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ACCG305 Auditing And Assurance Services

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Questions:

When calculating PM based on interim figures, it may be necessary to annualise the results.This allows the auditor to plan the audit properly based on an approximate projected year-end balance. Then at year-end the figure is adjusted, if necessary, to reflect the actual results.

Part 1- Materiality

(a) Using the 30 September 2011 trial balance calculate planning materiality and include the justification for the basis that you have used for your calculation.

Part 2- Analytical Procedures

(a) Using analytical procedures and the information provided in the appendix, perform ananalysis of Cloud 9’s financial position and its business risks. Discuss the ratios indicating a significant or an unexpected fluctuation.

(b) Prepare a common-size statement for the balance sheet of Cloud 9, use total assets as the basis for the balance sheet. Comment on any audit implications revealed by your statement.

(c) Which specific areas do you believe should receive special emphasis during your audit? Consider your discussion of the analytical procedures results, comments on the common-size statement and as well as your preliminary estimate of materiality. Prepare a memorandum to Suzie Pickering, Audit Senior, outlining potential problems areas (that is, where possible material misstatements in the financial report exist) and any other special concerns (for example, going concern). Specify the accounts and related assertions that would require particular attention.

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