the company in December 2018. She has little management experience. Her main interest is in developing a new business line to broaden the company’s activities. She has no interest in day-to-day i...
Question 1 Consider the following independent situations, all of which apply to audits of entities for the year ending 31 December 20X7: (i) Slipway Limited, a listed company, has been experiencing declining sales over the last 2 years. Cost cutting has proved difficult due to the high level of imported machinery used in Slipway’s operations and consequently margins have been falling. While the bankers are presently happy to continue ...
Background informationProfessional and Ethical Standard, (PES) 1, requires that professional accountants have the competence to undertake an audit. ISA (NZ) 315 outlines procedures that auditors must follow in gaining an understanding of a business. Assume that you are a manager in an auditing firm in New Zealand and your firm has been approached by the Auditor General’s Office to carry out their audit of Air New Zealand for the years ende...
During the course of an audit, three (3) letters are commonly used by the auditors. These are (i) letter of engagement, (ii) management representation letter, and (iii) management letter.Required:a) Who issues these documents and to who?b) At which phase of the audit are these documents executed? c) Explain the difference between management representation letter and management letter. (3 marks) Question 2 "Audit risk is a function ...
Learning OutcomesThis assessment covers the following learning outcomes from the module. Knowledge 1. An understanding of the nature and importance of auditing in society. 2. An understanding of the role and responsibilities of directors, auditors and others within the corporate framework. 3. An understanding of the audit framework in the UK. 4. An understanding of the different types of audit and their roles in corporate governance. 5....
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