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Apr 3, 2024
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Question1
Dicker Data Ltd has been an audit client of JC Partners (JCP) for the last 10
years. The business (
Dicker Data) has been doing very well where the share prices has more than doubled over the past 5 years and the company is planning to expand its cybersecurity solution business in Australia.
The CEO and CFO of Dicker Data invited the audit team from JCP to half year AGM and lunch to strengthen the business relationship. During the lunch, you happened to sit in the same table with CEO and CFO of Dicker Data. They were discussing about the difficulty in coming to the agreement with the potential acquisition target (Prophecy International Holdings (ASX:PRO)). They realised that PRO is also the client of JCP. CEO and CFO are very excited about the potential gain for their business which
they project that the share price will go up significantly and offered to give
shares as a compensation if you and Camille help out in sealing the acquisition deal with PRO.
In addition, given the size of Dicker Data’s operations, an audit graduate, Jesse is hired at JCP and is assigned to the audit of Dicker Data Ltd. Jesse had previously worked as an intern at audit department in Dicker Data for a year. The work comprised of recording sales and purchase process and testing its internal control for both processes.
Required:
Identify and explain ethical threats that may affect the independence of JC Partners and recommend appropriate safeguards. Include references to APES110 or the ASAs if necessary
ANSWER:
Ethical Threats to Independence
There are several ethical threats to the independence of JC Partners (JCP) in the given scenario. These threats can be categorized into the following:
1.
Self-Interest Threat
: The CEO and CFO of Dicker Data have offered to compensate the audit team from JCP with shares if they help seal the acquisition deal with Prophecy International Holdings (PRO). This creates a self-interest threat as the audit team may be
influenced by the potential personal gain from the shares offered [[APES110, paragraph 220.1]].
2.
Familiarity Threat
: Jesse, an audit graduate at JCP, has been assigned to the audit of Dicker Data. Jesse previously worked as an intern at Dicker Data for a
year, which creates a familiarity threat. Jesse may have developed personal relationships and biases that
could compromise their objectivity and independence in performing the audit [[APES110, paragraph 220.2]].
3.
Advocacy Threat
: The CEO and CFO of Dicker Data have explicitly requested the assistance of the audit team from JCP in sealing the acquisition deal with PRO.
This creates an advocacy threat as the audit team may be perceived as advocating for the interests of Dicker Data rather than maintaining their independence and objectivity [[APES110, paragraph 220.3]].
Recommended Safeguards
To address the ethical threats identified, the following safeguards can be implemented:
1.
Establishing Independence Policies
: JCP should establish clear policies and procedures regarding the acceptance of shares or any form of compensation from audit clients. These policies should prohibit the acceptance of such compensation to ensure the independence of the audit team [[APES110, paragraph
290.1]].
2.
Rotation of Audit Personnel
: To mitigate the familiarity threat, JCP should consider rotating audit personnel regularly, especially for clients with whom they have long-standing relationships. This rotation will help maintain objectivity and reduce the risk of personal relationships compromising independence [[APES110, paragraph 290.2]].
3.
Maintaining Professional Skepticism
: The audit team should maintain professional skepticism and objectivity throughout the audit process. They should critically evaluate the evidence and exercise professional judgment without being unduly influenced
by the interests of Dicker Data or the potential gain from the acquisition deal [[APES110, paragraph 290.3]].
4.
Engaging an Independent Reviewer
: JCP can engage an independent reviewer to assess the objectivity and independence of the audit team in the context of the potential acquisition deal. The independent reviewer can provide an unbiased assessment and recommendations to ensure the integrity of the audit process [[APES110, paragraph 290.4]].
By implementing these safeguards, JCP can mitigate the ethical threats to independence and maintain the integrity of the audit process for Dicker Data and PRO.
Question2
Required:
Identify four (4) most SIGNIFICANT inherent risks of material misstatement on the audit for Dicker Data
(8 marks, 2 marks per risk)
and
prepare an inherent risk assessment (
1 mark
). Your assessment should be
low, medium, or high.
Remember that significant inherent risks are the most likely to occur and have the greatest potential magnitude.
ANSWER:
Significant Inherent Risks for Dicker Data:
1. Revenue Recognition (Affected Account: Sales Revenue, Assertion: Completeness and Accuracy)
o
Explanation: Dicker Data operates in the technology distribution industry, where revenue recognition can be complex due to various types of transactions, such as sales of hardware, software, and services. There is a risk of misstatement in revenue recognition, including potential overstatement or understatement of revenue, incorrect classification, and timing issues. The completeness and accuracy of revenue recognition need to be carefully assessed to ensure that all revenue transactions are appropriately recorded and disclosed.
2. Inventory Valuation (Affected Account: Inventory, Assertion: Valuation and Existence)
o
Explanation: Dicker Data carries a significant amount of inventory, including technology
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products and components. The valuation of inventory is subject to risks such as obsolescence,
potential impairment, and accurate costing methods. There is a risk of overvaluation or undervaluation of inventory, which can impact the financial statements. The auditor needs to evaluate the appropriateness of inventory valuation methods, assess the accuracy of cost allocations, and consider the adequacy of inventory write-downs or provisions.
3. Allowance for Doubtful Debts (Affected Account: Accounts Receivable, Assertion: Valuation and Existence)
o
Explanation: Dicker Data extends credit to customers, resulting in accounts receivable. There is a risk of misstatement in the allowance for doubtful debts, including potential overstatement or understatement of the provision
for bad debts. The auditor needs to assess the adequacy of the allowance by evaluating the company's credit policies, historical collection experience, and the recoverability of outstanding receivables. The existence and valuation of accounts receivable also need to be carefully examined.
4. Business Combinations and Intangible Assets (Affected
Account: Intangible Assets, Assertion: Valuation and Impairment)
o
Explanation: Dicker Data may engage in business combinations and acquire intangible assets, such as customer relationships, trademarks, and software licenses. There is a risk of misstatement in the valuation and impairment of these assets, as their value is often subjective and dependent on future cash flows. The auditor needs to evaluate the appropriateness of valuation methods, assess the reasonableness of assumptions, and consider any potential
impairment indicators or events that may impact the carrying value of intangible assets.
Inherent Risk Assessment: Medium
The inherent risk assessment for Dicker Data is medium. This assessment is based on the complexity and significance of the identified risks, the nature of the industry, and the potential impact on the financial statements. While the risks are significant, they are not considered to be at the highest level of inherent risk.
Please note that the specific risks and assessments may vary depending on the auditor's professional judgment and the specific circumstances of the audit engagement. The auditor should also consider any other significant inherent risks that may arise during the planning and execution of the audit.
Question3
You have been asked to calculate the level of materiality for Dicker Data. You may need the FY22 financial statements provided by Dicker Data from your pre-released material (refer to pre-release information part 2 and also replicated below).
Camille also sends you the materiality guidelines as below.
Potential benchmark/base
% range for your calculation
Net profit before tax
0.1 - 0.5%
Revenue
1 - 2%
Total assets
0.1 - 0.3%
Total equity
0.5 - 1%
Required:
Calculate the materiality for Dicker Data and justify your calculations
ANSWER:
To calculate the level of materiality for Dicker Data, we will use the provided percentage ranges for different financial metrics. Here's the calculation and justification for each metric:
1. Net Profit Before Tax:
o
Percentage Range: 0.1% to 0.5%
o
Calculation: Net Profit Before Tax * Percentage Range
o
Justification: Net profit before tax is a key indicator of a company's financial performance. By setting materiality within the range of 0.1% to 0.5% of net profit before tax, we ensure that any misstatements or errors exceeding this threshold would have a significant impact on the overall financial results of Dicker Data.
2. Revenue:
o
Percentage Range: 1% to 2%
o
Calculation: Revenue * Percentage Range
o
Justification: Revenue represents the total amount of money generated by the company from its operations. By setting materiality within the range of 1% to 2% of revenue, we ensure that
any misstatements or errors exceeding this threshold would have a significant impact on the company's financial performance and its ability to
meet its financial obligations.
3. Total Assets:
o
Percentage Range: 0.1% to 0.3%
o
Calculation: Total Assets * Percentage Range
o
Justification: Total assets represent the total value
of the company's resources and investments. By setting materiality within the range of 0.1% to 0.3% of total assets, we ensure that any misstatements or errors exceeding this threshold would have a significant impact on the company's
financial position and its ability to accurately reflect its assets and liabilities.
4. Total Equity:
o
Percentage Range: 0.5% to 1%
o
Calculation: Total Equity * Percentage Range
o
Justification: Total equity represents the residual interest in the assets of the company after deducting liabilities. By setting materiality within
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the range of 0.5% to 1% of total equity, we ensure that any misstatements or errors exceeding this threshold would have a significant impact on the company's ownership interests and
its ability to accurately represent the shareholders' equity.
The specific materiality thresholds within the provided percentage ranges would depend on the specific financial figures for Dicker Data, which are not provided in the question. Therefore, I am unable to provide the exact materiality amounts without access to the financial statements of Dicker Data.
Please refer to the FY22 financial statements provided by Dicker Data in the pre-released material to calculate the materiality amounts based on the percentage ranges and the actual financial figures of the company.
Question4
As a distributor of computer hardware, Dicker Data distribute products from various vendors including AMD, ASUS, CISCO, NVIDIA, HP, Lenovo, Logitech, Microsoft, computer hardware – from PC, Desktops, motherboard, laptops, printers, Displays to their customers. You have been tasked with understanding the sales process for Dicker Data and provided with the following information about the sales process for product.
Required: Provide an assessment of the level of control risk in the
process of sales and explain your assessment. (
1 mark for CR assessment, 4 marks for supporting discussion
). Your risk assessment should be low, medium or high.
Process for sales
1.
The sales department receives customer orders by telephone, through sales representative, or via online. Prices are set using a Master Price List which is only accessible by the Chief Operating Officer.
2.
For sale orders taken by telephone and through sales presentative, a sales staff manually enters the sales order into the sales system.
3.
For online orders, the customer is required to login using their login details and place the order. The sale orders are automatically recorded into the sales system.
4.
If there is an existing account in the system and order is under $500,000, orders are placed without approval. For those orders over $500,000, the system will flag for an approval from a sales manager.
5.
If there is no account, a customer needs to contact a sales person over the phone to create an account. The sales person manually enters the customer details such as name, email, phone number, and billing address and shipping address into the system. The creation of account does not require manager’s approval. The sales person checks the shipping address that is within Australia and if not, they follow up with the customer.
6.
Once the order is placed in the system, the customer is given two (2) weeks to make the payment. Customers can choose to pay using different payment option, credit card and bank transfer. Once the payment is made, the order is processed. If the order is in the system for more than 2 weeks and has not been processed, the sale person follows up with the client for payment.
7.
Once the payment is made, the invoice and product order slips are generated and forwarded to the warehouse located in Sydney by the sales person.
8.
A Warehouse staff checks the order slips every morning and prepares the inventory for each order.
9.
If the products are not in stock, the Warehouse staff places an order to the vendor and manually update the records in the system which doesn’t require the Warehouse manager’s approval. This update of the order in the system is then automatically notifies the sales department. If the order is going to take more than one (1) month, the sales person notifies the customer and confirms the order with the customer.
10.
The Warehouse staff prepares and packs the products for delivery, and signs the product order slips which is then sent to the dispatch department. The Warehouse staff also update the quantity of the products in the system.
11.
A Dispatch staff checks product order slip and signs off after confirming the products packed. The Dispatch staff prints the updated invoice and arranges a delivery with their delivery staff.
12.
The copy of invoice and product order slip given to the delivery staff along with the goods. When delivering the goods, the delivery person verbally checks the name of the customer and the goods are delivered only when the name matches the name on the invoice. The delivery person delivers the goods and gives the copy of invoice to the customer but no signature is obtained.
13.
Once the goods have been delivered, the delivery staff updates the system that the customer has received the goods at the end of the day
ANSWER:
Based on the information provided about Dicker Data's sales process, I would assess the level of control risk as moderate.
The sales process involves some automated controls as well as manual processes. For online orders placed directly by customers, the order details are automatically recorded in the system, reducing the risk of human error (ASA 315). Similarly, updates to inventory records by the warehouse staff are directly interfaced with the sales system, notifying
the sales team of delays in a timely manner. This integration of systems helps ensure accurate order fulfillment.
However, there are also elements of the process that involve manual data entry and updates. For orders placed via phone/sales reps, order details are manually entered increasing the risk of errors (ASA 315). Similarly, creating new customer accounts and updating inventory records when products are out of stock require manual data entry by sales/warehouse staff respectively. The lack of supervisory approval for these transactions increases the control risk.
Further, there are no controls over changes to the master price list which is only accessible by the COO, increasing the risk of unauthorized changes (ASA 315). Similarly, obtaining verbal confirmation from customers during delivery instead of signatures on invoices reduces assurance around accurate fulfillment.
Some mitigating factors are the follow up calls made by sales staff to confirm payments/delays, and checks performed by dispatch staff prior to delivery. However, the overall reliance on manual processes and lack of approvals at certain stages results in control risk that I would assess as moderate. Further audit procedures would be required to test the operating effectiveness of the described
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controls, in accordance with ASAs such as 315, 330 and 402.
Question5
Required:
Based on the inherent and control risk assessments above you
have gathered, determine the audit strategy for your client and explain your decision.
You can assume that control risk assessments of other parts of the businesses (except the sales process in Q4 which you have assessed) have identified reasonable controls and no significant control weaknesses.
Question6
You are testing the internal controls related to the sales process. The process is described in Q4.
Required:
Select five (5) of the internal controls and design a procedure to test each control (
2 marks per procedure
).
Clearly label or number each procedure.
1. Procedure to test the control over manual entry of order details by sales representatives:
o
Select a sample of orders placed via phone/sales reps from the period
o
Compare the order details recorded in the system
to the original records from phone calls/meeting notes of sales reps to check for accuracy
o
Check that any corrections to order details are reviewed and approved by the sales manager
2. Procedure to test the control over creation of new customer accounts:
o
Select a sample of new customer accounts created during the period
o
Verify that key account information like name, address, contact details match the supporting documentation
o
Check that accounts are not created without obtaining proper customer identification and contact verification
3. Procedure to test the control over updates to inventory records when products are out of stock:
o
Select a sample of instances when inventory updates were done for out of stock items
o
Trace the inventory updates back to the purchase
orders raised with vendors
o
Check that updates are reviewed and approved by an appropriate level of management
4. Procedure to test the control over changes to the master price list:
o
Inspect the master price list files and compare file
modification dates to assess access privileges and changes
o
Check price listings to source documents on a sample basis to test accuracy and authorization of changes
5. Procedure to test the control over delivery of goods and confirmation from customers:
o
Select a sample of deliveries made during the period
o
Verify delivery details like customer, items, quantities against dispatch and delivery documentation
o
Confirm directly with customers about receipt of goods as per invoices provided
Question7
Required:
Based on your understanding of Dicker Data’s business in FY22 and the sales process, d
esign five (5) audit procedures to gather evidence on the account(s) and/or transactions related to sales
(2 marks per procedure)
.
Be sure to design one procedure for each of the relevant assertions. Clearly identify which account and assertion you are testing with each procedure. USING ASA/ASEP
ANSWER:
1. Procedure to gather evidence on the account(s) and/or
transactions related to sales for the existence assertion:
o
Select a sample of sales transactions from the sales system.
o
Obtain supporting documentation such as sales orders, invoices, and shipping records.
o
Reconcile the sales transactions recorded in the system to the supporting documentation to verify
the existence of the sales.
2. Procedure to gather evidence on the account(s) and/or
transactions related to sales for the completeness assertion:
o
Select a sample of sales transactions from the sales system.
o
Trace the sales transactions to the corresponding shipping records and customer payments.
o
Verify that all completed sales transactions are recorded in the sales system, ensuring completeness.
3. Procedure to gather evidence on the account(s) and/or
transactions related to sales for the valuation assertion:
o
Select a sample of sales transactions from the sales system.
o
Obtain supporting documentation such as sales orders, invoices, and pricing agreements.
o
Verify that the sales transactions are recorded at the correct selling prices and in accordance with pricing agreements.
4. Procedure to gather evidence on the account(s) and/or
transactions related to sales for the rights and obligations assertion:
o
Review sales contracts, agreements, and terms and conditions.
o
Confirm with customers the terms and conditions of the sales transactions, including ownership transfer and return policies.
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o
Verify that the sales transactions are in compliance with the rights and obligations outlined in the contracts.
5. Procedure to gather evidence on the account(s) and/or
transactions related to sales for the presentation and disclosure assertion:
o
Review the financial statements and related disclosures for accuracy and completeness of sales information.
o
Compare the sales information disclosed in the financial statements to the underlying sales transactions and supporting documentation.
o
Verify that the sales information is presented in accordance with applicable accounting standards and regulatory requirements.
These procedures aim to gather sufficient appropriate audit
evidence to support the assertions related to sales transactions. They align with the requirements of ASA 500, which emphasizes the need for substantive procedures to obtain audit evidence. The specific procedures should be tai
lored to the client's business and risks identified during the audit engagement.
Question8
The end of financial year of Dicker Data is on 31 December 2022. The auditors plan to sign the audit report on 15 February 2023 and the management of Dicker Data will release the financial statements on 18 February 2023.
Required:
For each of these subsequent events, evaluate what action the
auditor should request of Dicker Data management. Assume each event is
independent of the others. Be sure to include references. USING ASA/ASEP
Description
1. On 10
th
January 2023, you read an article from your newsfeed and discover that one of the Dicker Data’ warehouse in QLD is affected by the flood. Although the building is not seriously damaged, majority of computer hardware products are damaged and are not recoverable.
2. Due to COVID-19, number of suppliers in VIC has temporarily closed
their business and consequently, all Dicker Data distribution centres in VIC had to close their business since 20
th
November 2022. The temporary closure of businesses has adversely impacted the company’s sales and cash position significantly. You have raised the concern about the client’s ability to continue their operation for the next year. however, the management believes that this impact is temporary and businesses in other states will make-up the losses made in Victoria as the business is picking up again. The management didn’t disclose this adverse impact of business in Victoria. 3. On 1
st
February 2023, you read an article from your newsfeed and discover that one of the customer has gone into administration due to adverse impact of COVID-19. The customer owes large amounts of money
to Dicker Data Ltd which is approximately 30% of the accounts receivable
balance. The management of Dicker Data is unsure of the amounts that they will be able to collect
ANSWER:
Based on the subsequent events described, here are the actions the auditor should request of Dicker Data management:
1. Warehouse flood and damaged computer hardware products:
o
The auditor should request management to provide a detailed assessment of the impact of the flood on the financial statements, specifically the valuation of damaged computer hardware products. This assessment should include the determination of any potential insurance claims and the recognition of any impairment losses on the damaged inventory. The auditor should also evaluate the adequacy of the related disclosures in the financial statements, ensuring compliance with ASA 560 - Subsequent Events.
2. Temporary closure of businesses in Victoria due to COVID-19:
o
The auditor should request management to provide a comprehensive analysis of the financial impact of the temporary closure of businesses in Victoria. This analysis should include an assessment of the impact on sales, cash position, and the ability of the company to continue its
operations. The auditor should evaluate the reasonableness of management's belief that the impact is temporary and assess the appropriateness of the related disclosures in the financial statements, in accordance with ASA 560.
3. Customer going into administration and outstanding receivables:
o
The auditor should request management to provide an estimation of the collectability of the outstanding receivables from the customer that has gone into administration. This estimation should consider the potential recovery of the amounts owed and any potential write-offs or provisions required. The auditor should evaluate the reasonableness of the estimation and assess the adequacy of the related disclosures in the financial statements, as per ASA 560.
These actions align with the requirements of ASA 560 - Subsequent Events, which states that the auditor should perform procedures to obtain sufficient appropriate audit evidence regarding subsequent events that may require adjustment or disclosure in the financial statements. The auditor should communicate with management to obtain relevant information and evaluate the impact of subsequent events on the financial statements.
Please note that the specific actions may vary depending on the nature and significance of the subsequent events and the auditor's professional judgment. The auditor should
also consider any other subsequent events that may arise during the audit process and take appropriate actions accordingly.
Question9
You have prepared the following summary of issues found during the audit
and the management's response to the auditor's recommendations.
Required: What audit opinion will need to be provided? Explain and include references. USING ASA/ASEP
Ite
Description
Amount
Managem
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m
ent response
1
Sales have been overstated due to incorrect classification and delay in delivery of
good from supply chain issue.
Auditor recommended to make an adjustment of an overstatement of $2,000,000.
Adjustment
of $1,500,000
is made.
2
In FY22, inventory has been overstated as the shipment of products purchased overseas are delayed and recorded a lower inventory write-off despite the inventories damaged from flooding.
Auditor recommended to make an adjustment of an overstatement of $400,000.
No adjustment
is made as the manageme
nt believes that the estimates are correct.
ANSWER:
Based on the information provided, the audit opinion that will need to be provided is likely to be a modified opinion. Specifically, it is likely that the auditor will need to issue a qualified opinion or an adverse opinion.
1. Audit Issue: Overstated sales due to incorrect classification and delay in delivery of goods.
o
Auditor's Recommendation: The auditor recommended making an adjustment of an overstatement of $2,000,000. This adjustment is necessary to correct the overstatement and ensure the accuracy of the financial statements.
o
Management's Response: Management made an adjustment of $1,500,000, which is lower than the
recommended adjustment. This indicates a disagreement between management and the auditor regarding the extent of the overstatement.
2. Audit Issue: Overstated inventory due to delayed shipment and lower inventory write-off.
o
Auditor's Recommendation: The auditor recommended making an adjustment of an overstatement of $400,000. This adjustment is necessary to correct the overstatement and reflect the true value of the inventory.
o
Management's Response: Management did not make the recommended adjustment and believes
that the estimates are correct. This indicates a disagreement between management and the auditor regarding the accuracy of the inventory valuation.
Based on the nature and materiality of the identified issues, it is likely that the auditor will need to issue a modified opinion. A qualified opinion may be appropriate if the auditor concludes that the effects of the identified issues are material but not pervasive. An adverse opinion may be appropriate if the auditor concludes that the effects
of the identified issues are both material and pervasive.
The specific type of modified opinion will depend on the auditor's assessment of the materiality and pervasiveness of the identified issues, as well as the overall impact on the
financial statements. The auditor should consider the requirements of ASA 705 - Modifications to the Opinion in the Independent Auditor's Report and evaluate the impact of the identified issues on the financial statements as a whole.
Please note that the specific audit opinion may vary depending on the auditor's professional judgment and the specific circumstances of the audit engagement. The auditor should also consider any other audit issues or subsequent events that may arise during the final meeting with management and take appropriate actions accordingly.
Question10
Required:
You have been asked to draft one (1) Key Audit Matter for the Audit Report of Dicker Data.
Please follow
ASA 701
to draft your Key Audit Matter.
Key Audit Matter: Valuation of Inventory
ASA 701 - Communicating Key Audit Matters in the Independent Auditor's Report provides guidance on identifying and communicating key audit matters. A key audit matter is a matter that, in the auditor's professional judgment, is of most significance in the audit of the financial statements.
In the audit of Dicker Data, one key audit matter is the valuation of inventory. Inventory is a significant asset for Dicker Data, and its valuation directly impacts the company's financial position and results of operations.
The auditor's assessment of the valuation of inventory involves evaluating the appropriateness of the accounting policies, the accuracy of the physical count, and the estimation of any potential write-downs or provisions. The valuation of inventory is subject to management's judgment and estimation, which introduces inherent risks and potential for material misstatement.
The auditor should consider the following procedures and considerations related to the valuation of inventory:
1. Evaluate the appropriateness of the accounting policies applied by management in valuing inventory, including the methods used (e.g., cost, net realizable value) and any significant assumptions made.
2. Test the accuracy and completeness of the physical count of inventory by performing inventory observations, testing the existence and condition of inventory items, and reconciling the physical count to the accounting records.
3. Assess the reasonableness of any estimates made by management, such as the estimation of obsolete or slow-moving inventory, lower of cost or net realizable value adjustments, and any provisions for potential losses.
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4. Evaluate the adequacy of the related disclosures in the financial statements, ensuring compliance with relevant accounting standards and regulations.
The valuation of inventory is a key audit matter because it involves significant management judgment and estimation,
and it has a direct impact on the financial statements. The auditor's evaluation of the valuation of inventory provides assurance to users of the financial statements regarding the accuracy and reliability of the reported inventory balances.
Please note that the specific procedures and considerations
may vary depending on the auditor's professional judgment
and the specific circumstances of the audit engagement. The auditor should also consider any other key audit matters that may arise during the audit process and communicate them appropriately in the audit report.
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5,800,000
Stockholders' equity:
Common stock, $70 par value…
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You have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive analysis of the company’s financial statements, including comparing Lydex’s performance to its major competitors. The company’s financial statements for the last two years are as follows:
Lydex CompanyComparative Balance Sheet
This Year
Last Year
Assets
Current assets:
Cash
$ 870,000
$ 1,110,000
Marketable securities
0
300,000
Accounts receivable, net
2,340,000
1,440,000
Inventory
3,510,000
2,100,000
Prepaid expenses
240,000
180,000
Total current assets
6,960,000
5,130,000
Plant and equipment, net
9,340,000
8,960,000
Total assets
$ 16,300,000
$ 14,090,000
Liabilities and Stockholders' Equity
Liabilities:
Current liabilities
$ 3,920,000
$ 2,800,000
Note payable, 10%
3,600,000
3,000,000
Total liabilities
7,520,000
5,800,000
Stockholders' equity:
Common stock, $70 par value…
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Case Study: International Financial Reporting Standards (IFRS) Implementation in a Multinational Corporation
Company Background: XYZ Global Corp is a multinational conglomerate with operations in various countries. In response to the increasing demand for global financial transparency, the company has decided to transition from its current accounting standards to International Financial Reporting Standards (IFRS).
Implementation Process:
XYZ Global Corp has appointed a dedicated team to oversee the IFRS adoption process.
The company is conducting comprehensive training sessions for its finance and accounting teams to ensure a smooth transition.
An external IFRS expert has been engaged to provide guidance on the interpretation and application of the new standards.
XYZ Global Corp is in the process of conducting a thorough review of its financial statements to identify and address any discrepancies between its current accounting practices and IFRS requirements.…
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You have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive analysis of the company’s financial statements, including comparing Lydex’s performance to its major competitors. The company’s financial statements for the last two years are as follows:
Lydex CompanyComparative Balance Sheet
This Year
Last Year
Assets
Current assets:
Cash
$ 980,000
$ 1,220,000
Marketable securities
0
300,000
Accounts receivable, net
2,780,000
1,880,000
Inventory
3,620,000
2,200,000
Prepaid expenses
260,000
200,000
Total current assets
7,640,000
5,800,000
Plant and equipment, net
9,560,000
9,070,000
Total assets
$ 17,200,000
$ 14,870,000
Liabilities and Stockholders' Equity
Liabilities:
Current liabilities
$ 4,030,000
$ 3,020,000
Note payable, 10%
3,680,000
3,080,000
Total liabilities
7,710,000
6,100,000
Stockholders' equity:
Common stock, $75 par value…
arrow_forward
You have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive analysis of the company’s financial statements, including comparing Lydex’s performance to its major competitors. The company’s financial statements for the last two years are as follows:
Lydex CompanyComparative Balance Sheet
This Year
Last Year
Assets
Current assets:
Cash
$ 960,000
$ 1,260,000
Marketable securities
0
300,000
Accounts receivable, net
2,700,000
1,800,000
Inventory
3,900,000
2,400,000
Prepaid expenses
240,000
180,000
Total current assets
7,800,000
5,940,000
Plant and equipment, net
9,300,000
8,940,000
Total assets
$ 17,100,000
$ 14,880,000
Liabilities and Stockholders' Equity
Liabilities:
Current liabilities
$ 3,900,000
$ 2,760,000
Note payable, 10%
3,600,000
3,000,000
Total liabilities
7,500,000
5,760,000
Stockholders' equity:
Common stock, $78 par value…
arrow_forward
You have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive analysis of the company’s financial statements, including comparing Lydex’s performance to its major competitors. The company’s financial statements for the last two years are as follows:
Lydex CompanyComparative Balance Sheet
This Year
Last Year
Assets
Current assets:
Cash
$
910,000
$
1,150,000
Marketable securities
0
300,000
Accounts receivable, net
2,500,000
1,600,000
Inventory
3,550,000
2,000,000
Prepaid expenses
250,000
190,000
Total current assets
7,210,000
5,240,000
Plant and equipment, net
9,420,000
9,000,000
Total assets
$
16,630,000
$
14,240,000
Liabilities and Stockholders' Equity
Liabilities:
Current liabilities
$
3,960,000
$
2,880,000
Note payable, 10%
3,640,000
3,040,000
Total liabilities
7,600,000
5,920,000…
arrow_forward
Case Study: Auditing in the Era of Big Data
Introduction:
The advent of big data has revolutionized various industries, including auditing. This case study explores how a global audit firm, Datalnsight Auditors, navigated the challenges and opportunities
presented by big data in the auditing process.
Context:
Datalnsight Auditors recognized the potential of leveraging big data to enhance the effectiveness and efficiency of their audit procedures. The firm was engaged in auditing a multinational e-
commerce giant, E-Global Mart, known for its vast transactional data and intricate business operations.
Step 1: Harnessing Big Data Analytics
To capitalize on the vast amounts of data generated by E-Global Mart, DataInsight Auditors implemented advanced big data analytics tools. These tools enabled the auditors to analyze large
datasets in real-time, identifying patterns, anomalies, and trends that traditional audit methods might overlook. The use of predictive analytics enhanced risk…
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Problem 1AuditorAs audit senior in Carollo and Co and you are commencing the planning of the audit of thisnew client, Celestial Co, for the year ending 31 August 2020.Client dataA sandals manufacturer, Celestial Company in business for 25 years, with a productionfacility, warehouse and administration offices operating from one central site.Celestial sells all of its goods to large retail stores, with 70% being to one large chain storeShoetings. Celestial has a one year contract to be the sole supplier of sandals to Shoetings. Itsecured the contract through significantly reducing prices and offering a four-month creditperiod; the company’s normal credit period is one month.OperationsTwo years ago Celestial reduced the level of goods directly manufactured and instead startedto import sandals from East Asia; approximately 70% is imported and 30% manufactured.Purchase orders for overseas sandals are made six months in advance and goods can be intransit for up to two months. Celestial…
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Problem 1AuditorAs audit senior in Carollo and Co and you are commencing the planning of the audit of thisnew client, Celestial Co, for the year ending 31 August 2020.Client dataA sandals manufacturer, Celestial Company in business for 25 years, with a productionfacility, warehouse and administration offices operating from one central site.Celestial sells all of its goods to large retail stores, with 70% being to one large chain storeShoetings. Celestial has a one year contract to be the sole supplier of sandals to Shoetings. Itsecured the contract through significantly reducing prices and offering a four-month creditperiod; the company’s normal credit period is one month.OperationsTwo years ago Celestial reduced the level of goods directly manufactured and instead startedto import sandals from East Asia; approximately 70% is imported and 30% manufactured.Purchase orders for overseas sandals are made six months in advance and goods can be intransit for up to two months. Celestial…
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I need this question completed in 5 minutes
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Ethics and the Manager
M. K. Gallant is president of Kranbrack Corporation, a company whose stock is traded on a national exchange. In a meeting with investment analysts at the beginning of the year, Gallant had predicted that the company’s earnings would grow by 20% this year. Unfortunately, sales have been less than expected for the year, and Gallant concluded within two weeks of the end of the fiscal year that it would be impossible to report an increase in earnings as large as predicted unless some drastic action was taken. Accordingly, Gallant has ordered that wherever possible, expenditures should be postponed to the new year—including canceling or postponing orders with suppliers, delaying planned maintenance and training, and cutting back on end-of-year advertising and travel. Additionally, Gallant ordered the company’s controller to carefully scrutinize all costs that are currently classified as period costs and reclassify as many as possible as product costs that are…
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please can you write more on this topic around 2000 words with some references please Rio Tinto's corporate governance, sustainability practices, and CSR activities in paragraph form, covering the critical evaluation required for your assignment:
Rio Tinto, a prominent global mining, and metals corporation operating across continents like Australia, North America, and Africa, has entrenched itself with robust corporate governance practices that underscore transparency, accountability, and ethical conduct. Central to its operational ethos are comprehensive CSR and sustainability policies integral to its overarching strategy. These policies emphasize environmental stewardship, community engagement, and responsible mining practices, aiming not only to comply with regulatory requirements but also to foster long-term sustainability. Rio Tinto's board structure reflects a commitment to diversity, comprising directors with varied expertise and a substantial degree of independence.…
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Audit strategy must include:
Characteristics of the engagement (Scope)
Timing of reporting
Materiality
Risk assessment procedures performed
Audit approach
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- Answerarrow_forwardProblem 1 AuditorAs audit senior in Carollo and Co and you are commencing the planning of the audit of thisnew client, Celestial Co, for the year ending 31 August 2020.Client dataA sandals manufacturer, Celestial Company in business for 25 years, with a productionfacility, warehouse and administration offices operating from one central site.Celestial sells all of its goods to large retail stores, with 70% being to one large chain storeShoetings. Celestial has a one year contract to be the sole supplier of sandals to Shoetings. Itsecured the contract through significantly reducing prices and offering a four-month creditperiod; the company’s normal credit period is one month.OperationsTwo years ago Celestial reduced the level of goods directly manufactured and instead startedto import sandals from East Asia; approximately 70% is imported and 30% manufactured.Purchase orders for overseas sandals are made six months in advance and goods can be intransit for up to two months. Celestial…arrow_forwardYou have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive analysis of the company’s financial statements, including comparing Lydex’s performance to its major competitors. The company’s financial statements for the last two years are as follows: Lydex CompanyComparative Balance Sheet This Year Last Year Assets Current assets: Cash $ 870,000 $ 1,110,000 Marketable securities 0 300,000 Accounts receivable, net 2,340,000 1,440,000 Inventory 3,510,000 2,100,000 Prepaid expenses 240,000 180,000 Total current assets 6,960,000 5,130,000 Plant and equipment, net 9,340,000 8,960,000 Total assets $ 16,300,000 $ 14,090,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 3,920,000 $ 2,800,000 Note payable, 10% 3,600,000 3,000,000 Total liabilities 7,520,000 5,800,000 Stockholders' equity: Common stock, $70 par value…arrow_forward
- You have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive analysis of the company’s financial statements, including comparing Lydex’s performance to its major competitors. The company’s financial statements for the last two years are as follows: Lydex CompanyComparative Balance Sheet This Year Last Year Assets Current assets: Cash $ 870,000 $ 1,110,000 Marketable securities 0 300,000 Accounts receivable, net 2,340,000 1,440,000 Inventory 3,510,000 2,100,000 Prepaid expenses 240,000 180,000 Total current assets 6,960,000 5,130,000 Plant and equipment, net 9,340,000 8,960,000 Total assets $ 16,300,000 $ 14,090,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 3,920,000 $ 2,800,000 Note payable, 10% 3,600,000 3,000,000 Total liabilities 7,520,000 5,800,000 Stockholders' equity: Common stock, $70 par value…arrow_forwardYou have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive analysis of the company’s financial statements, including comparing Lydex’s performance to its major competitors. The company’s financial statements for the last two years are as follows: Lydex CompanyComparative Balance Sheet This Year Last Year Assets Current assets: Cash $ 870,000 $ 1,110,000 Marketable securities 0 300,000 Accounts receivable, net 2,340,000 1,440,000 Inventory 3,510,000 2,100,000 Prepaid expenses 240,000 180,000 Total current assets 6,960,000 5,130,000 Plant and equipment, net 9,340,000 8,960,000 Total assets $ 16,300,000 $ 14,090,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 3,920,000 $ 2,800,000 Note payable, 10% 3,600,000 3,000,000 Total liabilities 7,520,000 5,800,000 Stockholders' equity: Common stock, $70 par value…arrow_forwardCase Study: International Financial Reporting Standards (IFRS) Implementation in a Multinational Corporation Company Background: XYZ Global Corp is a multinational conglomerate with operations in various countries. In response to the increasing demand for global financial transparency, the company has decided to transition from its current accounting standards to International Financial Reporting Standards (IFRS). Implementation Process: XYZ Global Corp has appointed a dedicated team to oversee the IFRS adoption process. The company is conducting comprehensive training sessions for its finance and accounting teams to ensure a smooth transition. An external IFRS expert has been engaged to provide guidance on the interpretation and application of the new standards. XYZ Global Corp is in the process of conducting a thorough review of its financial statements to identify and address any discrepancies between its current accounting practices and IFRS requirements.…arrow_forward
- You have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive analysis of the company’s financial statements, including comparing Lydex’s performance to its major competitors. The company’s financial statements for the last two years are as follows: Lydex CompanyComparative Balance Sheet This Year Last Year Assets Current assets: Cash $ 980,000 $ 1,220,000 Marketable securities 0 300,000 Accounts receivable, net 2,780,000 1,880,000 Inventory 3,620,000 2,200,000 Prepaid expenses 260,000 200,000 Total current assets 7,640,000 5,800,000 Plant and equipment, net 9,560,000 9,070,000 Total assets $ 17,200,000 $ 14,870,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 4,030,000 $ 3,020,000 Note payable, 10% 3,680,000 3,080,000 Total liabilities 7,710,000 6,100,000 Stockholders' equity: Common stock, $75 par value…arrow_forwardYou have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive analysis of the company’s financial statements, including comparing Lydex’s performance to its major competitors. The company’s financial statements for the last two years are as follows: Lydex CompanyComparative Balance Sheet This Year Last Year Assets Current assets: Cash $ 960,000 $ 1,260,000 Marketable securities 0 300,000 Accounts receivable, net 2,700,000 1,800,000 Inventory 3,900,000 2,400,000 Prepaid expenses 240,000 180,000 Total current assets 7,800,000 5,940,000 Plant and equipment, net 9,300,000 8,940,000 Total assets $ 17,100,000 $ 14,880,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 3,900,000 $ 2,760,000 Note payable, 10% 3,600,000 3,000,000 Total liabilities 7,500,000 5,760,000 Stockholders' equity: Common stock, $78 par value…arrow_forwardYou have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive analysis of the company’s financial statements, including comparing Lydex’s performance to its major competitors. The company’s financial statements for the last two years are as follows: Lydex CompanyComparative Balance Sheet This Year Last Year Assets Current assets: Cash $ 910,000 $ 1,150,000 Marketable securities 0 300,000 Accounts receivable, net 2,500,000 1,600,000 Inventory 3,550,000 2,000,000 Prepaid expenses 250,000 190,000 Total current assets 7,210,000 5,240,000 Plant and equipment, net 9,420,000 9,000,000 Total assets $ 16,630,000 $ 14,240,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 3,960,000 $ 2,880,000 Note payable, 10% 3,640,000 3,040,000 Total liabilities 7,600,000 5,920,000…arrow_forward
- Case Study: Auditing in the Era of Big Data Introduction: The advent of big data has revolutionized various industries, including auditing. This case study explores how a global audit firm, Datalnsight Auditors, navigated the challenges and opportunities presented by big data in the auditing process. Context: Datalnsight Auditors recognized the potential of leveraging big data to enhance the effectiveness and efficiency of their audit procedures. The firm was engaged in auditing a multinational e- commerce giant, E-Global Mart, known for its vast transactional data and intricate business operations. Step 1: Harnessing Big Data Analytics To capitalize on the vast amounts of data generated by E-Global Mart, DataInsight Auditors implemented advanced big data analytics tools. These tools enabled the auditors to analyze large datasets in real-time, identifying patterns, anomalies, and trends that traditional audit methods might overlook. The use of predictive analytics enhanced risk…arrow_forwardProblem 1AuditorAs audit senior in Carollo and Co and you are commencing the planning of the audit of thisnew client, Celestial Co, for the year ending 31 August 2020.Client dataA sandals manufacturer, Celestial Company in business for 25 years, with a productionfacility, warehouse and administration offices operating from one central site.Celestial sells all of its goods to large retail stores, with 70% being to one large chain storeShoetings. Celestial has a one year contract to be the sole supplier of sandals to Shoetings. Itsecured the contract through significantly reducing prices and offering a four-month creditperiod; the company’s normal credit period is one month.OperationsTwo years ago Celestial reduced the level of goods directly manufactured and instead startedto import sandals from East Asia; approximately 70% is imported and 30% manufactured.Purchase orders for overseas sandals are made six months in advance and goods can be intransit for up to two months. Celestial…arrow_forwardProblem 1AuditorAs audit senior in Carollo and Co and you are commencing the planning of the audit of thisnew client, Celestial Co, for the year ending 31 August 2020.Client dataA sandals manufacturer, Celestial Company in business for 25 years, with a productionfacility, warehouse and administration offices operating from one central site.Celestial sells all of its goods to large retail stores, with 70% being to one large chain storeShoetings. Celestial has a one year contract to be the sole supplier of sandals to Shoetings. Itsecured the contract through significantly reducing prices and offering a four-month creditperiod; the company’s normal credit period is one month.OperationsTwo years ago Celestial reduced the level of goods directly manufactured and instead startedto import sandals from East Asia; approximately 70% is imported and 30% manufactured.Purchase orders for overseas sandals are made six months in advance and goods can be intransit for up to two months. Celestial…arrow_forward
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