Question
In: Accounting
You are an audit senior in ROA Associates. You are part of a team assigned to...
You are an audit senior in ROA Associates. You are part of a team assigned to Lucy Beauty Ltd (a manufacturing firm listed on the GSE). Your team leader allocated to you two of the following components: (ii) Purchases; (iii) Revenue (iv) Cash & bank transactions. (v) Property & Equipment Required a) Identify ALL assertions relevant to the audit of each of the components assigned to you and indicate the possible risk associated with the assertions identified. b) For each risk identified, respond with relevant audit procedures which provide appropriate evidence. c) Outline the relevant internal control considerations and objectives for each of the components assigned to you.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
You are audit senior at Bernstein and Griffiths and have been assigned to the audit of...
You are audit senior at Bernstein and Griffiths and have been
assigned to the audit of Stockman Ltd (Stockman) for the current
year. Stockman manufactures, wholesales and retails Australian
outback clothing for sale both in Australia and overseas. During
the planning stage of the audit, you have identified the following
three key internal controls over the functioning of Stockman’s
online inventory management system:
Internal control 1 – the system will not allow a customer to
place an order for an...
You are the audit senior on the audit engagement of Brown’s Farm Produce. You have assigned...
You are the audit senior on the audit engagement of Brown’s Farm
Produce. You have assigned the role of identifying subsequent
events for this audit client to Brian Peters who is Senior
Associate with your firm. This is his first subsequent events
review. The following information pertains to the audit engagement
of Brown’s Farm Produce.
i) Detailed audit work was completed on Thursday 5
December 1997.
ii) The proposed audit report sign date is Friday 19
December 1997.
iii) It is proposed that...
You are the audit senior on the audit engagement of Brown’s Farm Produce. You have assigned...
You are the audit senior on the audit engagement of Brown’s
Farm
Produce. You have assigned the role of identifying subsequent
events
for this audit client to Brian Peters who is Senior Associate
with
your firm. This is his first subsequent events review. The
following
information pertains to the audit engagement of Brown’s Farm
Produce.
i) Detailed audit work was completed on Thursday 5 December
1997.
ii) The proposed audit report sign date is Friday 19 December
1997.
iii) It...
You are an audit senior at Thompson & Associates and have noted the following independent issues...
You are an audit senior at Thompson & Associates and have
noted the following independent issues in relation to the audit of
Creek Ltd: (i) The Creek company Ltd usually carried out its
stocktake on balance date after it had closed its stores for the
day but due to illness the stocktake was not carried out until
twenty days after balance date. (ii) The audit of the accounting
system found numerous severe internal control weaknesses during the
interim audit ....
You are an audit senior at Sheerin& Associates and have noted the following independent issues in...
You are an audit senior at Sheerin& Associates and have
noted the following independent issues in relation to the audit of
Creek Ltd:
The Creek company Ltdusually carried out its stocktakeon
balance date after it had closed its stores for the day but due to
illness the stocktake was carried out twentydaysafter balance
date.
The audit of the accounting system found numerous severe
internal control weaknesses during the interim audit .
Due to increased competitive pressures, Creek Ltdhas recently
moved...
You are a staff auditor with Zubair Associates. Your audit team is in the planning stage...
You
are a staff auditor with Zubair Associates. Your audit team is in
the planning stage for Dhofar Cosmetics Inc., a beauty supply
wholesaler. Describe the brainstorming process and types of issues
that may be brought to the surface regarding your client.
You are the audit senior at Zhang Zi Zi Associates. Below are issues fixed by your...
You are the audit senior at Zhang Zi Zi Associates. Below are
issues fixed by your audit teams:
1. Valentine Creativity is a bespoke designer label located
throughout Chine. 40% of the inventory can be found in warehouses
in Wuxi and Guangzhou. The rest of the inventory is found in all
their 300 stores across China, Hongkong, and Macau. The high value
consist of designer pearls can be found in Beijing, Hongkong, and
Shanghai. Special strong vaults are built in...
You, CPA, are employed as an audit senior at an accounting firm. You were recently assigned...
You, CPA, are employed as an audit senior at an accounting
firm.
You were recently assigned to the audit of the financial
statements of Medical Supplies Ltd. (MSL). Your first task is to
ensure that the inventory balance reported on MSL’s statement of
financial position is accurate. MSL’s accountant has provided the
following details regarding the inventory count performed on
December 31, 2019:
Only inventory on the shelves, in storage and in the receiving
area was counted. These inventory items...
Question 7 You are currently part of the audit team that is conducting the audit of...
Question 7
You are currently part of the audit team that is conducting the
audit of Big Trucks Ltd (Big Trucks) for the year ended 30 June
2020. Big Trucks is an importer of large pickup trucks such as
Ford’s F250 and Dodge’s Ram 2500. Big Trucks converts these
vehicles to comply with Australian road rules and standards. Your
audit manager has asked you to oversee the audit of Big Trucks’
inventory account balance, which is highly material. Big Trucks...
As part of the fieldwork of an audit engagement, the senior on the audit obtained and...
As part of the fieldwork of an audit engagement, the senior on
the audit obtained and documented an understanding of the company's
internal control relating to accounts receivable and assessed
control risk related to accounts receivable at the maximum level.
Alejandro, the staff person assigned to the engagement, requested
and obtained from the company an aged accounts receivable schedule
listing the total amount owed by each customer as of December 31,
2017, and sent positive confirmation requests to a sample...
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