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Assessment Task — Tutorial Questions
Unit Code: H16026 Unit Name: Audit, Assurance and Compliance Assignment: Tutorial Questions 1 Due: 11:30pm 15′ May 2020 Weighting: 25% Total Assignment Tvlarks, SO marks
Purpose: This assignment is designed to assess your level of knowledge of the key topics covered in this unit
Unit Learning Outcomes Assessed:
1, Demonstrate an understanding of the reporting requirements and auditing standards;
- Demonstrate an understanding of the auditor’s professional, legal and ethical responsibilities to their clients and third parties; 3. Identify the elements of the financial report audit process;
4_ Understand the audit planning procedures.. evaluate the business risk and assess the internal control: [5. Prepare auditing procedures for transactions and balances by conducting control and substantive tests; 6. Understand the auditor’s reporting obligations.
Description: Each week students were provided with three tutorial questions of varying degrees of difficulty. These tutorial questions are available in the Tutorial folder for each week on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task is to answer a selection of tutorial questions for weeks 1 to S inclusive and submit these answers in a single document.
The questions to be answered are:
Week 1 You are the audit manager of Overseas Explorer Ltd (DEL). which acquired the small proprietary company Local Pty Ltd (Local) on 30 June 2018. The price of the acquisition was agreed at SS million, on the condition that OEL is satisfied with the financial records of Local. As Local is a small proprietary company, it has not prepared statutory financial reports or undergone an audit since its incorporation In 2016. However, Local has agreed to allow your firm, which Is the auditor of Oa, to access its books and records. The CEO of DEL, Wendy Champion, has requested that your firm provide assurance on the following three items:
• The management accounts for the year ended 30 June 2017 • All transactions occurring Iron’ the date negotiations commenced until the settlement date, to ensure that all transasi.0000000006, • The financial report p