........................................ OTHER NAMES......................................................... STUDENT NUMBER................................................. MOCK FINAL EXAMINATION SEMESTER 2‚ 2009 PAPER A Unit: ACCG340 Auditing and Assurance Services Time Allowed: 2 hours plus 10 minutes reading time Total Number of Questions: FIVE (5) Instructions: Answer question 1 on the computer marking sheet provided. Answer questions 2 to 3 in the space provided in
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Objectives The main objective of the case is to outline how Teletron Inc plans to use Information Technology to improve its business processes‚ increase revenue and enter a new market segment. It highlights how the company sought to implement a new business model with the intent to tap into a new niche market‚ and change the culture of the organization. The case emphasized the importance of getting top management’s full participation in the decision process and how a Consultative Management style
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ACCT420 Auditing Test Three – Out of Class Portion Due Monday‚ April 30‚ 2012 1. Listed below are four interbank cash transfers‚ indicated by the letters a‚ b‚ c and d‚ of a client for late December 20X1‚ and early January 20X2. Your answer choice for the next two questions should be selected from this list. For each of transfers a through d indicate whether cash is understated‚ unaffected‚ or overstated by the transfer and provide a brief example of what could cause the situation in which
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Solutions for Chapter 2 True/False Questions 2-1 F 2-2 F 2-3 T 2-4 F 2-5 T 2-6 T 2-7 F 2-8 T 2-9 F 2-10 T 2-11 T 2-12 F Multiple Choice Questions 2-13 B 2-14 B 2-15 B 2-16 E 2-17 D 2-18 C 2-19 C 2-20 D 2-21 A 2-22 D 2-23 E 2-24 B Review and Short Case Questions 2-25 Fraud is an intentional act involving the use of deception that results in a material misstatement of the financial statements. Two types of misstatements are relevant to auditors’ consideration
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Situation Re- port Comment 1. A company has not followed generally accepted accounting principles in the recording of its leases. 7 2. A company has not followed generally accepted accounting principles in the recording of its leases. The amounts involved are immaterial. 1 3. A company valued its inventory at current replacement cost. While the auditor believes that the inventory costs do approximate replacement costs‚ these costs do not approximate any GAAP inventory valuation method
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doubt is needed in the financial statements (including the footnotes) and the audit report. If client disclosures appear inadequate‚ the auditor should document conclusions whether a qualified or adverse audit opinion should be expressed. Regular auditing procedures that may identify conditions and events that indicate a going concern problem include the following: 1. Analytical procedures – Analytical procedures used as a substantive test or used in the planning and overall review stages of the audit
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Content Executive summary 1. 0 Business operation of REX 1.1 Nature of revenue sources 1.2Conduct of operation 1.3 Products and services 1.4 Market conditions and competition 1.5 Regulatory environment 2.0 PEST analysis 2.1 Political 2.2 Economics 2.3 Social 2.4 Technical 3.0 Audit risks 3.1 Measurement risk of aircraft 3.2 Revenue manipulate risk 3.3 Derivative financial instruments risk 3.4 Employee benefit risk 4.0 Internal control Reference Executive summary
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INTERNATIONAL STANDARD ON AUDITING 315 IDENTIFYING AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT THROUGH UNDERSTANDING THE ENTITY AND ITS ENVIRONMENT (Effective for audits of financial statements for periods beginning on or after December 15‚ 2009) CONTENTS Paragraph Introduction Scope of this ISA .................................................................................. 1 Effective Date ....................................................................................... 2
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External Auditing – Week 4 discussion What do following risk categories mean: planned detection risk‚ inherent risk‚ control risk‚ acceptable audit risk? Can you give some examples? How do we as auditors deal with them? DETECTION RISK Detection risk is the risk that auditor’s substantive procedures will not detect a misstatement that exist in an account balance or class of transactions that could be material‚ individually or when aggregated with misstatements in other balances or classes.
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Issues In Auditing and Professional Practice ASSIGNMENT QUESTIONS The questions in this assignment are extracted from the text book for this paper; Reference: Johnson‚ R. (ed)‚ Readings in Auditing Volume 2‚ John Wiley & Sons Australia‚ 2007. Answer the following 4 questions: Question 1: (Chapter 10 “Australian Wheat Board”‚ p135 Question 4) Discuss the lessons to be learnt from the AWB scandal. Question 2: (Chapter 12 “Fraud prevention and detection- further guidance”‚ p158 Question 3)
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