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ACCT20075 Auditing and Ethics

Question

Answered

Task:

The object of this assignment is to assist students to develop critical analysis skills in relation to materiality used for the audit, analytical review, audit procedures and forming an opinion. 

Section 1.

1. Determine the level of materiality to be used for the audit of the group accounts for the year ending in 2019. Your answer should include a discussion of the nature of materiality, and  description of what materiality represents in terms of the audit of a set of financial statements, and should discuss the different bases and considerations employed in arriving at materiality.

2. Explain the rationale behind your choice of a certain level of materiality. Provide a quantitative estimate of materiality for your company.

3. Review the various draft notes and disclosures accompanying the draft annual report. Highlight those that may have significance to the audit, eg. Contingencies, and outline the audit procedures that you will need to perform.

Section 2.

The partner has requested you to prepare a preliminary analytical review on the information provided by your company. The partner suggests that as a minimum you address key balance sheet and profit and loss ratios over the period 2016 to 2019.

Based on these results and the nature of your company’s business and its markets, outline the apparent trends and changes in these ratios, the key risk areas for the audit and the matters that will have to be addressed in the audit plan. Give examples of relevant assertions and at least one audit procedure for each assertion.

Section 3.

Review the statement of cash flows. Which category of cash flows provided the majority of cash inflows? Which category had the greatest outflows?

Identify the primary cash receipts and cash payments during the year.

What were the main non-cash financial and investing activities?

Using the results of your review of the cash flows, evaluate the going concern risk of this company. What audit procedures would you recommend to address this risk.

Review the audit report of the 2019 financial report. State what type of opinion was expressed?

Are there any additional sections or paragraphs indicating any audit issues? If any, describe the nature of these issues in detail. 

ACCT20075 Auditing and Ethics

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More ACCT20075 ACCT20075 Auditing and Ethics: Questions & Answers

Q

Auditing, Assurance & Services ACC707

The new auditing standard ASA701 Communicating Key Audit Matters in the Independent Auditor’s Report is developed in the wake of the global financial crisis, in particular the collapse of Lehman Brothers. This development is in response to calls from shareholders to know more about the compani ...

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HI6026 Audit, Assurance and Compliance

Assignment Question ( 1) ( 10 Marks) Impulse Pty Ltd (Impulse) is an entertainment system manufacturer that was established in 2005. Your audit firm King & Queen have been the auditor of Impulse since its formation. The audit report for the year ended 30 June 2012 was unqualified. Although Impul ...

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Impulse Pty Ltd (Impulse) is an entertainment system manufacturer that was established in 2005. Your audit firm King & Queen have been the auditor of Impulse since its formation. The audit report for the year ended 30 June 2012 was unqualified. Although Impulse had been suffering liquidity probl ...

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Management

Assignment Question ( 1) ( 10 Marks) Impulse Pty Ltd (Impulse) is an entertainment system manufacturer that was established in 2005. Your audit firm King & Queen have been the auditor of Impulse since its formation. The audit report for the year ended 30 June 2012 was unqualified. Although Impul ...

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