Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
loader

Phone no. Missing!

Please enter phone for your order updates and other important order related communication.

Add File

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

Guaranteed Higher Grade!

ACCTING 7009 Auditing And Assurance Services

tag 0 Download 7 Pages / 1,662 Words tag 30-06-2021

Question:

Chris stated: The board of directors were impressed with last audit and would like to propose reappointing CJ as the auditor of the 30 June 2015 financial report audit. The board would also like to invite Geoff to give a speech about LTH at the next travel agency seminar, to assist in promoting business to attract more investors. I understand that this is outside normal practice; however, the board expressed the view that it will be very difficult for LTH to continue any business engagements with CJ should Geoff refuse to provide such.
 
2. Conversation with Chris, situation 2
Chris stated:  To express our sincerity towards CJ and Geoff, and to maintain the good relationship in anticipation of another smooth audit for 2015, LTH would like to present a complimentary 14-day holiday package voucher for four people to the Greek isles for both  and your family. All expenses, including accommodation and travelling cost, will be paid by.
 
4. Conversation with Annette
Annette stated: glad that I have been allocated to this year going to be a very efficient audit this year! I was on a temporary assignment at  just a month ago, helping LTH with its tax calculations and preparing accounting entries that will be reflected in the 30 June 2015 financial report, so I think there will be much audit work required around the tax accounts. It will be great to catch up with everybody at LTH again, as they are so easy to work with.

Required:
(a) For each situation, identify and evaluate any threats in relation to auditor independence 
(b) Identify any safeguards to those threats identified above

You are an audit senior with Crampton and Hasaad and you are planning the audit of Mining supplies LTD (MSL) for the year ended 30 June 2015. MSL sells mining equipment and spare parts to mining companies across Australia. MSL has operational centres in Perth, Newcastle, and Mt. Isa. Each operational centre warehouses the equipment and spare parts and provides sales and maintenance services. head office is located in Melbourne where finance, IT and other corporate services are provided.

MSL has equipment purchase order contracts with a number of manufacturing suppliers based in Europe, Us and China. These manufactures build the specialised, made- to-order equipment and spare parts and ship them to operational centres.

Each item of equipment purchased by a customer comes with a two-year spare parts and labour warranty from MSL. The warranty entitles the customer to a maximum of one free maintenance service per year during the warranty period.
Depending on the type of equipment and customer location, a maintenance service can take between one day and one week. MSL uses contracted mobile mechanics who travel to the customer’s location to carry out all maintenance services. Some services require the mechanic to travel long distances, due to the remote locations. Any maintenance services that are inside that are outside the warranty conditions are billed to the customer. The billing covers a daily labour rate for the time, any parts replaced and reimbursement for travel, accommodation and living expenses incurred by the mechanic.
 
Required:
(a) In relation to the purchasing of equipment and spare parts, describe two business risks to MSL that Crampton and Hasaad will consider in planning the 2015 audit
(b) For each business risk identified in
(a) describe a specific audit risk that could arise. Each responses should include the identification of account balances that are impacted directly by the audit risk .
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 7 pages

Cite This Work

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

My Assignment Help. (2021). ACCTING 7009 Auditing And Assurance Services. Retrieved from https://myassignmenthelp.com/free-samples/accting7009-auditing-and-assurance-services/economic-importance.html.

"ACCTING 7009 Auditing And Assurance Services." My Assignment Help, 2021, https://myassignmenthelp.com/free-samples/accting7009-auditing-and-assurance-services/economic-importance.html.

My Assignment Help (2021) ACCTING 7009 Auditing And Assurance Services [Online]. Available from: https://myassignmenthelp.com/free-samples/accting7009-auditing-and-assurance-services/economic-importance.html
[Accessed 03 December 2022].

My Assignment Help. 'ACCTING 7009 Auditing And Assurance Services' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/accting7009-auditing-and-assurance-services/economic-importance.html> accessed 03 December 2022.

My Assignment Help. ACCTING 7009 Auditing And Assurance Services [Internet]. My Assignment Help. 2021 [cited 03 December 2022]. Available from: https://myassignmenthelp.com/free-samples/accting7009-auditing-and-assurance-services/economic-importance.html.


Stuck on Any Question

Our best expert will help you with the answer of your question with best explanation.

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

Phone no. Missing!

Please enter phone for your order updates and other important order related communication.

loader
250 words
Error goes here

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

We Can Help!

Get top notch assistance from our best tutors !
Excel in your academics & career in one easy click!

icon

Other Samples

Content Removal Request

If you are the original writer of this content and no longer wish to have your work published on Myassignmenthelp.com then please raise the content removal request.

icon

5% Cashback

On APP - grab it while it lasts!

Download app now (or) Scan the QR code

*Offer eligible for first 3 orders ordered through app!

screener
ribbon
callback request mobile
Have any Query?