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ROFESSIONAL AUDITING ASSIGNMENT
You are required to:
a) Draft an audit planning memorandum highlighting:
i) the legal and other considerations that need to be considered by your firm as the new auditor of SBL;
ii) the major risk areas to be addressed in the audit of the SBL Ltd for the year ended 31 December, 2018. Give reasons why the identified areas are considered to be high risk. Support your answer by calculation of appropriate ratios and/or comparisons. The use of Microsoft Excel to calculate ratios is encouraged.
b) Outline the six audit procedures for any six of the risk areas identified in (a).
c) Use the Active Data for Excel as a CAAT to analyse the transactions of XYZ on 29 February, 2018. Following documentation must be provided:
Attachment:- Assignment File.rar
Submission Instructions - Assignment submission - The assignment is to be submitted electronically by groups of three or four students as per self-allocation to a group on VU Collaborate. Please allocate to a group by 18 August, 2018. Groups must assign a leader and keep all records of meetings and tasks assigned to group members. Students must meet physically or electronically at least three times before submitting the assignment. Meeting records must be attached at the end of your assignment. A suggested meeting log is attached. Submission of this assignment by the due date is compulsory for the successful completion of the subject.
The assignment must be submitted to Turnitin via a link on VU Collaborate. Only a single copy should be submitted by one team member or team leader. The Turnitin/Dropbox Similarity Report should be no more than 30%. Each member of the team must complete, scan and submit the Assignment Cover Sheet along with the assignment. Late submission without the extension approval from your unit coordinator will be penalised at 1 mark (out of 20) per calendar day.
Completed extension application form must be submitted to your unit coordinator at least three days in advance of the due date. Students are responsible to protect their work and save data by making necessary backup. Loss of data due to a computer or storage devices problems will not be considered a legitimate reason for an extension. Students should keep a copy of their assignment until their result for the unit is finalised.
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