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ACC568 Auditing And Assurance

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Question:

Write a report, including a brief executive summary, to your managing partner that addresses the questions below. Where indicated, use the required format to answer that question.

Question 1A 8%
Analyse the ratios and additional information associated with the four accounts listed by your audit partner, John Richards. Identify the potential audit risks and any audit steps that need to be undertaken to reduce audit risk.
Answer this question using the following table:

Account

Analysis 

Audit Risk

Audit Steps to reduce risk

       
       
       
       

Question 1B 2%
Analyse the ratios and additional information to outline business risks that TWC faces.

Question 2A 7%
Identify the internal controls in the system that are potentially effective, the risk that the control could alleviate and one test of control for each of the identified potentially effective controls.
Answer this question using the following headings: 

Effective control 

Risk alleviated

Test of control

     

Question 2B 2%
 List and justify the weaknesses in internal control for purchases and accounts payable.

Weakness

Justification

   

This assessment task will assess the following learning outcome/s:

  • be able to demonstrate risk management methodologies and the role of internal controls in an audit context.
  • be able to design an audit plan and select and apply appropriate audit procedures for a financial statement audit.
  • be able to exercise critical and reflective judgement and appreciate the value of ethical practice.
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