ACCT333 Advanced Financial Accounting

Weight for this assignment is 20% that requires students; in groups of FOUR members each; to submit a written report. Students will be split in groups. Word limit for the written report is 1500 words (excluding front page and list of references). The grade will be given for the group as a whole and not for each individual. Notably, the grade awarded will depend on how effectively the group communicate in writing including providing a sound introduction, supported by a comprehensive discussion of the issues and topics involved, and ended with valid conclusions.

The report should be structured as follows: 

 

A title page (showing the project’s title, students’ names, students’ IDs) Table of Contents.  

 

An appropriate Introduction relevant to the project’s title. 

 

Section headings, and if appropriate sub-sections. These are to be considered as your main body. Sections should be in a logical order showing cohesiveness and good writing skills. 

 

An appropriate valid conclusion at the end to conclude your discussion. 

 

Pages to be numbered. 

Based on the previous key facts concerning Express Comfy, you are required to submit a report that covers ALL the following points:  

 

1.Identify the pre-conditions that should have been met before accepting Express Comfy as a client. You are also required to state the contents of the engagement letter highlighting the role and responsibilities of each party involved.  

 

2.Outline the members of the audit team who are expected to audit the records of East Comfy highlighting the role played by each of these members.

 

3.Outline the steps involved in the audit cycle as well as the audit strategy and relate these to East Comfy.

 

4.Outline the main procedures involved in setting the audit plan(s) for Easy Comfy.  

 

5.Outline audit risk model and explain its components. You are also required to address the strengths and weaknesses in Easy Comfy internal control system together with the appropriate recommendations to overcome these weaknesses.