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HI6026 Audit, Assurance and Compliance

Assignment Question (1) (10 Marks)You are an audit manager with Clarke & Johnson (CJI). For the past years CJ has been theauditor of luxury Travel Holidays LTD (LTH), a travel company. Geoff, the ...

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HI6026 Audit, Assurance and Compliance

Required:Question 1: As an auditor, you are conducting your preliminary analytical procedures based on the background information for DIPL contained in the case. Apply analytical procedures to the fin ...

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Accounting and Finance

You are required to arrange yourselves into a group consisting of 4 members. It is strongly recommended that you choose your group members from the same seminar group as this will facilitate group dis ...

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Question

Answered

Prepare a report for the audit senior, which addresses the 5 issues below.
1. The audit partner has suggested that the preliminary assessment of materiality for the financial report as a whole be set at $15,000. Comment on the appropriateness of this figure for your client. Provide evidence to support your view. Include a brief discussion of the effect that changing the preliminary assessment would have on the audit budget.

2. Prepare an analytical review (in the form of a trend analysis) using the income statement items from the trial balance. Note: Present your analysis in table format; comments on the results are not required for requirement 2.
3. Use the trend analysis to identify 4 income statement accounts that appear to be at-risk of material misstatement. Provide justification for why these accounts should be subjected to significant audit testing. In your explanations, identify an assertion that is likely to be at-risk for each account (i.e. identify 1 assertion per account; 4 in total).

4. For each account and assertion identified in requirement 3, design and describe an audit procedure that would provide relevant evidence for this (i.e. describe 1 procedure for each account; 4 procedures in total). Note: you need to explain the procedures in your own words with as much detail as possible (for example, if applicable, identify the sampling frame and specific documents required for your procedure).

5. The audit partner has suggested that fraud risk should not be considered for this client, as he feels that the client’s staff are all very trustworthy. Comment on the appropriateness of the audit partner’s suggestion. Identify whether there are any indications of fraud evident in the analytical review.

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Assignment Question (1) (10 Marks)You are an audit manager with Clarke & Johnson (CJI). For the past years CJ has been theauditor of luxury Travel Holidays LTD (LTH), a travel company. Geoff, the audit partner, hasasked you the to contact Chris, LTH’s CEO, with a view to CJ being re-engage ...

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The reason for giving Jane a larger share than the other two children is because she will be involved in the day-to-day management of the company. During the first meeting of the company, Jane informs all the shareholders that the business is no longer governed by Partnership law, but the Corporatio ...

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Required:Question 1: As an auditor, you are conducting your preliminary analytical procedures based on the background information for DIPL contained in the case. Apply analytical procedures to the financial report information of DIPL for the last three years. Explain how your results influence your ...

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You are required to arrange yourselves into a group consisting of 4 members. It is strongly recommended that you choose your group members from the same seminar group as this will facilitate group discussions about the coursework and also all members of the group can seek assistance from their semin ...

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