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ACCG340 Auditing and Assurance Services
Questions:
Question 1
Part A
You are an audit senior on the Strong and Healthy Limited (Strong & Healthy) audit, a well- established listed company with a good reputation in the market, a history of good management, healthy profitability, and a strong net tangible asset backing.
Your firm, ABC Chartered Accountants, has been auditing Strong & Healthy for many years and has always issued an unmodified audit opinion. This is your second year on the audit and you have commenced planning the audit for the year ending 30 June 2014.
You have also obtained the following information:
. Strong & Healthy is a manufacturer of health food products and equipment. Despite strong competition, Strong & Healthy continues to hold a significant market share across all of its major brands. All of the brand names have been capitalised and are material on an individual basis.
. One of the company’s most successful brands has been ‘Slim Formula’, a dietary supplement. The sales of this product have grown over the last five years to represent 20% of the company’s total revenue. The supplement is sold in powder form and has a shelf life of six (6) months. Due to the heavy demand for the product traditionally experienced in the June/July/August period, it is the company’s policy to build up thelevels of stock of ‘Slim Formula’ in April/May to meet this demand.
. The company has also capitalised material amounts of research and development expenditure in relation to a new product using similar technology and ingredients to ‘Slim Formula’. The new product is targeted at sports people and is called ‘Energy Formula’. The development of this product is in the final stages and the market research indicates that it will be a success.
It is now the first week in July 2014 and you have just learned from your client that new research by CSIRO and Strong & Healthy’s own research and development department has shown very strong links between the ingredients used in ‘Slim Formula’ and ‘Energy Formula’ and cancer. The company will be withdrawing these products from the market immediately.
Required:
(a) In respect of Strong & Healthy, for the financial period ending 30 June 2014, identify four (4) key balance sheet accounts at risk. For each account identify the key assertion. Explain why each of these accounts (and their related assertion) is at risk.
(b) For each of the accounts and the assertions identified in (a) describe a specific, practical substantive test of detail which would best address the risk.
Part B
The manufacturing process for a small number of health equipment product lines that Strong & Healthy manufactures is complex, with various machinery and staff members involved in different stages of the process. At the end of each shift, staff members are required to update the appropriate machine log book to record the nature of the usage for the shift (i.e. which product the machine being used to manufacture). On a weekly basis, staff members are required to submit authorised timesheets which detail the allocation of their working hours for the week to the production of specific product line/s.
These records, together with other overhead cost records, are reviewed on a regular basis by an accounting manager for the purposes of costing inventory. Comprehensive variance analyses are also conducted by an experienced manager on a monthly basis and significant variances from budgeted amounts of material, labour and overhead costs are promptly investigated. The inventory account for Strong & Healthy is material.
Required
(a) Identify and justify the key assertion at risk in relation to the Inventory account that needs to be addressed by the auditor
(b) For the assertion identified in (i) above in relation to the Inventory account, identify the appropriate audit approach and that level (none, small, medium, extensive) and nature of audit procedures (tests of controls, substantive analytical procedures, substantive tests of details) to be undertaken. Justify the audit approach you have suggested.
ACCG340 Auditing and Assurance Services
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