Assessment Task – Tutorial Questions

Assessment Task – Tutorial Questions

Assessment Task – Tutorial Questions

Unit Code: HI-6026

Unit Name: Audit, Assurance and Compliance

Assignment: Tutorial Questions

Due: 28 February 2021

Weighting: 50%

Purpose: This assignment is designed to assess your level of knowledge of the key topics covered in this unit

1. Demonstrate an understanding of the reporting requirements and auditing standards.
2. Demonstrate an understanding of the auditor’s professional, legal and ethical responsibilities to their clients and third parties.
3. Identify the elements of the financial report audit process.
4. Understand the audit planning procedures, evaluate the business risk and assess the internal control.
5. Prepare auditing procedures for transactions and balances by conducting control and substantive Tests.
6. Understand the auditor’s reporting obligations.

Description: Each week students were provided with three tutorial questions of varying degrees of difficulty. The tutorial questions are available in the Tutorial Folder, for each week, on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task is to answer a selection of tutorial question for weeks 1 to 5 inclusive and submit these answers in a single document.

Submission Directions:

The assignment will be submitted via Blackboard. Each student will be permitted only ONE submission to Blackboard. You need to ensure that the document submitted is the correct one.

Question 1Week 1 (7 Marks)

Section 301 of the Corporations Act requires companies to have their financial reports audited. Academic research suggests that Big-4 auditors charge higher fees than other auditors and their audit reports are more credible than those issued by other auditors.

Required:

In times of economic recession would you expect:

  • the demand for audits to increase or decrease? (3 marks) (100-150 words)
  • clients to shift from large (Big-4) auditors to smaller auditors, or from smaller auditors to Big- 4 auditors? Why or why not? (4 marks) (100-150 words)
Question 2Week 3 (7 Marks)

Godwin, Key & Associates is a small, but rapidly growing, audit firm. Its success is largely due to the growth of several clients that have been with the firm for more than five years. One of these clients, Carolina Company Ltd, is now listed on the ASX and must comply with additional reporting regulations. Carolina Company Ltd’s rapid growth has meant that it is financially stretched and its accounting systems are struggling to keep up with the growth in business. The client continuance decision is about to be made for the next financial year.

The managing partner of Godwin, Key & Associates, Rebecca Sawyer, has recognised that the audit firm needs to make some changes to deal with the issues created by the changing circumstances of its major client and the audit firm’s overall growth. She is particularly concerned that the audit firm could be legally liable if Carolina Company Ltd’s financial situation worsens and it fails.

Required:

  • Provide guidance to Rebecca about the steps she can take to avoid the threat of litigation if Carolina Company Ltd fails. (3 marks) (150 -200 words)
    • What should Rebecca consider when making the client continuance decision for Carolina Company Ltd for the next financial year? (4 marks) (300-350 words)
Question 3Week 4 (7 Marks)
  • Audit tests include tests of controls and substantive procedures. Substantive procedures can be divided into substantive analytical procedures, tests of balances, tests of transactions and tests of disclosures.

Required:

For each test in the table below, select the type of audit test it represents. (3 marks) ( 30-50 words)

 TestType of test
1Examine the financial report to determine whether  all related party loans are properly presented 
2Recalculate depreciation figure 
3Trace sales recorded in the sales journal to shipping documents 
4Examine sales invoices for initials to indicate that prices and extensions have been checked 
5Check cost of closing inventory to subsequent sales prices 
6Confirm loan balances with financial institutions 
  • You are the audit senior on the audit of Marsa Ltd, a large manufacturing company, for the year ended 30 June 2020. It is now 16 July 2020 and you are reviewing the audit working papers prepared by the audit assistant, Trena Berk. You notice the following matters:
  • As part of her work on subsequent events since balance date, Trena noted that there were a large number of returns in July of product XLP. However, as this product was first sold in June and represented only 1 per cent of sales for the year, she concluded that the amount was immaterial and that no further work was necessary.
    • Trena selected 20 invoices to test the control that the salesclerk checks that the prices agree with the authorised price list. She found three instances where the salesclerk had not signed the ‘prices checked’ box on the invoice. The sales manager explained that the salesclerk always checks the prices, but sometimes forgets to sign the box. As the prices on all the invoices agreed with the authorised price list, Trena concluded that the control was operating satisfactorily.

Required:

For each of the two scenarios presented above, indicate whether you believe that sufficient appropriate audit evidence was obtained to support the conclusions reached. Give reasons for your decision. (4 marks) (130- 150 words)

Question 4Week 7 (7 Marks)

Mighty Tools Hardware runs a network of small hardware retail outlets across the state. All sales are made for cash or on credit card and processed through electronic tills. A wide range of goods are stocked by the stores, meaning that the business deals with a large number of suppliers. All goods are purchased on credit with varying terms, depending on the supplier. Invoices are paid by cheque after a package of documents is collated and approved for payment. Ordering of goods and subsequent payments are processed by the central office with delivery direct from supplier to the stores — no central warehouse is used. Mighty Tools uses a perpetual stock system and conducts test counts at regular periods throughout the year.

Required:

  • What controls should exist for inventory movements at the local store level and the central office? (3 marks) (150-180 words)
  • Explain how the stocktake for Mighty Tools Hardware should be audited. What details are most important? (4 marks) (230-250 words)
Question 5Week 10 (11 Marks)

OPSM Opticians Ltd is a producer of fashion eyewear. The audit report for the year ended 30 June 20X9 was signed on 5 August 20X9 and along with the financial report was mailed to shareholders on 10 August.

Consider the following independent events. Assume that each event is material.

  1. On 5 July, OPSM Opticians entered into a new contract to supply eyewears to JDS, a new major department store. The contract was similar in nature to other contracts previously negotiated. (2 marks) (50- 80 words)
    1. OPSM Opticians has invested significant funds in developing a new type of unbreakable sunglass lens. On 8 July, OPSM Opticians applied for a patent for the lens, only to discover that a competitor had lodged a similar application on 20 June. The granting of Trendy Accessories’ application is now in serious doubt. (2 marks) (50- 80 words)
    1. Internal audit has uncovered a major fraud at one of OPSM Opticians branches. The fraud was perpetrated by two senior staff, acting in collusion over a number of years. The internal auditors released their report to management on 15 July, after a highly confidential investigation spanning several months. (2 marks) (50- 80 words)
    1. One of OPSM Opticians major customers, Leisure Pty Ltd, suffered a fire on 20 July. Since Leisure Pty Ltd was uninsured, it is unlikely that their accounts receivable balance will be paid. (2 marks) (50- 80 words)
    1. On 25 July, a well-known financial planner advised his clients not to invest in OPSM Opticians due to poor long-term growth prospects. The market price for OPSM Opticians shares subsequently declined by 40%. (3 marks) (50- 80 words)

Required:

For each of the above events, state the appropriate action (if any) that the auditor would require of the client. Give reasons. (11 marks)

While completing your audit work for the 30 June 2019 audit of Greenfield Ltd, you become aware of the following material matters:

  1. On 5 July, Blue Pty Ltd, a major customer of Greenfield Ltd, was placed into liquidation. As Blue Pty Ltd had confirmed the balance due to Greenfield Ltd as at balance date, management of Greenfield Ltd has refused to write off or provide for the Blue Pty Ltd account in the 30 June 2019 financial report. However, they are prepared to disclose this information as a note to the financial report. (2.75 marks) (50- 80 words)
  2. On 15 July, Greenfield Ltd entered into a new contract to supply wine to Wine Taster, a major new wine store that had set up operations in northern South Australia. The contract was similar in nature to other contracts previously negotiated with other wine stores. Management does not believe that any change to the financial report is required. (2.75 marks) (50- 80 words)
  3. Greenfield Ltd has capitalised significant funds incurred in developing an improved new wine cap that allows the wine to continue to develop in the bottle. On 20 July, Greenfield Ltd applied for a patent for the cap, only to discover that a competitor had lodged a similar application on 15 June. The granting of Greenfield Ltd’s patent application is now in serious doubt. Management do not believe any change to the financial report is required. (2.75 marks) (50- 80 words)
  4. A note to the financial report of Greenflied Ltd refers to an agreement to sell its major subsidiary, Bursa Valley Pty Ltd, to a rival wine company. This agreement was finalised the day before the financial report was to be signed and the sale is to take place a month after the audit report is to be signed. You have verified this transaction. However, when reviewing the ‘Chairman’s Review’, which is to be included in the annual report that contains the audited financial report, you see that:
    1. plans for expanding Bursa Valley Pty Ltd’s facilities are outlined.
    1. the additional revenue to be generated over the next ten years as a result of this expansion is tabulated; and
    1. there is no reference to the sale of Bursa Valley Pty Ltd.

Management believe that it is too late to make any changes to the annual report, as it is ready to send to the printers, as soon as the audit report is signed. (2.75 marks each) (50- 80 words)

Required:

For each independent situation, state the type of audit report that you should issue and give reasons for your answer.

Submission Directions:

The assignment has to be submitted via Blackboard. Each student will be permitted one submission to Blackboard only. Each student needs to ensure that the document submitted is the correct one.

Academic Integrity

Holmes Institute is committed to ensuring and upholding Academic Integrity, as Academic Integrity is integral to maintaining academic quality and the reputation of Holmes’ graduates. Accordingly, all assessment tasks need to comply with academic integrity guidelines. Table 1 identifies the six categories of Academic Integrity breaches. If you have any questions about Academic Integrity issues related to your assessment tasks, please consult your lecturer or tutor for relevant referencing guidelines and support resources. Many of these resources can also be found through the Study Skills link on Blackboard.

Academic Integrity breaches are a serious offence punishable by penalties that may range from deduction of marks, failure of the assessment task or unit involved, suspension of course enrolment, or cancellation of course enrolment. Table 1: Six categories of Academic Integrity breaches

PlagiarismReproducing the work of someone else without attribution. When a student submits their own work on multiple occasions this is known as self-plagiarism.
CollusionWorking with one or more other individuals to complete an assignment, in a way that is not authorised.
CopyingReproducing and submitting the work of another student, with or without their knowledge. If a student fails to take reasonable precautions to prevent their own original work from being copied, this may also be considered an offence.
ImpersonationFalsely presenting oneself, or engaging someone else to present as oneself, in an in-person examination.
Contract cheatingContracting a third party to complete an assessment task, generally in exchange for money or other manner of payment.
Data fabrication and falsificationManipulating or inventing data with the intent of supporting false conclusions, including manipulating images.

Source: INQAAHE, 2020

If any words or ideas used the assignment submission do not represent your original words or ideas, you must cite all relevant sources and make clear the extent to which such sources were used.

In addition, written assignments that are similar or identical to those of another student is also a violation of the Holmes Institute’s Academic Conduct and Integrity policy. The consequence for a violation of this policy can incur a range of penalties varying from a 50% penalty through suspension of enrolment. The penalty would be dependent on the extent of academic misconduct and your history of academic misconduct issues.

All assessments will be automatically submitted to Self-Assign to assess their originality.

Further Information:

For further information and additional learning resources please refer to your Discussion Board for the unit.

Order Now

Get expert help for Assessment Task – Tutorial Questions and many more. 24X7 help, plag free solution. Order online now!

Universal Assignment (June 20, 2024) Assessment Task – Tutorial Questions. Retrieved from https://universalassignment.com/assessment-task-tutorial-questions/.
"Assessment Task – Tutorial Questions." Universal Assignment - June 20, 2024, https://universalassignment.com/assessment-task-tutorial-questions/
Universal Assignment May 16, 2023 Assessment Task – Tutorial Questions., viewed June 20, 2024,<https://universalassignment.com/assessment-task-tutorial-questions/>
Universal Assignment - Assessment Task – Tutorial Questions. [Internet]. [Accessed June 20, 2024]. Available from: https://universalassignment.com/assessment-task-tutorial-questions/
"Assessment Task – Tutorial Questions." Universal Assignment - Accessed June 20, 2024. https://universalassignment.com/assessment-task-tutorial-questions/
"Assessment Task – Tutorial Questions." Universal Assignment [Online]. Available: https://universalassignment.com/assessment-task-tutorial-questions/. [Accessed: June 20, 2024]

Please note along with our service, we will provide you with the following deliverables:

Please do not hesitate to put forward any queries regarding the service provision.

We look forward to having you on board with us.

Categories

Get 90%* Discount on Assignment Help

Most Frequent Questions & Answers

Universal Assignment Services is the best place to get help in your all kind of assignment help. We have 172+ experts available, who can help you to get HD+ grades. We also provide Free Plag report, Free Revisions,Best Price in the industry guaranteed.

We provide all kinds of assignmednt help, Report writing, Essay Writing, Dissertations, Thesis writing, Research Proposal, Research Report, Home work help, Question Answers help, Case studies, mathematical and Statistical tasks, Website development, Android application, Resume/CV writing, SOP(Statement of Purpose) Writing, Blog/Article, Poster making and so on.

We are available round the clock, 24X7, 365 days. You can appach us to our Whatsapp number +1 (613)778 8542 or email to info@universalassignment.com . We provide Free revision policy, if you need and revisions to be done on the task, we will do the same for you as soon as possible.

We provide services mainly to all major institutes and Universities in Australia, Canada, China, Malaysia, India, South Africa, New Zealand, Singapore, the United Arab Emirates, the United Kingdom, and the United States.

We provide lucrative discounts from 28% to 70% as per the wordcount, Technicality, Deadline and the number of your previous assignments done with us.

After your assignment request our team will check and update you the best suitable service for you alongwith the charges for the task. After confirmation and payment team will start the work and provide the task as per the deadline.

Yes, we will provide Plagirism free task and a free turnitin report along with the task without any extra cost.

No, if the main requirement is same, you don’t have to pay any additional amount. But it there is a additional requirement, then you have to pay the balance amount in order to get the revised solution.

The Fees are as minimum as $10 per page(1 page=250 words) and in case of a big task, we provide huge discounts.

We accept all the major Credit and Debit Cards for the payment. We do accept Paypal also.

Popular Assignments

BUS7015 Financial Management Assessment

BUS7015 Financial Management Assessment Date for Submission: Please refer to the timetable on ilearn (The submission portal on ilearn will close at 14:00 UK time on the date of submission) Page 1 of 9 [3702] Arden University © reserves all rights of copyright and all other intellectual property rights in

Read More »

Assignment 1: Case studies of real-life organisations

Assessment 1: The individual essay is due in week 8 and ought to be 2000 words long.You will have the option of two essay questions based on case studies of real-life organisations. Pick option 1 or 2.Option 1. What was the Volkswagen Emissions Scandal?a) Explain the scandal, and if you

Read More »

Operations in Business SCQF 8 LNDN08004

SCHOOL OF BUSINESS AND CREATIVE INDUSTRIES Assignment Brief COURSEWORK Session 2023/2024 Module Title Operations in Business Level of Study SCQF 8 Module Code LNDN08004 Programme of Study BA (Hons) International Business Pathways Submission date and time Assessment 1: 19th July 2024 by 2 pm Assessment 2: 12th July 2024 by

Read More »

ARCH7004: Planning and Development Control Assessment 3

Assessment 3: Choose a particular type of commercial, industrial or high-rise development (Class 2-9 building) or subdivision that is currently being considered by a Consent Authority such as a Local Council (court or tribunal) or a State or Federal Government Agency (this may be the site from Assessment 2). Once

Read More »

Promote Person-Centred Approaches in Care Settings:

Remember when you are answering the questions to look at the command words and here is what each of these mean within the questions, below is a table with the meanings of some of the operative words you will see in this unit. Describe Give a clear description that includes

Read More »

Promote equality and inclusion in Care settings:

Remember when you are answering the questions to look at the command words and here is what each of these mean within the questions, below is a table with the meanings of some of the operative words you will see in this unit. Describe Give a clear description that includes

Read More »

Physical Activity, Health and Wellbeing Assignment

 Bsc Public Health and Health Promotion (Top up) June 23 Intake,  LONDON          Physical Activity, Health and Wellbeing Assignment Brief.                  Assessment 1: Poster Design and written presentation of a physical activity intervention (weighted at 20%). 800 words Your aim is to create an intervention that ‘nudges’ students and staff

Read More »

Innovation Proposal | Part 2 – Execution and Change Plan

Instructions:  Part 2 Research indicates that the execution and implementation of innovation is the greatest challenge for leaders. Generating ideas is deemed exciting while implementing change is considered the biggest challenge, which often results in organizational resistance. REQUIREMENTS Top of Form Bottom of Form Submission status Grading criteria Implementation Schedule,

Read More »

Innovation Proposal | Part 3 – Leadership Reflection and Application

Instructions  Part 3  REQUIREMENTS Top of Form Bottom of Form Submission status Grading criteria Analysis (see rubric in syllabus for evaluation guidelines) Beginning (0-55); Developing (56-63); Accomplished (64-71); Exemplary (72-80) Fully developed introspective analysis of how innovation impacts personal leadership. Thoroughly examines the influence of personal faith worldview on pursuing

Read More »

EDUCATORS INQUIRING ABOUT THE WORLD

EDUCATORS INQUIRING ABOUT THE WORLD     ASSESSMENT 1 PROPOSAL PLAN (FORMATIVE) TEMPLATE (20 marks)  Complete the proposal under the following headings as they provide guidelines for the overall format and contents of the proposal.   DECLARATION: By submitting this assessment I declare the following  Remove ALL Blue Writing before submission. Leave

Read More »

Introduction to Sociology

Measurable Objectives Week 7 Materials The materials for the week address the issue of Crime & Deviance. Crime and Deviance are not the same!                                                                                      Crime is a violation of law (local, State, or federal laws).                                                                      Crime is a social construct. Crime is a product of someone’s reality. Deviance Deviance is

Read More »

MBA623 Healthcare Management: Technology Analysis

Assessment 3 Information Subject Code: MBA623 Subject Name: Healthcare Management Assessment Title Technology Analysis Assessment Type: Length: Individual video recording 10 minutes maximum Weighting: 30% Total Marks: Submission: 100 Online Due Date: Week 13 Your task Individually, you are required to record a 10-minute webinar discussing My Health Record’s role

Read More »

ARCH7004: Planning and Development Control Assessment 4

Assessment 4: Due on: 14 June 2024 NSW Students: The NSW Coast is considered of great importance in terms of its protection, conservation and development opportunities for the State. Describe the elements on the NSW Coastal Management Framework and the key aspects for development control within the State? What is

Read More »

EDM9780M CEEL Summative Assignment 2023-2024

Below you will find instructions on completing each of the four parts of your final summative assignment. Part 1 – Personal/professional area of interest in education (1000 – 1,500 words max) For this part of the assignment, you will need to: How to complete this part (Part 1): 1. Choose

Read More »

AT1 PREPARATION REFLECTION TEMPLATE

Weighting: 5 marks (10%) of the assignment. COMPLETE & SUBMIT INDIVIDUALLY. This is the second of THREE documents required for submission for the assignment. Complete the following, describing and reflecting upon your involvement with the preparation for the Group Presentation, including your interaction with other members of your team in

Read More »

SUMMATIVE ASSIGNMENT – Mathematics for Science

IMPORTANT INFORMATION 1 Electric power is widely used in industrial, commercial and consumer applications. The latter include laboratory equipment for example water baths, spectrophotometers, and chromatographs. If you have 17.3 kA and 5.5 MV, what is the power? Give the appropriate unit.                                                                                                               (3 marks) 2 Oil immersion objective lenses

Read More »

Assignment CW 2. Foundations of Biology

The instructions in RED are the ones which are mark-bearing and need to be answered as part of the assignment. The instructions in BLACK tell you how to carry out the simulation Diffusion simulation: Results table Use Excel to calculate the mean and standard deviation. The functions are AVERGAGE and

Read More »

MA Education Dissertation Proposal

Student Name Click here to enter text. Student ID                       Proposed title of research project Click here to enter text.       State the background references on which your research is based (ideally 4 or 5) Click here to

Read More »

Assignment: Implement five dangerous software errors

Due: Monday, 6 May 2024, 3:00 PM The requirements for assessment 1: Too many developers are prioritising functionality and performance over security. Either that, or they just don’t come from a security background, so they don’t have security in mind when they are developing the application, therefore leaving the business

Read More »

LNDN08003 DATA ANALYTICS FINAL PROJECT

Business School                                                                 London campus Session 2023-24                                                                   Trimester 2 Module Code: LNDN08003 DATA ANALYTICS FINAL PROJECT Due Date: 12th APRIL 2024 Answer ALL questions. LNDN08003–Data Analytics Group Empirical Research Project Question 2-The project (2500 maximum word limit) The datasets for this assignment should be downloaded from the World Development Indicators (WDI)

Read More »

Microprocessor Based Systems: Embedded Burglar Alarm System

ASSIGNMENT BRIEF 2023/24 Microprocessor Based Systems   Embedded Burglar Alarm System Learning Outcomes This assignment achieves the following learning outcomes:   LO 2 -Use software for developing embedded systems in ‘C’ and testing microcontroller systems including the use of design tools such as Integrated Development Environments and In Circuit Debugger.

Read More »

Imagine you are an IT professional and your manager asked you to give a presentation about various financial tools used to help with decisions for investing in IT and/or security

Part 1, scenario: Imagine you are an IT professional and your manager asked you to give a presentation about various financial tools used to help with decisions for investing in IT and/or security. The presentation will be given to entry-level IT and security employees to understand financial investing. To simulate

Read More »

DX5600 Digital Artefact and Research Report

COLLEGE OF ENGINEERING, DESIGN AND PHYSICAL SCIENCES BRUNEL DESIGN SCHOOL DIGITAL MEDIA MSC DIGITAL DESIGN AND BRANDING MSC DIGITAL DESIGN (3D ANIMTION) MSC DIGITAL DESIGN (MOTION GRAPHICS) MSC DIGITAL DESIGN (IMMERSIVE MIXED REALITY) DIGITAL ARTEFACT AND RESEARCH REPORT                                                                 Module Code: DX5600 Module Title: MSc Dissertation Module Leader: XXXXXXXXXXXXXXXXX Assessment Title:

Read More »

Bsc Public Health and Health Promotion (Top up) LSC LONDON

Health and Work Assignment Brief.                 Assessment brief: A case study of 4,000 words (weighted at 100%) Students will present a series of complementary pieces of written work that:   a) analyse the key workplace issues; b) evaluate current or proposed strategies for managing them from a public health/health promotion perspective

Read More »

Can't Find Your Assignment?

Open chat
1
Free Assistance
Universal Assignment
Hello 👋
How can we help you?