ACC 640 1-2 Memo

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ISA 300 Planning an Audit of Financial Statements provides guidance to auditors. Planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan. Adequate planning benefits the audit of financial statements in several ways.Required:Identify and explain the five stages in audit process. Discuss three importance of audit planning. b) You are the audit senior in charge of the audit of Malaika Company and have been informed by your audit manager that during the year a fraud occurred at the client. A payroll clerk set up fictitious employees and the wages were paid into the clerk’s own bank account. This clerk has subsequently left the company, but the audit manager is concerned that additional frauds have taken place in the wages department.Required:i) Describe six procedures which should be undertaken during the audit of wages as a result of the manager’s assessment of the increased risk of fraud.

Financial audit Q&A What is the file type of the customer confirmation that is related to the outstanding balance the client has?

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Question 9 In making a decision of whether to take on a new audit client, the auditor should perform all of the following except: 1. Reviewing the credit rating of the proposed client. 2. Performing preliminary tests of internal controls. 3. Evaluating the firm's ability to service the client properly. 4. Inquiring of third parties as to the reputation of the proposed client. 3 O 1 O 2 O 4

48 Audit working papers are used to record the results of the auditor's evidence-gathering procedures.  When preparing     working papers, the auditor should remember that working papers should be  Group of answer choices  designed to meet the circumstances and the auditor's needs on each engagement.  the primary support for the financial statements being examined.  kept on the client's premises so that the client can have access to them for reference purposes.  considered as part of the client's accounting records that are retained by the auditor.

CASE STUDY: HARRISONS LTD You are a new staff member of Monet & Associates, a mid-sized accounting firm and have been assigned to an engagement team that is conducting the financial report audit for Harrisons Ltd (Harrisons). The engagement team, under the guidance of the engagement partner, Vince Mater, is currently performing a preliminary risk assessment of the audit client. The following documents have been provided to you: Memo from audit partner, Vince Mater, dated 6thJanuary 2020 which includes a summary of the initial audit procedures undertaken by the engagement partner for the 31 December 2019 audit. A relevant industry outlook report provided by the Australian Construction Industry Forum published on 7 November 2019.   REQUIRED: You have been asked to assess the inherent risk of the client and perform preliminary analytical procedures as part of the audit planning process in obtaining an understanding about the client’s business and indicate where there is an increased…

Question 3: (35 Marks) As the in-charge senior auditor on the audit engagement for JA Tire Manufacturing for the year ended December 31, 2019, you are responsible for auditing the revenue cycle. The manager has instructed you to read JA Tire Manufacturing system provided on the first tab of the Excel file "Appendix 1_JATireSales_Data" before attempting this audit to familiarize yourself with the sales process and the relevant worksheets and terminology. This file contains sales transaction information for the year ended December 31, 2019. JA Tire has four sales divisions within Canada and sells primarily to large tire companies with regional warehouses that subsequently distribute to local retailers. Based on some of the risk assessment procedures already performed, you identified risks related to the fact that salespersons receive a commission on sales to distributors and the commission is calculated on a monthly basis. Your manager has asked you to perform analytical procedures as a…

Question:45 Before issuing a report on the compilation of financial statements of a nonpublic entity, the accountant should:a. Apply analytical procedures to selected financial data to discover any material misstatements. b. Corroborate at least a sample of the assertions management has embodied in the financial statements. c. Inquire of the client's personnel whether the financial statements omit substantially all disclosures. d. Read the financial statements to consider whether the financial statements are free from obvious material errors. Kaffen Company, a ski tuning, and repair shop, opened on November 1, 2013. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2014. Issuance of common shares Payment to purchase repair shop equipment Rent payments Newspaper advertising payment Cash Receipts Cash Payments $ 22,000 $9,100 1,260 370 Utility bill payments 920 Part-time helper's…

Question:45 Before issuing a report on the compilation of financial statements of a nonpublic entity, the accountant should:a. Apply analytical procedures to selected financial data to discover any material misstatements. b. Corroborate at least a sample of the assertions management has embodied in the financial statements. c. Inquire of the client's personnel whether the financial statements omit substantially all disclosures. d. Read the financial statements to consider whether the financial statements are free from obvious material errors. Kaffen Company, a ski tuning, and repair shop, opened on November 1, 2013. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2014. Issuance of common shares Payment to purchase repair shop equipment Rent payments Newspaper advertising payment Cash Receipts $22,000 Cash Payments $9,100 1,260 370 Utility bill payments 920 Part-time helper's wage…

Case Study: Auditor's Responsibility for Non-Financial Information As an experienced auditor at a reputable accounting firm, you've been assigned to audit a large manufacturing company's financial statements. In addition to financial data, the company also discloses non-financial information related to sustainability, environmental impact, and social responsibility in its annual report. Your audit team is tasked with evaluating the reliability and accuracy of both financial and non-financial information to provide stakeholders with a comprehensive understanding of the company's performance and operations. During the audit process, you implement various procedures to fulfill your responsibility for auditing non-financial information: 1. Understanding Non-Financial Reporting Frameworks: Begin by familiarizing yourself with relevant non-financial reporting frameworks and standards, such as the Global Reporting Initiative (GRI) or the Sustainability Accounting Standards Board (SASB). These…

Are there key areas that seem to be missing from any current auditing processes? Be sure to provide examples.

Problem 12: Describe the stages of an audit from beginning to end. Detail all steps in a comprehensive summary outlining individual steps and examples of how those steps would be displayed/observed/etc. in a company. Be sure to elaborate on each section by detailing, in simple terms, the objective of the specific stage.    For example, Step 1: Plan the Audit > Establish an understanding with the client as to the nature of the engagement. The auditor should prepare an audit engagement letter that outlines……..

Task #1 – The Audit Work paper Purpose: To ascertain whether service revenue recognized during December, year 7, is complete and accurate in all material respects in relation to the financial statements taken as a whole As needed, prepare the required adjusting entry in good form (showing debits and credits) for each tick-mark Client:­ Griffin, Inc. Prepared by: Staff Accountant J - 1/24/2008 Service Revenue December 31, 2007 Reviewed by: Senior Auditor K - 2/2/2008 Date Customer Amount ($) Tick-marks 12/2 Slate Co. 22,000 A 12/4 Crater, Inc. 63,500 A 12/15 Globe, Inc. 50,000 C 12/16 Ash Corp. 48,750 A 12/17 Valley, LLP 32,500 X 12/23 Magnolia Corp. 22,750 X 12/27 Marble Co. 55,500 E 12/28 Delta, LLP 95,000 A 12/30 Chestnut, Inc. 75,000 B 12/30 Honeycomb Corp. 43,000 D 12/31 Globe, Inc. 75,400 A  Total $ 583,400 F G/L   Explanation of…

Task #1 – The Audit Work paper Purpose: To ascertain whether service revenue recognized during December, year 7, is complete and accurate in all material respects in relation to the financial statements taken as a whole As needed, prepare the required adjusting entry in good form (showing debits and credits) for each tick-mark Client:­ Griffin, Inc. Prepared by: Staff Accountant J - 1/24/2008 Service Revenue December 31, 2007 Reviewed by: Senior Auditor K - 2/2/2008 Date Customer Amount ($) Tick-marks 12/2 Slate Co. 22,000 A 12/4 Crater, Inc. 63,500 A 12/15 Globe, Inc. 50,000 C 12/16 Ash Corp. 48,750 A 12/17 Valley, LLP 32,500 X 12/23 Magnolia Corp. 22,750 X 12/27 Marble Co. 55,500 E 12/28 Delta, LLP 95,000 A 12/30 Chestnut, Inc. 75,000 B 12/30 Honeycomb Corp. 43,000 D 12/31 Globe, Inc. 75,400 A  Total $ 583,400 F G/L   Explanation of…

a) ISA 300 Planning an Audit of Financial Statements provides guidance to auditors. Planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan. Adequate planning benefits the audit of financial statements in several ways. Required: i) Identify and explain the five stages in audit process  ii) Discuss three importance of audit planning.