Auditing & Assurance Services

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All presentation requirements met. Excellent written expression with very clear articulation of ideas and concepts. Superior grammar and spelling skills. References included are used accurately in accordance with APA (6th ed.) requirements.
Q1. Required: (Excel spreadsheet also required)
(a) Analyse the financials of Printer Solutions Ltd. Include a simple comparison of the movement in the accounts between 2016 and 2017, a trend analysis, and the profitability, liquidity, solvency and efficiency ratios for the last three years (2017, 2016 and 2015). (11 marks)
(b) With reference to each of the ratio areas, the other analysis and the background information provided in the question, explain why you perceive there are going concern issues for Printer Solutions Ltd. (5 marks)
(c) From your analysis of the company, identify four account balances that could potentially be materially misstated and justify each choice. (12 marks)
(d) For each of the accounts/areas in (c), identify the two assertions of primary interest to you and justify your choice. (12 marks)
All analytical calculations completed without flaws. A well supported and coherent explanation regarding going concern and for the identification of four (4) accounts at risk of misstatement. Response demonstrates an insightful understanding of the relationship between analytical procedures, areas of risk (including going concern) and key assertions.
Q2. Required:
(a) Identify and explain four (4) key controls relating to revenue and cash collection. Cash
receipts from sources other than these regular visitations and emergency call-outs need not be
considered. (10 marks)
(b) For the controls identified in (a), explain the tests of controls you would use to examine the
revenue from services account for the year ended 30 June 2017. Justify your choices. (10 marks)
(c) Identify any concerns that you would have about the controls that might cause you place
less reliance on the controls, even if the test of controls appear adequate. (5 marks)
A well supported and coherent description of four (4) controls and their purpose. Well supported and coherent explanation of an appropriate test for each of the four (4) controls. Well supported and coherent explanation for the identified weaknesses in the controls that would limit the reliance placed on the controls.
Q3. Required:
(a) Explain two relevant concerns you may have about the payroll application’s implementation. (5 marks)
(b) Identify and describe one application control that could be applied to salaries and wages expense to ensure the following:
i. The occurrence of the expense transactions. (2.5 marks)
ii. The accuracy of the expense transactions. (2.5 marks)
(c) Describe in detail an appropriate test of control that you would use to satisfy yourself about the effectiveness of the controls identified in (c). (5 marks)
A well supported and succinct discussion on the problems associated with the implementation of the new payroll system. Both application controls identified align with the assertion at risk provided and are comprehensively justified. Comprehensive descriptions and justifications of appropriate tests of controls are provided.
Please refer to: Textbook: Auditing & Assurance Services in Australia, 6th ed, Grant Gay & Roger Simnett. McGraw Hill Education.

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