Acc621 Issues In Auditing Practice- Assessment Answer
Make a preliminary judgement of materiality,
Use the analytical review and materiality assessment to identify accounts that are at-risk of material misstatement.
Consider whether there are any accounts that should be selected regardless of their quantitative materiality, including:
o At least one account that may be at-risk of fraud, and
o At least one account that may require significant audit
attention for qualitative reasons other than fraud-risk.
Provide a brief rationale for the selection of each of the 6 accounts. For each account that you have selected, identify one assertions that is at risk (i.e. identify 7 assertions in total). Please include an explanation as to why the assertions are at risk.For each account/assertion briefly explain an audit procedure that could provide evidence relevant to the assertion.
Answer:
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| Revenues | Amount |
| Sales Revenue | $1,15,471 |
| Other Revenue | $34,591 |
| Cost of Sales | $35,613 |
| Employee Benefit Expense | $32,996 |
| Administration Expense | $1,056 |
| Cash and Cash Equivalents | $70,000 |
| Accounts Receivable | $1,20,750 |
| Inventories | $1,85,000 |
| Machinery | $71,000 |
| Accumulated Depreciation | ($28,827) |
| Motor Vehicle | $66,000 |
| Accumulated Depreciation | ($25,416) |
| Furniture | $7,400 |
| Accumulated Depreciation | ($2,640) |
| Sales Revenue | $1,87,450 |
| Other Revenue | $57,050 |
| Cost of Sales | $63,595 |
| Employee Benefit Expense | $57,770 |
| Administration Expense | $5,425 |
| Amortization and Depreciation | $15,738 |
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