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ACCG52688 auditing and assurance

Assume that you are the engagement manager conducting the financial statement audit of your selected company. You are required to prepare a planning memorandum. The planning memo paper is at the concl ...

Course

ACCG52688

Type

Course Work

Subject

Audit

University

Sheridan college

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ACCT 4281 Auditing

Question

Answered

Question 1The following items are documented in the audit working papers: 1.Sales transaction included in the year ended December 31, 2016, but evidence from the cut-off procedure suggests that the sale should be dated January 2, 2017 ($1,250,000). 2.Warranty expenses in the trial balance for the year to December 31, 2016, total $150,000; the provision for warranty claims as at December 31, 2015, was $100,000. Evaluation of correspondence suggests that an additional $200,000 in warranty claims could result from ongoing disputes with customers. No provision for these claims has beenmade. Management has made a warranty provision for 2016 of $120,000. 3.Severance expenses related to reorganization of head office administration were incorrectly charged to rental expenses ($578,920).4.Management has not recorded an impairment for assets. A drought-induced recession has hurt property values in regional cities where seven branch offices are located. (Head office and two branch offices are located in the capital city.) Total land and buildings in the trial balance is $5.5 million. Required:Independently evaluate each item above and:i.Statewhether it is an error or a judgemental misstatementand justify your reasoning.ii.State theaccount(s)whichwould be affected.Question 2Indicate whether you agree or disagree withthe following statements and explain your reasoninga)Svetlana Petrova was reviewing the risk profile of GazProm Industries in order to determine detection risk.   She concluded:  “Both my inherent and control risks are low. I guess I should be willing to accept high detection risk.”b)Boris Ivanov had performed an assessment of the accounts payable system at Magnitogirsk Iron and Steel Works Operations in the Urals.  His focus was on the completeness assertion for accounts payable balances.  Inherent risk and control risk
were both high.  He decided that because the overall risk assessment was high he would haveto set his detection risk high.c)Jana Novotna, the auditor-in-charge of the Mosenergo petroleum giant, was explaining to Valentin Titov the importance of the timing of substantive procedures:  “Although we associate examinations of internal controls with interim work and substantive procedures with year-end work, we can perform substantive procedures before year-end if there exists aneffective control environment.”d)Susan Martin, the audit senior at Canadian National Railways, was explaining to the juniorauditor how vouching works:  “we take a balance or a transaction from the underlying accounting records and agree it to the supporting evidence inside the company.”Question #3List the steps involved when the auditor reviews and tests the process used by management to estimate the bad and doubtful debts allowance.(12Marks)Question #4With regards to control risk assessment for purchase transactions, align the potential misstatements in the following chart with their possible tests of operating effectiveness

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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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ACCG52688 auditing and assurance

Assume that you are the engagement manager conducting the financial statement audit of your selected company. You are required to prepare a planning memorandum. The planning memo paper is at the conclusion of class 3. This assignment is worth 10% of the course grade You can assume that the financial ...

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Critical Internal Controls

 When your work isdone, please allow me to review itfirst before Ipay for the remaining payment.  This isregarding ACC651M Accounting Auditing Procedures.  Prepare a3Pages Paper (500 words) including reference page in APA Format, with all citations and references properly docume ...

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