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P23001 Auditing

Question

Answered

Task:

Question 1 
 
Required:

a) Critically discuss FIVE (5) objectives of internal controls that should be exercised over a purchases and payables system. (5 marks)

b) With regards to the controls exercised over the purchases and payables system of the case study:

i) Identify and explain the implications of SIX (6) weaknesses in the system. (12 marks)
ii) Recommend improvements to address the weaknesses. (6 marks)(You are to use a 2-column format with the headings ‘Weakness’ and
‘Improvements’.)

You also understand that the new inventory control system has been designed with password controls to help improve the internal control system over inventory.

c) Discuss THREE (3) inherent limitations of an internal control system. 

Question 2

Required:

a) In the context of the case study above, identify and explain FIVE (5) audit risks. Outline the auditor’s response to each risk. (10 marks)
(You are to use a 2-column format with the headings ‘Audit Risk’ and ‘Auditor’s response’.)

b) i) Explain the benefits of audit planning. (4 marks)

ii) Discuss what is meant by materiality and explain its impact on an audit. (7 marks)

c) ISA 500 Audit Evidence requires auditors to obtain sufficient, appropriate audit evidence. Appropriateness is the measure of the quality or reliability of the audit evidence. Discuss FIVE (5) matters that auditors should consider regarding the reliability of audit evidence.

Question 3

Required:

a) Describe what is meant by ‘going concern’ and outline management’s responsibility in relation to going concern. (6 marks)

b) Assess SIX (6) potential indicators that Swift Tech may not be a going concern.  (9 marks)
 
c) Evaluate key audit procedures that should be performed to identify these indicators as to whether Swift Tech is a going concern. (6 marks)
 
d) The management believe that it is unnecessary to make any disclosures in the financial statements regarding going concern. Advise on the impact on the auditor’s report if this issue remains unresolved.

Question 4

Required:

In the context of the above case study:

From the information above, identify and explain FIVE (5) ethical threats to the auditor’s independence. Separate marks are awarded for identifying and explaining each threat (10 marks) b) For each threat, recommend how it might be eliminated or mitigated to a satisfactory level. (6 marks) (You should use a 2-column format using the headings ‘Threats’ and ‘Safeguards’.) 

P23001 Auditing

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ACT504 Auditing

Questions: Question 1 In February 2012, the Australian Accounting Standards Boards decided at its meeting to propose the withdrawal of AASB 1031 Materiality. There were several reasons for this proposal which includes: there is no International Reporting Standard equivalent and it does not look l ...

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RESEARCH PROPOSAL – INDIVIDUAL WRITTEN PART (3 0%) Submission Deadline (Date and Time): 9th April 2021 , noon Submission method: By Canvas Word Limit: 1500 words, excluding bibliography Feedback and grade will be available by: 30 April 2021 Referencing style used on t ...

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