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HI6026 Audit, Assurance and Compliance

Question

Answered

Task:

The questions to be answered are:

Week 1 (200-250 words)

You are the audit manager of Overseas Explorer Ltd (OEL), which acquired the small proprietary company Local Pty Ltd (Local) on 30 June 2018. The price of the acquisition was agreed at $5 million, on the condition that OEL is satisfied with the financial records of Local.

As Local is a small proprietary company, it has not prepared statutory financial reports or undergone an audit since its incorporation in 2016. However, Local has agreed to allow your firm, which is the auditor of OEL, to access its books and records. The CEO of OEL, Wendy Champion, has requested that your firm provide assurance on the following three items:

The management accounts for the year ended 30 June 2017 All transactions occurring from the date negotiations commenced until the settlement date, to ensure that all transactions were within the normal course of operations

The financial report prepared at the acquisition date of 30 June 2018 In order to clarify your responsibilities, you requested that OEL indicate the level of assurance that they require for each item. Wendy replied that the financial report as at acquisition date is very important, as are the transactions since negotiations commenced, but that she is willing to have less work done on the previous year’s management accounts.

Required:

Indicate the type of engagement that will most likely be undertaken for each of the three tasks and the level of assurance to be provided. Explain your selections. (10 marks)

Week 2 (530-600 words)

You have been the auditor of Data Ltd for two years. Your auditor’s report for Data for the year ended 30 June 2018 was unmodified, indicating that in your opinion the financial report gave a true and fair view. In August 2018, Data obtained a large loan from Better Bank Ltd, to provide additional working capital. Subsequently Data suffered severe trading difficulties and was placed into liquidation in late December 2018, with insufficient funds to repay the loan to Better Bank.

Required:

Outline a defense for your audit firm to any legal action taken by Better Bank to recover its loss.(10 marks)

HI6026 Audit, Assurance and Compliance

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SBMA7100D Financial Management

Module Learning Outcomes (from module syllabus) 1.Research, apply and evaluate a variety of financial assessment techniques for application to a case study. 2.Research, evaluate and critically discuss various issues and theoretical frameworks used in the management and control of financial resourc ...

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ACCT863 accounting information systems

Section 1You are Sarah’s friend. Sarah knows that you have studied Accounting Information Systems so she asks you to manage MK’s accounting during Sophie’s absence. Sarah give you a summary of transactions that need to be recorded in Table below (GST inclusive whereapplicable): Dat ...

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ACCT1046 Accounting in Organisations and Society

Question: Q1. Define CSR in your business setting (2 marks) This question and the following 3 questions require you to provide a report to stakeholders on the impact your business could potentially have on society and/or the environment. This will depend on the type of business you have selected ...

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ACT6004 Mangament Accounting

b) Identify and analyse ethical and organisational issues confronting management accountants. c) Categorise and identify the nature of various types of costs, cost objects and cost behaviours and use cost estimation techniques to develop cost functions. d) Apply cost accounting techniques to calcula ...

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