This assignment assesses the following unit learning outcomes:
1. Research, assess and report on a critical and current topics in auditing.
2. Work collaboratively in a team environment, to achieve set goals related to the building of knowledge of auditing.
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Answers: 1. Independence of Auditors: While conducting the audit, the auditors need to act in accordance to the generally accepted auditing standards. Such standards must ensure that auditors need to conduct audit technique with care along with mind’s objective status. Independence term is a conceptual aspect and is quite complex to define (Abbott and Lawrence, 2015). Additionally, auditor needs to maintain objectivity, integrity along ...Read More
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Answers Introduction Auditing nowadays is important for each and every company to certify its financial statement that it is free from any misstatements and discrepancies. For most of the companies it is mandatory by rules and for some it is optional but none the less they conduct an audit to show its stakeholders that the company has accountability and transparency (Zadek, Evans and Pruzan 2013). This assignment has two questions dealing wi...Read More
Answers: Case Study 1: 1. Assign manufacturing, ordering and selling costs to the two customers group (large retailer and small retailers) use the traditional “units sold” allocation basis: Particulars Large Retailers Chain Smaller Retailers Manufacturing cost per unit $400 $400 Ordering cost per unit $13.47 $13.47 Selling costs cost per un...Read More
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