Even complicated and confusing topics will be easily developed and covered if you request our help writing an essay. Place an order today!

1Assessment Task – Tutorial QuestionsUnit Code: HI-6026Unit Name: Audit, Assurance and ComplianceAssignment: Tutorial QuestionsDue: 28 February 2021Weighting: 50%Purpose: This assignment is designed to assess your level of knowledge of the key topicscovered 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 ethicalresponsibilities 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 theinternal control.5. Prepare auditing procedures for transactions and balances by conducting control andsubstantive Tests.6. Understand the auditor’s reporting obligations. Description: Each week students were provided with three tutorial questions of varyingdegrees 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, skillsand knowledge to answer the provided tutorial questions. Your task is to answer a selection oftutorial 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 ONEsubmission to Blackboard. You need to ensure that the document submitted is the correct one.2 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 theiraudit reports are more credible than those issued by other auditors.Required:In times of economic recession would you expect:(a) the demand for audits to increase or decrease? (3 marks) (100-150 words)(b) 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 tothe growth of several clients that have been with the firm for more than five years. One of theseclients, Carolina Company Ltd, is now listed on the ASX and must comply with additional reportingregulations. Carolina Company Ltd’s rapid growth has meant that it is financially stretched andits accounting systems are struggling to keep up with the growth in business. The clientcontinuance decision is about to be made for the next financial year.The managing partner of Godwin, Key & Associates, Rebecca Sawyer, has recognised that theaudit firm needs to make some changes to deal with the issues created by the changingcircumstances of its major client and the audit firm’s overall growth. She is particularly concernedthat the audit firm could be legally liable if Carolina Company Ltd’s financial situation worsensand it fails.Required:(a) Provide guidance to Rebecca about the steps she can take to avoid the threat of litigationif Carolina Company Ltd fails. (3 marks) (150 -200 words)(b) What should Rebecca consider when making the client continuance decision for CarolinaCompany Ltd for the next financial year? (4 marks) (300-350 words)3 Question 3Week 4 (7 Marks) (a) Audit tests include tests of controls and substantive procedures. Substantive procedures canbe divided into substantive analytical procedures, tests of balances, tests of transactions andtests of disclosures.Required:For each test in the table below, select the type of audit test it represents. (3 marks) ( 30-50words) TestType of test1Examine the financial report to determine whether allrelated party loans are properly presented2Recalculate depreciation figure3Trace sales recorded in the sales journal to shippingdocuments4Examine sales invoices for initials to indicate that pricesand extensions have been checked5Check cost of closing inventory to subsequent sales prices6Confirm loan balances with financial institutions (b) You are the audit senior on the audit of Marsa Ltd, a large manufacturing company, for theyear ended 30 June 2020. It is now 16 July 2020 and you are reviewing the audit working papersprepared by the audit assistant, Trena Berk. You notice the following matters: (i)As part of her work on subsequent events since balance date, Trena noted that therewere 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 concludedthat the amount was immaterial and that no further work was necessary.(ii) Trena selected 20 invoices to test the control that the salesclerk checks that the pricesagree with the authorised price list. She found three instances where the salesclerkhad not signed the ‘prices checked’ box on the invoice. The sales manager explainedthat the salesclerk always checks the prices, but sometimes forgets to sign the box. Asthe prices on all the invoices agreed with the authorised price list, Trena concludedthat the control was operating satisfactorily.Required:For each of the two scenarios presented above, indicate whether you believe that sufficientappropriate audit evidence was obtained to support the conclusions reached. Give reasons foryour decision. (4 marks) (130- 150 words)4 Question 4Week 7 (7 Marks) Mighty Tools Hardware runs a network of small hardware retail outlets across the state. All salesare made for cash or on credit card and processed through electronic tills. A wide range of goodsare stocked by the stores, meaning that the business deals with a large number of suppliers. Allgoods are purchased on credit with varying terms, depending on the supplier. Invoices are paidby cheque after a package of documents is collated and approved for payment. Ordering of goodsand subsequent payments are processed by the central office with delivery direct from supplierto the stores — no central warehouse is used. Mighty Tools uses a perpetual stock system andconducts test counts at regular periods throughout the year.Required:(a) What controls should exist for inventory movements at the local store level and the centraloffice? (3 marks) (150-180 words)(b) Explain how the stocktake for Mighty Tools Hardware should be audited. What details aremost important? (4 marks) (230-250 words)5 Question 5Week 10 (11 Marks) OPSM Opticians Ltd is a producer of fashion eyewear. The audit report for the year ended 30June 20X9 was signed on 5 August 20X9 and along with the financial report was mailed toshareholders on 10 August.Consider the following independent events. Assume that each event is material. I.On 5 July, OPSM Opticians entered into a new contract to supply eyewears to JDS, a newmajor department store. The contract was similar in nature to other contracts previouslynegotiated. (2 marks) (50- 80 words)OPSM Opticians has invested significant funds in developing a new type of unbreakableII. sunglass lens. On 8 July, OPSM Opticians applied for a patent for the lens, only to discoverthat a competitor had lodged a similar application on 20 June. The granting of TrendyAccessories’ application is now in serious doubt. (2 marks) (50- 80 words)III. Internal audit has uncovered a major fraud at one of OPSM Opticians branches. The fraudwas perpetrated by two senior staff, acting in collusion over a number of years. Theinternal auditors released their report to management on 15 July, after a highlyconfidential investigation spanning several months. (2 marks) (50- 80 words) IV.One of OPSM Opticians major customers, Leisure Pty Ltd, suffered a fire on 20 July. SinceLeisure Pty Ltd was uninsured, it is unlikely that their accounts receivable balance will bepaid. (2 marks) (50- 80 words)On 25 July, a well-known financial planner advised his clients not to invest in OPSMV. Opticians due to poor long-term growth prospects. The market price for OPSM Opticiansshares 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 requireof the client. Give reasons. (11 marks)6 Question 6Week 11 (11 Marks) While completing your audit work for the 30 June 2019 audit of Greenfield Ltd, you becomeaware of the following material matters:I. 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 Ltdaccount in the 30 June 2019 financial report. However, they are prepared to disclose thisinformation as a note to the financial report. (2.75 marks) (50- 80 words) II.On 15 July, Greenfield Ltd entered into a new contract to supply wine to Wine Taster, amajor 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 winestores. Management does not believe that any change to the financial report is required.(2.75 marks) (50- 80 words)III. Greenfield Ltd has capitalised significant funds incurred in developing an improved newwine cap that allows the wine to continue to develop in the bottle. On 20 July, GreenfieldLtd applied for a patent for the cap, only to discover that a competitor had lodged a similarapplication on 15 June. The granting of Greenfield Ltd’s patent application is now inserious doubt. Management do not believe any change to the financial report is required.(2.75 marks) (50- 80 words)IV. A note to the financial report of Greenflied Ltd refers to an agreement to sell its majorsubsidiary, Bursa Valley Pty Ltd, to a rival wine company. This agreement was finalised theday before the financial report was to be signed and the sale is to take place a month afterthe audit report is to be signed. You have verified this transaction. However, whenreviewing the ‘Chairman’s Review’, which is to be included in the annual report thatcontains the audited financial report, you see that:a) plans for expanding Bursa Valley Pty Ltd’s facilities are outlined.b) the additional revenue to be generated over the next ten years as a result of thisexpansion is tabulated; andc) 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 tosend 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 givereasons for your answer.7Submission Directions:The assignment has to be submitted via Blackboard. Each student will be permitted one submission toBlackboard only. Each student needs to ensure that the document submitted is the correct one.Academic IntegrityHolmes Institute is committed to ensuring and upholding Academic Integrity, as Academic Integrity is integral tomaintaining academic quality and the reputation of Holmes’ graduates. Accordingly, all assessment tasks need tocomply with academic integrity guidelines. Table 1 identifies the six categories of Academic Integrity breaches. If youhave any questions about Academic Integrity issues related to your assessment tasks, please consult your lecturer ortutor for relevant referencing guidelines and support resources. Many of these resources can also be found throughthe 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 studentsubmits their own work on multiple occasions this is known as self-plagiarism.CollusionWorking with one or more other individuals to complete an assignment, in away that is not authorised.CopyingReproducing and submitting the work of another student, with or without theirknowledge. If a student fails to take reasonable precautions to prevent theirown original work from being copied, this may also be considered an offence.ImpersonationFalsely presenting oneself, or engaging someone else to present as oneself, in anin-person examination.Contract cheatingContracting a third party to complete an assessment task, generally inexchange for money or other manner of payment.Data fabrication andfalsificationManipulating or inventing data with the intent of supporting false conclusions,including manipulating images. Source: INQAAHE, 2020If any words or ideas used the assignment submission do not represent your original words or ideas, you must cite allrelevant 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 theHolmes Institute’s Academic Conduct and Integrity policy. The consequence for a violation of this policy can incur arange of penalties varying from a 50% penalty through suspension of enrolment. The penalty would be dependenton 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.

  • Assignment status: Already Solved By Our Experts
  • (USA, AUS, UK & CA PhD. Writers)
QUALITY: 100% ORIGINAL PAPER –  NO PLAGIARISM – CUSTOM PAPER

testimonials icon
Walker 1.1 Top of Form My name is Shawn Walker, but do not let the name my name fool you I am a woman and a mother of five.  I have taken se...
testimonials icon
SURNAME 1NameCourseInstructorDateComparisons of the Theme of Love in both Old and New TestamentIndividuals have mistakenly rejected or even neglected...
testimonials icon
Theory, Practice, & Research...
testimonials icon
 Read five articles and discuss the principle of least privilege in at least 500 words. Explain how this principle impacts data security....
testimonials icon
http://www.allaplusessays.com/content/term-paper-5481507-2...
testimonials icon
Question Assume that a EURO Call option trades at $0.05. The strike price of the option is $0.9200 and the current spot rate is $...
testimonials icon
For this Assignment #2 Heath Care Business Plan” you will have to complete a formal paper about your fictional Healthcare Business. The busine...
testimonials icon
Break-Even EBIT and Leverage. Cooke Co. is comparing two different capital structures. Plan I would result in 8,500 sha...
testimonials icon
7 questions for  Macroeconomics Homework - attached...
testimonials icon
consider and share employer-desired soft skills, and how they will provide a competitive edge specific to your future career. communicati...
testimonials icon
Part A - Longi Plc You are a financial analyst at Longi Plc; a public limited company specialisin...
testimonials icon
Write a 1,050- to 1,400-word paper in which you describe the ethical issues related to the research process within the fi...

Other samples, services and questions:

Calculate Price

When you use PaperHelp, you save one valuable — TIME

You can spend it for more important things than paper writing.

Approx. price
$65
Order a paper. Study better. Sleep tight. Calculate Price!
Created with Sketch.
Calculate Price
Approx. price
$65