Tue, 05 Sep, 2017
Q6.13 (a) Pressure on gross margins increases the inherent risk that management will not accurately record
purchases; or may defer recording purchases until the subsequent accounting period; or overstate inven
4J0 mama: You at: working an the audil of Sunshine: Foods [Id [Sunshina], a whalaiaia diuribular,
For in year ending 30 Juna 2015. 1'I"au haw raawad the audit plan [or in manna aaawnt The
audit plan datum-want: II-Ia talcum! analanl and lha dalailad pmcad
3.13 HIDIUH Bus: hd [Basal is a large marine engineering business Ibul repairs fishing Marl.
E-rucldey, Kelly & Mm: [BKMI are ihe author: 0! Ban. 3W: IT mulng division has
undertaken a nm'nber oi inventory manmemenl syshrn Implemerlalien proieete and is n
4.24 leer Consider tho [clawing indeponclont simian, al of which apply to audit: of entities for the
year ending ED June EMS:
(I) Clothing ltd [Chiming] has been nranulachiring milorms for he Australian market la 20
years. A recent government taril'l rodu
10.24 MEDIUM. While Ieding invent-tents of Cosmic Creations ltd for the year ended 30 June 2015,
your audit assistant fomd the following monetaryI errors:
0-:cfw_30333 AMIL'IZIL'P-ul s UZIRRHLT will. 3 [iIIFFERI-M'E
135000 133323 L 4323
' ' 20000" 'j' "
3.20 siesta Harry and Andrew are two auolt seniors working for Adams and Associates, a large audit
firm. l-lamuI is married with a young child and a large mortgage. Andrew is single and still litres
4.1! mun Car amp lid i: a [untidy limd map-any but mails lwdgai-prind ca part: and
mmiuia Ib- public- The company has 4.5 m m Audralia. and six warehousing can in
each Malian stale.
Van ara part of th- audii ham lor the period ending 301nm 20H. Whilo allu
Ml Human 1i"auattetl'teauditt.ei'iiarai'ii'tethtzicl Ptyltd [Addl autJiaidmamtmeeawidetange
of indutial chemical prachcle. I'aa have made the lallawing nails an Acid': sales system:
Drderaarereceivedcltheealeearderdepartmenlbytelephane, milarlaxarvia aeal
9.2! HID! You an a sanior auci'tar with Trim 5. Assn-aims and ban been assigned to in audit of
Bountiful Hair Ltd [Boomilul Hair].
In early 2015, Boauihl Hair aaquirad a ma" manufacturer of high-quality organic hair-dying
3.20 HIDIIIH "t'ou am in audit soniar on thin Diamond Ply ltd [Diamond] audit for tho WITH par.
Diamandntanuladwaaawidarangaaliumloryandym have madatlulollawingnatuon
Diamand: Iain arm.
a Marianna-ind by the do: ordordoparlnantby mail, long arnaii or via
$22 HID! You ar'ei'ieaudi seniaratBronmdisso-cialls andl'avebeenassignedtalheaudital
looalion Ltd [Looolionl for the year ended 30 June 2015. location manufactures GFS W
systems lor molar suldes and exports these to our manulachrrers' In South Korea and J
FIGURE 3.3 A. typical cull collection flowchart
Reconcile prelisng in
rm'nil'lclncas; 9:119: in EDS-h
racaip imnul and act-Dunn.
receivable music-i File:
3.1! litlIJJHYw haul bomashdlaprnpu'aa rapan analyses the palmtidaaquilim alSiaplc
Hy lid cfw_Staple by your audit clinnl Hanna: lid cfw_HanunarL Friar Ia canine-n; yam analysis, yau
In you aided 30 June
Tue, 29 Aug, 2017
Matters that would influence the scope of the audit may include the following:
the financial reporting frameworkit is a large proprietary company and
therefore, has to lodge its financial report with AS
Tue, 12 Sep, 2017
Impact on control risk
Increase in control risk, as simply making a notation that
the order was received is not an adequate check on the
quantity and condition of goods received. The
Rubric: Oral presentation (ACCT3322)
Voice clarity and Failed to support the verbal message due to
Verbal message was supported only to some
excessive monotone, inappropriate pitch, poor extent due to some monotone passages, p
Lecture Week 1
Framework: Assurance Engagement
Preparer can be anyone who prepares financial statements
on a subject matter (e.g. a CFO or CEO or management).
The subject matter is prepared to be used by the user, and
Auditing Homework Chapter 4: Week 4
4.12) Which components of audit risk can an auditor control? Explain.
Overall audit risk has three components: inherent risk, control risk and detection
1. Inherent risk (IR) is the risk that an account or asserti
Sussan Chidiac 17795917
Auditing- Tutorial Homework (Week 2)
RQ2.11) What are the five fundamental principles in APES 110? Who must comply with
The five fundamental principles declared in APES 110 are: integrity, objectivity, professional
Auditing- Homework due week 3
3.11) Explain the relationship between the risk assessment, risk response and reporting
phases of an audit.
There are three underlying stages undertaken during the process of conducting an audit.
1. The risk
Week 1: Tutorial Homework
RQ 1.11) What does assurance mean in the financial reporting context?
The term assurance when subjected to the context of financial reporting,
refers to an assurance engagement/ service that is performed by a practitioner that
Risk Culture and the Role of Internal Auditor
WHAT IS THE ROLE OF INTERNAL AUDITOR?
Internal auditor: Internal audit is dynamic professions
involved in helping organizations achieve their objectives. It
is concerned with evaluating
Auditing Tutorial Week 7
Impact on control risk
(a) Increase in control risk, because
simply stamps order received when Account Payable
goods are received is not a sufficient
check on the quantity and quality of
Chapter 6: Assessing inherent risk and other specific business risks
(a) Because of the profit margin u
(b) The competitor was trying to increase its market share so there would be an effect
on revenue and cash flow
-The pressure is off
(c) The media
FRAME WORK: ASSURANCE ENGAGEMENTS
Underlying subject matter of the report is prepared and presented in accordance with an agreed
reporting framework (suitable criteria) and accompanies the report prepared by the responsible party.
Suitable criteria: Inter
The structure of the profession
2.1 Identify the attributes of professional status and describe to what extent they exist in public
2.2 Describe the regulation of auditing and its subject matter.
2.3 Explain the i
Ethics, independence and corporate governance
3.1 Explain the nature and importance of professional ethics and describe the three main categories
of ethical theory.
3.2 Outline the essence of the accounting bodies code of eth