ACCT3101 Tutorial 5 Questions
ACCT3101 Tutorial 5 Questions
Arens chapter 6:
6.16; 6.15; 6.23; 6.25; 6.29; 6.37
6.16 Explain why the statement Analytical procedures are essential in every part of an
audit, but these tests are rarely sufficient by themselv
Tutorial 1
1.21 a (1) (Objectives 1, 2, 4) The following questions deal with audits by public Which of the following best describes why an independent auditor is It is difficult to prepare financial statements that fairly present a companys financial posi
Overview
The 6th to 8th stage of audit planning
ACCT3101 Auditing
Lecture 7
6.Understand internal control
a) Components
b) Procedures for obtaining an understanding
of IC & documenting IC
c) Preliminary assessment of control risk
d) Tests of control
7. F
ACCT3101 Tutorial 3 Questions
ACCT3101 Tutorial 3 Questions
Arens Ch 4: 4.12; 4.18(b); 4.21(a,b,c,f); 4.24
Note: Not all questions in this tutorial can be answered using the textbook. It is assumed readers have access
to APES110 (which is available from A
ACCT3101 Tutorial 3 Questions
ACCT3101 Tutorial 3 Questions
Arens Ch 4: 4.12; 4.18; 4.21; 4.24
4.12 After accepting an engagement, an audit firm discovers that the clients industry is
more technical than it had realised and that it is not competent in cer
ACCT3101 Tutorial 6 Questions, p.1
ACCT3101 Tutorial 6 Questions
Arens chapters 8
8.7, 8.22 (a, c), 8.25, 8.27, 8.34
8.7 Distinguish between tolerable error and preliminary assessment of materiality. How are
they related to each other?
8.22 The following
ACCT3101 Tutorial 7 Questions, p.1
ACCT3101 Tutorial 7 Questions
Arens chapters 9 and 10
9.22 (c,d), 9.25, 9.26, 10.3, 10.5, 10.6, 10.13.
There wont be enough time in class to cover all of the questions. Students should attempt the
questions before the tu
ACCT3101 Tutorial 7 Solutions, p.1
ACCT3101 Tutorial 7 Solutions
Arens chapters 9 and 10
9.22 (c,d), 9.25, 9.26, 10.3, 10.5, 10.6, 10.13.
There wont be enough time in class to cover all of the questions. Students should attempt the questions before the tu
ACCT 3101 Arens Questions Topic 1
1.14, 1.21 & 1.23 These are simply definitional type questions you can evaluate the answers. For 1.23, consider the framework provided by ASA220 the quality control standard and see Table 1.5 1.29 (Objectives 6, 7) In the
ACCT3101 Tutorial 4 Questions
ACCT3101 Tutorial 4 Questions
Arens chapter 6:
6.16; 6.15; 6.23; 6.25; 6.29; 6.37
6.16 Explain why the statement Analytical procedures are essential in every part of an
audit, but these tests are rarely sufficient by themselv
Lecture 4 exercise, p.1
Auditing Lecture 4 Exercise
Audit Evidence & p rocedures
Modified from Q6.32(c).
Analytical procedures are performed at the initial stage of an audit to gain an
understanding of the audit clients business and to identify possible a
Lecture 4 exercise Suggested Solution, p.1
Auditing Lecture 4 Exercise: Audit Evidence & p rocedures
Modified from Q6.32(c).
Analytical procedures are performed at the initial stage of an audit to gain an
understanding of the audit clients business and to
Questionnaire control environment
Figure from Boynton & Johnson
MAIL ROOM
CASHIER
ACCOUNTS RECEIVABLE
ACCOUNTING
GENERAL
ACCOUNTING
From
mailroom
Remittance
adv tces
Prepare bank deposit
slip in dupicate
l
and make daily
deposit
Restr ctively endorse
i
c
ACCT3101 Tutorial 3 Solutions
ACCT3101 Tutorial 3 Solutions
Arens Ch 4: 4.12; 4.18; 4.21; 4.24
4-12 An
an audit:
1.
2.
3.
4.
audit firm has several options when it recognises that it is not competent to perform
Withdraw from the engagement.
Obtain the exp
ACCT3101 Tutorial 3 Notes Summary of references
This file provides additional notes/references for tutorial 3.
Note that the version of APES110 in the 2011 Auditing Handbook is different from the version in
the 2012 Auditing Handbook so some section numbe
ACCT3101 Tutorial 4 Solutions, p.1
ACCT3101 Tutorial 4 Solutions
Arens chapter 6:
6.16; 6.15; 6.23; 6.25; 6.29; 6.37
6.16
The statement is correct. Except for certain accounts with small dollar balances, analytical
procedures are essential to help the aud
Lecture 5: Overview
ACCT3101
Auditing
Audit planning
a) Accept the engagement
b) Obtain an understanding of the clients
business & industry
c) Assess clients business risk
d) Perform preliminary analytical procedures
Lecture 5 Audit Planning
Arens chapte
ACCT3101 Tutorial 5 Questions
ACCT3101 Tutorial 5 Questions
Arens chapter 7: 7.4; 7.9; 7.15; 7.28; 7.30.
7.4 What factors should an auditor consider prior to accepting an engagement? Explain.
7.9 Define what is meant by a related party. What are the audit
ACCT3101 Tutorial 5 Solutions, p.1
ACCT3101 Tutorial 5 Solutions
Arens chapter 7: 7.4; 7.9; 7.15; 7.28; 7.30.
7-4
This question relates to situations where the audit firm is either continuing with an existing
appointment or considering the acceptance of a
Lecture 5 exercise, p.1
Auditing Lecture 5 Exercise
Audit Evidence & p rocedures
Modified from Q6.32(c).
Analytical procedures are performed at the initial stage of an audit to gain an
understanding of the audit clients business and to identify possible a
ACCT3101 Tutorial 5 Questions
ACCT3101 Tutorial 5 Questions
Arens chapter 7: 7.4; 7.9; 7.15; 7.28; 7.30.
7.4 What factors should an auditor consider prior to accepting an engagement? Explain.
7.9 Define what is meant by a related party. What are the audit
Tutorial 6
Question 1:
Timeline of Events:
15 March 2005
| Purchased investment property $450,000
| Valuation: construction costs $350,000, Land Value $100,000
1 October 2014
| $20,000 paint inside/outside house
10 November 2014
| $5,000 replace broken ti
Overview
The fifth and sixth stage of audit planning
1. Materiality
2. Audit risk The audit risk model
Inherent risk
Control risk
Detection risk
3. Understand internal control - Intro
Next topic seventh and eighth stage
More on internal control and
ACCT3101 Tutorial 6 Solutions, p.1
ACCT3101 Tutorial 6 Solutions
Arens chapter 8
8.7, 8.22 (a, c), 8.25, 8.27, 8.34
8-7 A preliminary assessment of materiality is set for the financial statements as a whole.
Tolerable error (misstatement) is the maximum a
ACCT3101 Tutorial 3 Q & Solution OHT - BB, p.1
ACCT3101 Tutorial 3 Solutions Extra summaries/notes from tutorial classes
In this file, the notes for the questions with short cases generally organize the solution and references
using the 3 step approach de
Topic 5
Deductions | Lecture 3
Capital Allowances & Capital Works Car Expenses
The Income Tax Equation
Division 4 | Section 4-15
Taxable
Income
Assessable
Income
Deductions
2
ITAA | Relevant Provisions
Section 8-5
You can deduct from your assessable inc
Question 6) STEP ONE: Identify the ethical issue e.g. provision of non-audit services, employment relationship, gifts and hospitality,
financial interest in the client, employment/business/personal relations, fees. STEP TWO: Identify the issue and the thr
Question 6) STEP ONE: Identify the ethical issue e.g. provision of non-audit services, employment relationship, gifts and hospitality,
financial interest in the client, employment/business/personal relations, fees. STEP TWO: Identify the issue and the thr
Overview
The 6th to 8th stages of audit planning
ACCT3101 Auditing
Lecture 7
6.Understand internal control (IC)
a) Components
b) Procedures for obtaining an understanding
of IC & documenting IC
c) Preliminary assessment of control risk
d) Tests of contro
Lecture 5: Overview
1. Audit planning
ACCT3101
Auditing
a) Accept the engagement
b) Obtain an understanding of the clients
business & industry
c) Assess clients business risk
d) Perform preliminary analytical procedures
Lecture 5 Audit Planning
Arens chap
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