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ACCTING7009 Auditing And Assurance Services
Questions:
Introductions:
We have performed the risk assessments on the balance sheet accounts and the income statement accounts including the assets, liabilities, equity, revenue and expenses. Based on the risk assessment of current assets, both cash and receivable have high risk of material misstatement due to the nature of the business operations (no credit check on customers or fabricating receivable amounts). As for liabilities accounts, trade payables is also at high risk since the management intend to exclude some payable amounts recorded which lead to understating the liabiliaties amount and overstating the assets amount. Besides that, the company’s revenue and expenses are at high risk due to improper record in the accounting period.
In responding of the risk material misstatement of cash and trade receivables, the management should confirm with the customers to verify that they really make the purchase. For RMM of liabilities, at least management could check daily reporting of payable accounts.
Overall, we assumed that Afterpay Limited has medium level of risk material misstatement. Also, we suggested to perform the substantive procedures to further detect or detailed the risks of material misstatement in which the internal control system is unable to perform. Therefore, auditors can provide reasonable recommendation to the clients in minimizing the potential risks of material miststatements.
Description
The course examines the principles and practices of internal and external auditing. Topics: auditing as a component of recurrent and strategic activities, risk assessment, internal control, systems evaluation, forensic accountability, and contemporary audit issues and challenges.
Learning Outcomes
On successful completion of this course, students will be able to:
1. Explain the role of management in the preparation of financial reports.
2. Apply fundamental audit concepts.
3. Identify and evaluate material business risks in accordance with Auditing Standards.
4. Identify and test internal control procedures.
5. Identify research on significant auditing issues and current developments in auditing theory and practice.
6. Explain the role of auditing in socie
ACCTING7009 Auditing And Assurance Services
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