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The Audit Risk Model

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Magic Natural Limited WORKING TRIAL BALANCE - INCOME STATEMENT For the year ended 31 March 2021 Per Per Books Audit Account 3/31/2021 3/31/2020 Revenue $ $ 701 Sales 3,453,024 2,716,48 ...

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ACC300 Auditing and Assurance

Task Purpose of assignment The purpose of the assignment is to build your skills to research and explore specific aspect(s) of auditing and assurance as a group, and prepare and submit written wor ...

Course

Acc300

Type

Thesis

Subject

Audit

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ACC3AUD-Auditing and Assurance

Question

Answered

Assignment

You are a part of the team responsible for planning the A2B Australia Ltd (ASX code – A2B), a company providing personal transport solutions, audit engagement for 2020. You are required to gather relevant background information and prepare a report for a meeting with your audit seniors. Assume that this is the first time that the audit will be conducted by your audit firm for this client. 

Your report must address the following issues:

Required:

(a) What are the areas in which A2B conducts its operations?

(b) Are there any events or conditions that may cast significant doubt on the A2B’s ability to continue as a going concern? Explain. Your answer should be supported by at least three factors.

(c) Based on your risk analysis and understanding of A2B and its environment, list and explain three accounts that could be at risk of material misstatements. You also need to identify the key assertion at risk for each identified account.

(d) Identify an appropriate base and set planning materiality for A2B. Explain why you have chosen this base and the percentage you have used.

(e) Lately A2B acquired Gold Coast Cabs (fleet of approximately 400 taxis) to further advances its strategy of offering quality services on a national basis. How will this acquisition affect your 2020 audit plan for A2B? Your answer should be supported by at least four factors.  

ACC3AUD-Auditing and Assurance

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Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

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The Audit Risk Model

The audit risk model and overview of elements of the financial report audit process ACCT704 Week 6 Set the scene Watch the videos below: • The basic workings of the Audit Risk Model • How do we identify significant risks ISA 315 (https://youtu.be/SgH8A1kImbQ ) • (Please no ...

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Project Management

Magic Natural Limited WORKING TRIAL BALANCE - INCOME STATEMENT For the year ended 31 March 2021 Per Per Books Audit Account 3/31/2021 3/31/2020 Revenue $ $ 701 Sales 3,453,024 2,716,489 703 Sales returns & allowances 31,110 - 26,530 - Net sales 3,4 ...

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Meeting Frequency

ACCT704 AUDITING MINI AUDIT GROUP ASSIGNMENT SEMESTER 2 2021 Mini Audit – Magic Natural Ltd The group assignment is worth 35% of the overall paper. Students are required to complete the requirements for the following questions: SECTIONS MARK DUE DATES & SUBMISSIONS P ...

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ACC300 Auditing and Assurance

Task Purpose of assignment The purpose of the assignment is to build your skills to research and explore specific aspect(s) of auditing and assurance as a group, and prepare and submit written work in an academically acceptable format linking your knowledge of auditing standards, corporate law a ...

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