Mt Hood
MT HOOD FURUNITURE MINI AUDIT PROJECT
Advanced Auditing 367904
Semester 2 2014
AIMS:
The aims of this case study are.
1.
2.
3.
To demonstrate the different phrases of an audit.
To illustrate specific audit techniques.
To work as an audit team in discussing issues and solving problems
OBJECTIVES:
On completion of this case study, you should be able to:
1.
2.
3.
4.
5.
Evaluate audit risks exposure.
Critically analyse situations which will impact on the audit process.
Analyse strengths/weaknesses in internal controls.
Evaluate audit evidence.
Document audit findings.
SCHEME OF WORK:
1.
The case documentation is presented in two segments:
Introduction and background to the company.
Assignments, together with any additional documentation necessary for their completion.
2.
For each question, students should prepare fully detailed and written answers as though they are for inclusion in an audit working paper file.
3.
Detailed instructions will be given for each section of the work required to be completed.
Mt Hood Furniture Ltd – Mini Audit
The group project is worth 40% of the total mark for this paper. Students are required to complete the requirements of the following questions:
QUESTIONS
Question 1: New client acceptance & Risk assessment
Question 2: Assessment of internal controls in sales cycle
Question 3: Accounts receivable confirmations and allowance for doubtful debts
Self-reflection
Group Marks
50
25
25
Due dates
Week 10 workshop
Week 11 workshop
HOW TO STUDY THE AUDIT CASE
An audit case is in many ways similar to a workshop case study. If you are going to benefit fully from the arguments and discussions about the case, not to mention give a good account of your own opinions, you must be well prepared before the workshop discussion. In effect, you must place yourself in the role of the senior on the audit engagement. You must plan the audit, design the programs and perform the
Advanced Auditing 367904
Semester 2 2014
AIMS:
The aims of this case study are.
1.
2.
3.
To demonstrate the different phrases of an audit.
To illustrate specific audit techniques.
To work as an audit team in discussing issues and solving problems
OBJECTIVES:
On completion of this case study, you should be able to:
1.
2.
3.
4.
5.
Evaluate audit risks exposure.
Critically analyse situations which will impact on the audit process.
Analyse strengths/weaknesses in internal controls.
Evaluate audit evidence.
Document audit findings.
SCHEME OF WORK:
1.
The case documentation is presented in two segments:
Introduction and background to the company.
Assignments, together with any additional documentation necessary for their completion.
2.
For each question, students should prepare fully detailed and written answers as though they are for inclusion in an audit working paper file.
3.
Detailed instructions will be given for each section of the work required to be completed.
Mt Hood Furniture Ltd – Mini Audit
The group project is worth 40% of the total mark for this paper. Students are required to complete the requirements of the following questions:
QUESTIONS
Question 1: New client acceptance & Risk assessment
Question 2: Assessment of internal controls in sales cycle
Question 3: Accounts receivable confirmations and allowance for doubtful debts
Self-reflection
Group Marks
50
25
25
Due dates
Week 10 workshop
Week 11 workshop
HOW TO STUDY THE AUDIT CASE
An audit case is in many ways similar to a workshop case study. If you are going to benefit fully from the arguments and discussions about the case, not to mention give a good account of your own opinions, you must be well prepared before the workshop discussion. In effect, you must place yourself in the role of the senior on the audit engagement. You must plan the audit, design the programs and perform the