Answer: Introduction A report has been prepared on the audit planning of one of the small entities for which the audit partner has asked the audit senior to come out with the issues relating to the critical accounts, the audit steps required, etc. The Trial balance of the company has been given, the same has been assessed, and the profit and loss account, the comparative analysis for the two given years 2016 and 2017 and the common size incom...
Read MoreAnswer: Revenue Outline why account is as significant risk The revenue earned from the sale of cochlear as well as acoustic implants and the related processors and accessories of sound is based on the contracted sales price. The company recognizes revenue at the point where the customer gains control with the exact timing depending on the agreed terms of sale for every contract. As well, the clients for the company include recipients o...
Read MoreAnswer: Introduction To Satyam Scam Satyam Computer Services Ltd. is an information technology company incorporated in 1987 based in Hyderabad, India that offers services like software development and software integration. The company was listed on BSE in 1991 and on the New York Stock Exchange in 2001. It is a global company that operates in 65 countries and the first Indian company to be registered on three international stock exchanges (NY...
Read MoreAnswer: Introduction Over the years, many large corporate collapses and business failures took place in the business sector of Australia such as HIH Insurance, Ansett Australia, OneTel and Harris Scarfe. Therefore, the corporate sector of Australia had to face many adverse long-term impact of these business failures and corporate collapses; and the auditing profession has been majorly affected with the same (Betta, 2016). This report emphasiz...
Read MoreAnswers: 1. The four main major risks of Woodside Petroleum for the process of business are the climate change risk management, risk of overrunning the costs of the business, risk of non-compliance with the legal requirements and the risk of not delivering sufficient returns to the shareholders. As the business is mainly involved in the process of petroleum exploration and oil and gas sector, the pressure from the environmental groups is ever...
Read MoreAnswer: Week 1: Q1) Type of engagements required and level of assurance needed on Audit of Management accounts for the year ended 30thJune 2017 As an audit manager for OEL, my role is to show whether the management accounts for Local Pty Ltd for the year ended 30th June 2017 reflect a true and fair position of the company. Three major assurances are ordered in the increasing level of rigor. They include compilations, reviews and au...
Read MoreAnswers: 1. Providing advice on accounting policies and accounting services, is a part of the assurance engagement, as it is the responsibility of the auditor to check whether the books of the company have been prepared based on the standard accounting and auditing practices and in case there are any errors than the auditor should state the same in their audit report and also discuss with management of the company on how they can improve it...
Read MoreAnswer: Task Part A: Auditing and Assurance It is the responsibility of the auditors to assess the business risks and other key aspects of financial performance and position of the clients in order to identify the areas that require further audit investigation; and this whole assessment is a key part of audit planning. The main aim of this report is to undertake the audit planning of Xero Limited for 2020 audit by taking into consideration th...
Read MoreAnswers: 1: Auditing is the process of checking and inspecting all the books of accounts in order to find errors and manipulations in them if any and to make an assurance about the true and fair view of the financial statements. There are various types of audit according to its functions and objectives and an individual person having competent knowledge can be appointed for such audit. In the given case study, it can be observed that the Over...
Read MoreAnswer: Part 1 Data analytics refers to a technique of using software and specialized systems to examine data and draw a conclusion regarding the information. Auditors inspect and model data to assess population data, identify potential risk and also avail quality audit evidence (Sun, 2018). Data analytics enables auditors to understand the environment of the entity and perform a comprehensive risk assessment (Brandas, 2018). The task w...
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