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Role of audit committee the primary role of an

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Role of Audit Committee:
HI6026Final Assessment T1 2022
critical bookkeeping and elaboration issues and late experts. and administrative statements todetermine the expected impact on financial statements. Understanding how the board ofdirectors generates monetary data over the intervening time is important for investigatingwhether reports are complete and conclusive.Question 4(7 marks)You are the audit senior responsible for the audit of Sampson Limited. You are currently planningthe audit for the year ended 31 December 20X7. During your initial planning meeting held withthe financial controller, he told you of the following changes in the company’s operations.(i)Due to the financial controller’s workload, the company has employed a treasurer. Thefinancial controller is excited about the appointment because in the two months that thetreasurer has been with the company he has realised a small profit for the companythrough foreign-exchange transactions in yen.(1.75 marks)(ii)Sampson has planned to close an inefficient factory in country New South Wales beforethe end of 20X7. It is expected that the redeployment and disposal of the factory’s assetswill not be completed until the end of the following year. However, the financial controlleris confident that he will be able to determine reasonably accurate closure provisions.(1.75marks)(iii)To help achieve the budgeted sales for the year, Sampson is about to introduce bonusesfor its sales staff. The bonuses will be an increasing percentage of the gross sales made, byeach salesperson, above certain monthly targets.(1.75 marks)(iv)The company is using a new general ledger software package. The financial controller isimpressed with the new system, because management accounts are easily produced andallow detailed comparisons with budgets and prior-period figures across product lines andgeographical areas. The conversion to the new system occurred with a minimum of fuss. Asit is a popular computer package, it required only minor modifications.(1.75 marks)

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Term
Fall
Professor
professor_unknown
Tags
Purchase order, XYZ Ltd

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