Auditing Q&As Get 2X Simpler : Page - 2

Course Code   :  ACCFIN5055

Course Title   :  audit risk and control

Ref style  :  Open

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Statutory Duties of RBK as External Auditor of Four ChimpsThe following scenario relates to questions 1 –5 You work for Reeve, Bigland and Khan (RBK) as an audit senior. RBK is a UK firm of a registered auditors regulated by the ACCA. One of RBK’s external audit clients is Four Chimps Café Ltd.(Four Chimps) which owns and operates a chain of 12 cafes and restaurants across the East Midlands o...

Course Code   :  AC3093

Course Title   :  audit assurance and compliance

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Identifying and Managing Audit RiskQuestion 1. Sovereign Pharmaceuticals Ltd (‘Sovereign Pharmaceuticals’) develops, manufactures and sells a range of pharmaceuticals and has a wide customer base across Europe and Asia. You are the audit manager of Majesty & Co and you are planning the audit of Sovereign Pharmaceuticals Ltd whose financial year end is 31 December 2020. You attended a planning meeting with the finance directo...

Investigating Scooter LtdQ1. You have recently been hired as the manager of the internal audit department of Vroom Vroom Inc.  Your first assignment is to investigate certain aspects of a recently acquired division called Scooter Ltd (“Scooter”).  Scooter is a Canadian company that is an importer of scooters and other low powered motorcycles.  Certain aspects of Scooter’s business have changed due to a...

Task: Part A - Auditing Entity-Level Controls Remember the following definitions as you complete the requirements under Scenario 1 Activities 1 below: Business Objective: To demonstrate sound ethical conduct in everything we do. Business Risk: Disregard for sound ethical principles, either intentional or unintentional, may cause managers and employees to cut corners, embellish performance results, misuse company resources, or otherwise act in...

Q1. Circumstances Where Audit Procedures May Not Achieve Planned ObjectiveQ1. You are the newly promoted audit manager of a mid-size audit practice in Singapore. The managing partner has tasked you to address the issue that the junior staff do not exercise sufficient professional skepticism when designing audit procedures addressing complex audit areas involving significant judgement and estimates. Junior staff often adopt a “Same-A...

TaskTo develop knowledge and understandings of the audit process and its application in the context of the professional regulatory framework. 1. Assess the nature, purpose and scope of assurance engagements, including external and internal audits within the regulatory and ethical framework 2. Identify and evaluate audit risk, control risk and their potential consequences 3. Evaluate internal controls and information systems and determine an...

Course Code   :  AG420

Course Title   :  auditing theory and practice

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Corporate Governance Issues1.a) Mango Ltd is a large UK company which manufactures scientific equipment for use in rockets, on missions to space. As part of an expansion strategy, they are planning to obtain a listing on the London Stock Exchange within the next 12 months.  Mango Ltd's CEO, Sue Peach, is concerned that the company is not in compliance with the UK corporate governance code 2018.  She has asked you to review their stru...

Learning Outcomes addressed and assessed in this Assignment Evaluate the nature, purpose and scope of an audit and the legal, regulatory and ethical framework for auditing Demonstrate how the auditor obtains and accepts audit engagements and conducts a detailed investigation into an audit client to identify the risks of material misstatement (whether arising from fraud, error or other irregularities) Good Food Company (GFC), is a privat...

Case Assignment Part 1Case Assignment Part 1 It is January 20, 2021. You, a senior auditor with Joakim and Partners LLP, are meeting with audit partner, Robin Joakim, to discuss the year-end audit of a new client, Fast Appliances Inc. (FAI).Tom Fast, CEO and co-owner of FAI, approached Robin two weeks ago about the audit, and she has since accepted the client. Jenny Kwong, a CPA student with the firm, started planning for the engagement ...

Business Operations of M&L's Three Chain RestaurantsQuestion 1     M&L Ltd (M&L) is a private Irish registered company who owns a large number of restaurants throughout the country, operating under three well-known brand names. The company’s strategy is to offer a variety of different dining experiences in the restaurants situated in city and town centres, with the objective of maximising market share in a competit...

Part A: ABC Kids Care LtdABC kids care Ltd (ABC) is listed on the Australian Securities Exchange. The company provides childcare servicesfor pre-school children. ABC has undertaken significant expansion of its operations over the past two years.This strategy has resulted in the acquisition of a total of 400 new centres with childcare licences in Australia, New Zealand and the United Kingdom. The expansion strategy has been funded mainly from b...

Clifford Hone's ProblemClifford Hone had a problem. His company had come up short of its earnings target. For the fiscal year ended April 30. 1995. financial analysts had projected that Health Management. Inc. (HMI). I). a New York-based pharmaceuticals distributor. would post earnings per share of $0.74. Following the close of fiscal 1995, Drew Bergman, HMI's chief financial officer (CFO) informed Hone, the company's founder and chief exe...

Conflicts of Interests in Audit EngagementClose family member is defined in MIA Revised-By-Laws as the child of a person. Under Section 310 - Conflicts of Interests of MIA Revised-By-Laws, conflict of interest arises when the interests of an auditor concerning the audit engagement matter and the interests of the client for whom the auditor provides audit and assurance service conflict. The interests may be in the form of financial interest, pe...

Explanations for Audit FailuresDespite a number of scandals having highlighted poor audit practice, and regulatory reform to address the perceived failings having ensued, audit failures continue to occur on an almost monthly basis. Although a number of theoretical arguments may be suggested as to why these happen (many of which will be discussed during the course), what does the evidence tell us about the reasons for audit failure and does it ...

Course Code   :  ORG726

Course Title   :  The Impact Of Technology On Organizations

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Questions: Assignment: Content Innovation is essential to an organization’s success. When evaluating an organization's ability to manage technology and innovation, managers must be cognizant of (and realistic about!) the firm's capabilities. However, measuring an organization’s capability to innovate can be challenging.   The innovative capabilities audit can be a helpful framework when analyzing your organization’s cap...