Facebook Facebook Facebook Connect with us:

+14255776343
Auditing

Below are Essay & Assignments tackled by us on Auditing

Showing 1 to 10 of 10 results.

  • A discussion on the correct course of action an auditor should adopt under different circumstances
  • This assignment is based on the following Auditing questions –

    Auditor’s opinion regarding company’s financial statements, conditions and performance are based on mandatory requirements under the Corporations Act 2001. Specific auditing standards provide guidance to auditors in planning an audit and forming audit opinions. Refer to the following independent situations:

    i. Inventory on hand at year end has been valued at cost in the financial report of your client. However, net realisable value is 10% below cost according to the audit findings. The difference is a material amount.

    ii. In the previous financial year your client purchased property and entered into a contract to develop a shopping complex and then sell the developed real estate to an unrelated third party for a “cost plus” settlement price. Following the sale early in the financial year, an economic recession resulted in rentals and occupancy rates being well below forecasts prepared by your client. Just before year end, the purchaser threatened to sue for damages alleging they relied on your client’s forecasts when entering into the contact. The amount of damages being claimed is highly material to your client. Your client has obtained an opinion from a well-known legal advisor which concludes that no damages should be payable. The directors have therefore included no reference to the matter in the financial report to be released next week. However, you have heard that the purchaser has also obtained legal advice which supports its case.

    iii. You are auditing a charity where net income is generally about 55% of gross revenues. Due to the small number of the charity’s staff, there is a lack of control over completeness of revenue. Despite your best efforts, you conclude that you do not have enough evidence to support the completeness assertion.

    iv. Management of ABC Limited has decided not to disclose directors’ fees in the accounts as they are not material. You cannot convince management to change its decision. However, you agree that the amounts are not material.

    v. Management of XYZ Limited has estimated that allowance for doubtful debts should be $550,000. As auditor you believe that the allowance should be $655,000. Management will not change its estimate.
    Profit before tax for the year is $445,000.

    vi. Your client has several bank accounts one of which is in a foreign country. Cash balances total $760,000 with the account maintained in the foreign country totalling some $530,000. You have been unable to obtain a bank audit certificate or any third party confirmation with respect to the foreign bank account. The client has been unable to supply you with bank statements or other supporting documentation in relation to this bank account. Materiality for the client has been set at $470,000. All cash balances are classified as current assets in the client’s financial statements.


    ... Less

    View Full Assignment Get a quote for custom assignment

  • Audit plan on Cloud 9 Pty Ltd
  • ABSTRACT
    PART “A”
    INTRODUCTION
    History
    General and Industry-specific economic trends and conditions
    Competitive environment
    Product information
    Customer Information
    Supplier information
    The Effect of Technology
    Laws and regulations affecting the industry
    BUSINESS RISK
    INHERENT RISK
    PRELIMINARY ANALYTICAL PROCEDURES
    PART “B” Calculating the preliminary assessment for materiality
    Bases for Evaluating Materiality
    Starting and Ending points
    Internal Control Weakness
    Bibliography
    ... Less

    View Full Assignment Get a quote for custom assignment

  • Audit Plan on Energy Australia for the year ended June 30 2010
  • This document contains the audit strategy developed by us for conducting the audit of Energy Australia Limited for the financial year ended June 30, 2010 in accordance with Australian Auditing Standards.

    It serves as the basis for performing the audit of financial statements and provides us the familiarity with the organization, its operations, internal controls exercised by the management and key risks involved in the business operations.

    Based on the audit plan, we carry out our work for auditing the financial statements to provide reasonable assurance to users that financial statements of the entity represents a true and fair view of the entity’s affairs and are free from any material misstatement


    ... Less

    View Full Assignment Get a quote for custom assignment

  • Auditing assignment on the collapse of an Australian company One.Tel
  • N/A ... Less

    View Full Assignment Get a quote for custom assignment

  • Auditing case study
  • N/A ... Less

    View Full Assignment Get a quote for custom assignment

  • Auditing Plannig case study on Santos
  • N.A. ... Less

    View Full Assignment Get a quote for custom assignment

  • Discussion on ‘Audit expectation gap’
  • N/A ... Less

    View Full Assignment Get a quote for custom assignment

  • Essay on Can auditors remains truly independent when conducting an annual audit of financial statements if their firms provided non-audit service to audit clients?
  • Executive summary on independent auditors
    Introduction on assignment on independent auditors
    Laws enacted to curb the independence
    History of the debate on financial statement audit by independent auditors
    Review of related literature of on financial statement audit
    Effects of financial statement audit
    Case study on independent auditors
    Conclusion & Recommendations on financial auditing assignment
    List of financial statement audit references

    ... Less

    View Full Assignment Get a quote for custom assignment

  • Knowledge Audit report on Rabobank Australia
  • This is a knowledge auditing report prepared on Rabobank with the objective of analyzing the prevailing knowledge management system in the organization. In order to do this report secondary analysis has been conducted. The tools like internet, journals, reports, website etc has been used to collect data for the purpose of auditing the knowledge pool of the organization. The report focuses on understanding the present position of the intellectual asset in the organization; it will also focus on understanding the knowledge gap in the organization and the future scope of fulfilling it. ... Less

    View Full Assignment Get a quote for custom assignment

  • Report on Internal Auditing issues in Bank Muscat
  • The objective of the report was to concentrate on problems Bank Muscat (SAOG) had been facing in certain areas of its operation, and for the purpose of this report we concentrated on the problems Bank Muscat had been facing in its Audit Department. ... Less

    View Full Assignment Get a quote for custom assignment


How It Works:-