$20 Bonus + 25% OFF
$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
Add File

Error goes here

ACC707 Auditing And Assurance Services

tag 0 Download10 Pages / 2,468 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT

Question:

While assessing the risk of material misstatement and determining the appropriate response with regard to the inventory of Computing Solutions Limited (Computing Solutions) for the 30 June 2018 audit, you become aware of the following information:

(i) The best-selling computer presentation package has been experiencing a high level of returns owing to suspected software problems

(ii) Based on closing inventory, inventory turned over an average of 5.2 times in 2017 and 3.8 times in 2018

(iii) Computing Solutions moved its inventory from a central warehouse to six new regional warehouses in March 2017

(iv) Inventory on hand at end of year represented 22 per cent of sales in 2018 and 18 per cent of sales in 2014

(v) Computing Solutions has recently won a tender to supply a large government department with various products. In order to win the tender and prevent competitors from gaining a foothold in the public sector market, Computing Solutions agreed to supply the items at 10 per cent below their cost price. The first shipment is due to be delivered to the government department in the middle of July 2018.

REQUIRED

(a) Identify and explain the two key assertions at risk in relation to inventory

(b) Identify and describe two substantive audit procedures that you could perform in response to each risk identified above

(c) Explain the requirement of ASA 701 Communicating Key Audit Matters in the Auditor’s Report and the rationale for this auditing standard. Determine if the above matters are key audit matters, providing full rationale for the determination. If it is determined that they are Key Audit Matters, provide the disclosures which are required in Key Audit Matters

Section of the Auditor’s report as required under ASA 701.

Question 2

You are the audit senior with Howard & Associates and have been assigned to the audit of Beautiful Hair Ltd (Beautiful Hair).

In early 2018, Beautiful Hair acquired a small manufacturer of high-quality organic hair-styling products, Shimmer Pty Ltd (Shimmer). Beautiful Hair’s management had identified that Shimmer’s line of products would fit extremely well with the Beautiful Hair business, and organized funding for the acquisition from Regional Bank.

Shimmer uses special formulas to create its product. Only the owner of Shimmer knows the secret ingredients for the formulas. These secret ingredients are apparently documented and held by Shimmer’s solicitors.

Beautiful Hair’s management has been advised that the intellectual property related to the formulas has the potential to be both a material and valuable asset and has been recognized as an intangible asset arising from the acquisition in accordance with accounting standard AASB 3.

REQUIRED

(a) Identify and explain the two key assertions most at risk in relation to the intellectual property intangible asset

(b) Identify and describe a substantive audit procedure that you could perform in response to each risk identified above

(c) Explain the requirement of ASA 701 Communicating Key Audit Matters in the Auditor’s Report and the rationale for this auditing standard. Determine if the above matters are key audit matters, providing full rationale for the determination. If it is determined that they are Key Audit Matters, provide the disclosures which are required in Key Audit Matters

Section of the Auditor’s report as required under ASA 701.

Download Sample Now

Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.

Upload
Unique Document

Document
Under Evaluation

Get Money
into Your Wallet

Total 10 pages, 1 USD Per Page

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2021). Auditing And Assurance Services. Retrieved from https://myassignmenthelp.com/free-samples/acc707-auditing-and-assurance-services/complexity-and-wealth-maximization.html.

My Assignment Help (2021) Auditing And Assurance Services [Online]. Available from: https://myassignmenthelp.com/free-samples/acc707-auditing-and-assurance-services/complexity-and-wealth-maximization.html
[Accessed 21 April 2021].

My Assignment Help. 'Auditing And Assurance Services' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/acc707-auditing-and-assurance-services/complexity-and-wealth-maximization.html> accessed 21 April 2021.

My Assignment Help. Auditing And Assurance Services [Internet]. My Assignment Help. 2021 [cited 21 April 2021]. Available from: https://myassignmenthelp.com/free-samples/acc707-auditing-and-assurance-services/complexity-and-wealth-maximization.html.


With a team of professional legal experts in hand, we at MyAssignmenthelp.com, aim to provide the best law assignment writing help in Canada. All our writers, researchers, editors, and proofreaders possess rich academic and professional expertise. Their in-depth knowledge in this field and decades of experience enables them to help you with the most legal topics and case study with ease and proficiency.

Latest Management Samples

BUS101 Introduction To Business

Download : 0 | Pages : 2

Answer List at least ten ways to climb the corporate ladder. Consider roadblocks that may prevent one from climbing the corporate ladder Return on investment (ROI) is a term used to measures the performance of a business. To climb the corporate ladder successfully one has to be resilient even when the organization's environment seems contrary due to the economic downturn. Planning ahead that is having a business plan is vital since one will ...

Read More arrow

ADMN 1206 Management Skills And Secondary Research Methods

Download : 0 | Pages : 3

Answer Synopsis Through this article, the author tried to show the impact of participation of employees in deliberate or strategic change on some set of factors that is related to the execution of change in the organisation. Through this article, it has been shown that participation helps in reducing the organisational resistance towards the strategic change implementation and creates a high level of emotional obligation and commitment of emp...

Read More arrow

HRMT11011 Human Resource Management

Download : 0 | Pages : 6

Answer: Introduction Human resource development can be stated as one of the factor which directly drives the factor of any organization. Human resource is one of the working area of the organization which focus on the working of the organization (Brewster and Hegewisch, 2017). The concept of the HRM can be considered as a systematic and strategic approach which is related to the managing of the people. The HRM approach can be stated to be dir...

Read More arrow

BUS302 Entrepreneurship

Download : 0 | Pages : 10

Answer: Introduction A business plan is considered to be one of the basic steps in developing a business. The entrepreneurs need to chalk out the strategies before starting the business. Such strategies are formally documented in the form of business plans. It is needless to mention that different businesses have different business plans because of the variations in the business model, offering, marketing and operational strategies and value ...

Read More arrow Tags: Australia Sydney Management introduction to networking University of Sydney 

MGS 101 Information Technology And Management

Download : 0 | Pages : 8

Answer: CPU:  CPU stands for central processing unit which denotes to an electronic circuit capable of fetching input commands or instructions from memory unit. Logic and arithmetic operation care performed by the CPU and it also stored the data back to the memory device. As the name implies it is the central unit of the whole system and installed in a dedicated socket on motherboard along with a fan. As shown in the diagram CPU is comp...

Read More arrow
Next

Save Time & improve Grade

Just share requirement and get customized Solution.

watch
question
We will use e-mail only for:

arrow Communication regarding your orders

arrow To send you invoices, and other billing info

arrow To provide you with information of offers and other benefits

Add File

Error goes here

1,657,348

Orders

4.9/5

Overall Rating

5,122

Experts

Our Amazing Features

delivery

On Time Delivery

Our writers make sure that all orders are submitted, prior to the deadline.

work

Plagiarism Free Work

Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.

time

24 X 7 Live Help

Feel free to contact our assignment writing services any time via phone, email or live chat. If you are unable to calculate word count online, ask our customer executives.

subject

Services For All Subjects

Our writers can provide you professional writing assistance on any subject at any level.

price

Best Price Guarantee

Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.

Our Experts

Assignment writing guide
student rating student rating student rating student rating student rating 5/5

752 Order Completed

100% Response Time

Hugh Cleave

Masters in Human Resource Management (MMgt, HRM)

Wellington, New Zealand

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

798 Order Completed

97% Response Time

Benjamin Blakeman

MSc in Medical Technology

London, United Kingdom

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

440 Order Completed

99% Response Time

Jack Arens

MBA in HRM

London, United Kingdom

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

610 Order Completed

100% Response Time

Cheryl Zhao

PhD in Statistics

Singapore, Singapore

Hire Me

FREE Tools

plagiarism

Plagiarism Checker

Get all your documents checked for plagiarism or duplicacy with us.

essay

Essay Typer

Get different kinds of essays typed in minutes with clicks.

edit

GPA Calculator

Calculate your semester grades and cumulative GPa with our GPA Calculator.

referencing

Chemical Equation Balancer

Balance any chemical equation in minutes just by entering the formula.

calculator

Word Counter & Page Calculator

Calculate the number of words and number of pages of all your academic documents.

Refer Just 5 Friends to Earn More than $2000

Check your estimated earning as per your ability

1

1

1

Your Approx Earning

Live Review

Our Mission Client Satisfaction

Not Graded yet. The assignment was proper and exactly as required. It was provided on time and thank you and it was a great experience.

flag

User Id: 674489 - 21 Apr 2021

Australia

student rating student rating student rating student rating student rating

Thank you for your hard work!Thank you for your hard work!Thank you for your hard work!Thank you for your hard work!Thank you for your hard work!Thank you for your hard work!Thank you for your hard work!Thank you for your hard work!Thank you for your...

flag

User Id: 233928 - 21 Apr 2021

Australia

student rating student rating student rating student rating student rating

Thank you for your hard work!Thank you for your hard work!Thank you for your hard work!Thank you for your hard work!Thank you for your hard work!Thank you for your hard work!Thank you for your hard work!Thank you for your hard work!Thank you for your...

flag

User Id: 233928 - 21 Apr 2021

Australia

student rating student rating student rating student rating student rating

Nice work and deliver on time. The work is professional and plagiarism free. Thank you.

flag

User Id: 346993 - 21 Apr 2021

Australia

student rating student rating student rating student rating student rating

Order on the go!

Say hello to our new app

callback request mobile
Have any Query?