$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket?
Book Your Assignment at The Lowest Price
Now!
Students Who Viewed This Also Studied
BUACC3741 Auditing
Question 1:
a) Explain who are the parties to an assurance engagement.
b) Explain what is meant by the term audit expectation gap?
c) Identify the three types of substantive procedures and discuss the effectiveness of each.
d) Explain what is the difference between sampling risk and non-sampling risk?
Question 2:
ABC Ltd is a furniture manufacturing company. John and his wife Lisa own the majority of shares in the AAA Group which controls ABC Ltd. John is the chairman and the board of directors of both AAA Group and ABC Ltd, and Lisa is a director of both companies as well as the CEO of the ABC Ltd.
In January 20X0, John approached your audit firm, CCC &Co, to carry out the ABC audit for the year ended 30 June 20X0. ABC Ltd has not been audited before but this year the audit has been requested by the company’s bank and a new private equity investor group which has just acquired a 25 per cent share of ABC Ltd. You know that one of the partners at CCC &Co went to school with John and has been friends with both John and Lisa for many years.
Required:
1. Identify and explain the significant threats to independence for CCC &Co in accepting the audit of ABC Ltd.
2. Explain any safeguards that CCC & Co could implement to reduce the threat to an acceptable level.
3. Describe what is meant by independence in mind and independence in appearance.
Question 3:
a) You are the audit partner of CCC &Co audit firm, and audit the work for Melbourne Ltd. You issued an unmodified auditor’s report for the year ended 30 June 2021. Several employees of Melbourne Ltd were charged with systematically and deliberately entering fictitious transactions and embezzling about $5 million in year 2019.
CCC &Co audit firm has been notified by the legal representatives of Melbourne Ltd. that they are taking legal action against your firm based on the audit for the year ended 30 June 2021. They claim that you and your audit team were negligent in conducting the audit, due to your failure to identify the activities of the employees of Melbourne Ltd.
Required:
1) What are the legal requirements to successfully sue an auditor for negligence?
2) Do you think Melbourne Ltd was guilty of negligence? Explain and provide relevant case(s) to support your answer.
b) You are the audit partner of CCC &Co audit firm, you are planning for the audit of a Melbourne bedding retail business, XYZ Ltd. Inventory is material, and items range in value from $1 to over $500. The nature of the store means that many items are specially ordered with special branding and promotional packaging. Orders are placed 5 months in advance from overseas suppliers. Large deposits are required to be paid to suppliers when orders are placed.
You believe that the account balance for inventory is-at risk of material misstatement.
Required:
1) Identify a key assertion at risk in relation to inventory.
2) For the assertion in part 1, identify a type of evidence that would be persuasive.
Question 4:
a) The following is sales transaction-related audit objective:
“Recorded sales are stated at the proper amounts.”
Required:
State one test of control and one substantive test of transactions that the auditor can use to verify this audit objective.
b) Describe the audit risk model and the interrelationships of its components. Which components of the audit risk model can be controlled by the auditor?
c) Melbourne Ltd is an electricity distribution company based in a large capital city. Its business is to manage the electricity assets, including poles, wires and other equipment, that are used to deliver electricity to more than 50,000 retail and business customers in the city. Pole, wire and substation maintenance and improvements are a large part of the company’s operations and teams of highly trained technicians are used for both planned work and emergency response activities. Emergency response is required when storms or fires bring down power lines, the power must be turned off at the direction of police, or the electricity supply fails for any reason.
Each team comprises several vehicles (vans and trucks) and uses additional heavy equipment, such as cherry pickers, cranes and diggers, as required. Each vehicle carries a core set of specialised parts and tools and additional items are obtained as required from the stores, located in a large warehouse in the northern suburbs. The warehouse is staffed on a 24-hour basis to assist night maintenance (designed to minimise disruption to business customers) and emergency response.
Required:
1) State three potential problems that could occur in Melbourne Ltd’s maintenance and improvements program.
2) Suggest three ways that good internal control over parts, equipment and labour could help Melbourne Ltd avoid these problems.
Question 5:
a) You are the auditor partner on the engagement. You consider the following independent and material situation:
1) Pine Farms Ltd is an online retailer of body lotions. The company records revenue at the time customer orders are placed on the website, rather than when the goods are shipped, which is usually two days after the odder is placed. The auditor determines that the amount of orders placed but not shipped as of the financial report date is not material.
2) The controller of City Hotels Ltd will not allow you to confirm the receivable balance from two of its major clients. The amount of the receivable is material in relation to City’s financial statements. You are unable to satisfy yourself as to the receivable balance by alternative procedures.
3) Charles Ltd has prepared financial statements but has decided to exclude the statement of cash flows. Management of Charles Ltd explains to you that the users of their financial statements find this statement confusing and prefer not to have it included.
Required:
Advise what type of the auditor opinion that you would issue in each of the above independent situation from the following choices. Explain your answer.
1) Unmodified
(2) Unmodified- emphasis of matter
(3) Qualified
(4) Disclaimer
(5) Adverse
b) State the two primary types of subsequent events that are required consideration by management and evaluation by the auditor. Give two examples of each type of subsequent event.
BUACC3741 Auditing
Answer in Detail
Solved by qualified expert
Get Access to This Answer
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.
Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.
Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.
Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.
28 More Pages to Come in This Document. Get access to the complete answer.
Are you running out of time while finishing the academic tasks? Are you feeling isolated with heaps of college coursework? Its time for you to reach MyAssignmenthelp.com. To assure 100 percent authentic and unique content, we process the written assignments in three distinct stages that include revisions, editing and proofreading. We are strictly against plagiarism and make sure to remove even negligible copied parts in assignments. Our 3000+ writers have expert skills in 100+ subjects. Our skilled writers take minimum time to complete your order. MyAssignmenthelp.com charge unbeatable prices for custom essay help, online assignment help and dissertation writing services. Place your order and grab the best deal now.
More BUACC3741 BUACC3741 Auditing : Questions & Answers
ACC331 Audit and Assurance Service
Question 1 Public perception of the ‘Role of the Auditor’ “The quality of auditing in Australia is under scrutiny by ASIC and the industry faces growing pressures” Walker, D. (2019). Auditing the Auditors. Australian Institute of Company Directors. Required Conduct an internet search for one (1) cas …
View Answer
ACC304 Taxation Law Project
Task:
In your report, you must address the following issues:
1. What are the areas in which IAG conducts its operations? 2. What are the Four primary competitors of the firm?3. Which particular laws/regulations (other than financial related categories which include legislation such as: Aus …
View Answer
ASX Corporate Governance Principles
This is an essay assignment. We have to select listed company and Focus in each headline the implication of ASX Corporate Governance Principles( there are eight principles and recommendations). So after downloading corporate governance statement, we have to write in appropriate principles by parapha …
View Answer
HA3032 Auditing Assessment
Task:
Purpose:
This assignment is designed to assess your level of knowledge of the key topics covered in this unit.
Unit Learning Outcomes Assessed:
1. Demonstrate a thorough understanding ofthe reporting requirements of auditing standards relating to auditors’reports.
2. Explain how the …
View Answer
Content Removal Request
If you are the original writer of this content and no longer wish to have your work published on Myassignmenthelp.com then please raise the
content removal request.
Choose Our Best Expert to Help You
Alexander Frey
I have acquired my Master’s Degree in Economics from the University of Cambridge
100 – Completed Orders
Hire Me
Still in Two Minds? The Proof is in Numbers!
33845 Genuine Reviews With a Rating of 4.9/5.
Nursing
Assignment: 1 Page, Deadline:
4 days
This powerpoint was neat and concise. The expert definitely followed through with what was asked.
User ID: 6***42 United States
Nursing
Assignment: 12 Pages, Deadline:
5 days
well written assignment. good references and all done in a timely manner. pricing was good and support available when needed
User ID: 6***93 United Kingdom, Great Britain
Maths
Course Work: 0.4 Pages, Deadline:
2 hours
Great, very clear, thank you very much For your help on this assignment. All the best
User ID: 8***61 United Kingdom, Great Britain
Marketing
Assignment: 3 Pages, Deadline:
3 days
This website has been absolutely amazing and been very helpful and beneficial to my progress in my program.
User ID: 5***18 Mobile, United States
Electronics
Essay: 1 Page, Deadline:
7 days
seems good (ok i am only writing this because of 80 characters, what more that seems good do you want?)
User ID: 8***00 Mobile, France
Biology
Programming: 4 Pages, Deadline:
1 day
The effort and work they do is excellent and they have a great speed to complete tasks, I will always cooperate with them
User ID: 8***67 Belfast, Great Britain
Statistics
Programming: 16 Pages, Deadline:
4 days
the assignment is good which gave me a good marks and feedback i got from uni is good attempt
User ID: 6***66 United Kingdom, Great Britain
Biology
Home Work: 5 Pages, Deadline:
5 days
good and fast will use again helped me understand more I was able to incorporate the work done with mine
User ID: 8***83 United Kingdom, Great Britain
Civil Law
Home Work: 10 Pages, Deadline:
8 days
written very well, appreciate the help with writing this assignment. will definitely go through you this service again. very happy
User ID: 7***52 Brisbane, Australia
Assignment
Assignment: 4 Pages, Deadline:
14 days
awesome work was very well written and covered all basics of the assignment. appreciate the help.
User ID: 7***52 Brisbane, Australia
Organizational Behavior
Essay: 7.2 Pages, Deadline:
2 days
The content was great and right on the mark. Very comprehensive and descriptive.
User ID: 8***23 Brisbane, Australia
Mechanical Engineering
Programming: 2 Pages, Deadline:
4 days
good work … excellent quality content delivered by team. Expecting same quality for future.
User ID: 7***58 Brisbane, Saudi Arabia
Management
Home Work: 3.2 Pages, Deadline:
2 days
Thank you for your help. Really helpful with my assignments. Got the marks which I targeted for.
User ID: 6***31 Brisbane, Australia
Organizational Behavior
Programming: 18 Pages, Deadline:
10 days
Quite pleased with the outcome . Had few times back and forth to correct things. The expert should focus more with the required details.
User ID: 7***76 Brisbane, Switzerland
Statistics
Home Work: 0 Pages, Deadline:
4 days
Good with good grades too. my score statistics made me happy..Thanks My Assignment Help.Com
User ID: 8***63 Brisbane, Philippines
Criminal Law
Essay: 8 Pages, Deadline:
17 days
The best. The exams were done on time. I am very satisfied. Thank you in advance
User ID: 7***19 Dublin, Ireland
Criminal Law
Assignment: 6 Pages, Deadline:
12 days
The best. The exams were done on time. I am very satisfied. Thank you very much for all
User ID: 7***19 Dublin, Ireland
Management
Assignment: 8 Pages, Deadline:
12 hours
Well done. The work is well-presented and the three topics are worthy of investigation. Thanks.
User ID: 4***25 Dublin, United Arab Emirates
Assignment
Home Work: 3 Pages, Deadline:
7 days
Thanks to your efforts and reaching out before the due date. Your works are well written and well organized.
User ID: 6***55 Dublin, Canada
Business Law
Case Study: 4 Pages, Deadline:
25 days
Good job, I am happy with the amazing services and completed work given. Thank you very much for helping me receive a good mark. Will definitely work …
User ID: 2***91 Kuala Lumpur, Malaysia
Nursing
Assignment: 1 Page, Deadline:
4 days
This powerpoint was neat and concise. The expert definitely followed through with what was asked.
User ID: 6***42 United States
Nursing
Assignment: 12 Pages, Deadline:
5 days
well written assignment. good references and all done in a timely manner. pricing was good and support available when needed
User ID: 6***93 United Kingdom, Great Britain
Maths
Course Work: 0.4 Pages, Deadline:
2 hours
Great, very clear, thank you very much For your help on this assignment. All the best
User ID: 8***61 United Kingdom, Great Britain
Marketing
Assignment: 3 Pages, Deadline:
3 days
This website has been absolutely amazing and been very helpful and beneficial to my progress in my program.
User ID: 5***18 Mobile, United States
Electronics
Essay: 1 Page, Deadline:
7 days
seems good (ok i am only writing this because of 80 characters, what more that seems good do you want?)
User ID: 8***00 Mobile, France
Biology
Programming: 4 Pages, Deadline:
1 day
The effort and work they do is excellent and they have a great speed to complete tasks, I will always cooperate with them
User ID: 8***67 Belfast, Great Britain
Statistics
Programming: 16 Pages, Deadline:
4 days
the assignment is good which gave me a good marks and feedback i got from uni is good attempt
User ID: 6***66 United Kingdom, Great Britain
Biology
Home Work: 5 Pages, Deadline:
5 days
good and fast will use again helped me understand more I was able to incorporate the work done with mine
User ID: 8***83 United Kingdom, Great Britain
Civil Law
Home Work: 10 Pages, Deadline:
8 days
written very well, appreciate the help with writing this assignment. will definitely go through you this service again. very happy
User ID: 7***52 Brisbane, Australia
Assignment
Assignment: 4 Pages, Deadline:
14 days
awesome work was very well written and covered all basics of the assignment. appreciate the help.
User ID: 7***52 Brisbane, Australia
Organizational Behavior
Essay: 7.2 Pages, Deadline:
2 days
The content was great and right on the mark. Very comprehensive and descriptive.
User ID: 8***23 Brisbane, Australia
Mechanical Engineering
Programming: 2 Pages, Deadline:
4 days
good work … excellent quality content delivered by team. Expecting same quality for future.
User ID: 7***58 Brisbane, Saudi Arabia
Management
Home Work: 3.2 Pages, Deadline:
2 days
Thank you for your help. Really helpful with my assignments. Got the marks which I targeted for.
User ID: 6***31 Brisbane, Australia
Organizational Behavior
Programming: 18 Pages, Deadline:
10 days
Quite pleased with the outcome . Had few times back and forth to correct things. The expert should focus more with the required details.
User ID: 7***76 Brisbane, Switzerland
Statistics
Home Work: 0 Pages, Deadline:
4 days
Good with good grades too. my score statistics made me happy..Thanks My Assignment Help.Com
User ID: 8***63 Brisbane, Philippines
Criminal Law
Essay: 8 Pages, Deadline:
17 days
The best. The exams were done on time. I am very satisfied. Thank you in advance
User ID: 7***19 Dublin, Ireland
Criminal Law
Assignment: 6 Pages, Deadline:
12 days
The best. The exams were done on time. I am very satisfied. Thank you very much for all
User ID: 7***19 Dublin, Ireland
Management
Assignment: 8 Pages, Deadline:
12 hours
Well done. The work is well-presented and the three topics are worthy of investigation. Thanks.
User ID: 4***25 Dublin, United Arab Emirates
Assignment
Home Work: 3 Pages, Deadline:
7 days
Thanks to your efforts and reaching out before the due date. Your works are well written and well organized.
User ID: 6***55 Dublin, Canada
Business Law
Case Study: 4 Pages, Deadline:
25 days
Good job, I am happy with the amazing services and completed work given. Thank you very much for helping me receive a good mark. Will definitely work …
User ID: 2***91 Kuala Lumpur, Malaysia
Have any Query?
The post BUACC3741 Auditing|Management of Charles Ltd Auditor appeared first on study tools.
