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ACCT5002 Applied Auditing and Risk Assessment

Question:

Instructions

The assignment should be completed using the table format shown below.  A maximum word limit for the assignment in total is 1000 words. Please note that point form responses are acceptable. Excessive responses will not be assessed. All answers must be typed and submitted by the due date with the completed cover sheet. Please note all work submitted must include a Turnitin report. Please ensure you do not submit the assignment question to Turnitin with the answer.

Part A (25 Marks Total)

Your audit firm has been appointed as the auditor for Karim Pin Ltd, a public listed company, for three years. As required by ASA 300, the firm partner has asked you to describe the matters you would consider when planning the next financial year, 31 December 2019, audit engagement. During a recent visit to the company, you accumulated the information as follows:

a) The management account for the 11 months to 30 November 2018 show revenue of AUD 150 million and profit before tax of AUD 5 million. Assuming that the sales and profits accrued the entire financial year evenly. In the previous financial year, the company had sales of AUD 120 million and a profit before tax of AUD 9 million.

b) The company has installed a new computerized system inventory control system which operated from 1 June 2018. Along the implementation period, the company proposed to:

  1. Use the inventory counted on the computer as the basis to value the year-ended inventory value.
  2. Not to carry out year-ended inventory count.

c) You aware that there have been reliability problems with the company products. The issue has resulted in legal claims by the customers against the company. The customers refuse to pay for the products.

d) Over the last 11 months, the sales increments have been achieved by attracting new customers and the credit offers. The new credit policies allow customers three months credit before their debts overdue, rather than the one month credit period allowed previously. This has increased the trade receivables age from 1.6 months to 4.1 months.

e) Two department managers were dismissed on 15 August, which is finance department and purchase department. However, the company appointed a new purchase department manager is not expected that the new finance department manager will also be appointed before the financial year ends. Currently, the Head Accountants fully responsible for preparing the financial statements for audit purposes.

Required:

  1. Explain the importance to plan for an initial audit planning. (5 marks)
  2. Describe the steps an audit firm should perform before accepting a new audit engagement. (10 marks)
  3. Discuss further action you will take concerning the information obtained during the recent visit to the company. (10 marks)

Part B (16 marks total)

Shewag is nearing the completion of an audit of the financial statements of Geng Supit Ltd. He is concerned with ascertaining the occurrence of subsequent events that may require disclosure or adjustments to the financial statements.

  1. Briefly explain what is meant by the phrase subsequent events? (2 marks)
  2. Describe how do those that require adjustments differ from those that require disclosure? (4 marks)
  3. Geng Supit Ltd.’s financial year-end is 31 December 2018, and the audit report is to be dated 28 February 2019. For each of the transactions or events below, indicate the audit procedures that should have brought the item to the auditor’s attention and the form and reasons for each of the disclosure or adjustment in the financial statements.

i) On 3 January 2019, the company received a shipment of raw materials from Japan. The materials had been ordered in October 2018 and shipped FOB shipping point in November 2018.

ii) Jewel has initiated a lawsuit against the supplier of defective car wax. Your client’s lawyer believes it is highly probable that the company will win the suit and recover the AUD 255, 000 lost due to the customer’s lawsuit and the recalling of the product.

iii) On 5 February 2019, a customer with an extensive balance past due at year-end declared bankruptcy.

iv) On 20 January 2019, a serious explosion injuring dozens of workers at one of the company’s plants was reported in the local newspapers.

ACCT5002 Applied Auditing and Risk Assessment

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