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ACCT3005 Auditing Theory And Practice

tag 0 Download 10 Pages / 2,383 Words tag 28-10-2020

Questions:

1.Analyse the ratios and the additional information associated the with four accounts listed by your audit partner, Ms Leanne Hopkins. Identify the potential audit risks and any related audit steps that need to be undertaken to reduce audit risk.

Account

Analysis

Audit Risk

Audit steps to reduce risk

Plant and Equipment

 

 

 

Machinery Finance Liabilities

 

 

 

Accounts Receivable

 

 

 

Lease income

 

 

 


b.
Analyse the ratios and additional information to outline the business risks that BML faces.

2.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 in a table format:

Control

Risk alleviated

Test of control

 

 

 


b.
List and identify the weaknesses in internal control for contract payroll.

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