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Auditing and Assurance Services Individual Assignment
Assess audit risk, list key assertions and audit evidence of Kathmandu holding limited
1. Assuming that going concern is not an issue, identify two (2) key asset accounts at risk. This will be from the Statement of Financial Position (Balance Sheet).
2. For each of the two asset accounts identified above:?a. Provide a brief explanation as to why the asset account is at risk;?b. List the key assertion (as per ASA315.A124) where the audit effort should be concentratedc. Describe one substantive test of detail you would perform to gather sufficient ?appropriate evidence in relation to the assertion identified in b. above.
3. Identify one Statement of Comprehensive Income (Income Statement) expense account at risk, which is unrelated to the asset accounts identified in 1 above. Provide a brief explanation of why it is at risk and list the key assertions (as per ASA315.A124) at risk.
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One expense account. (These accounts must be from Kathmandu) You should identify relevant key assertion from classes of transactions only in this section such as occurrence, completeness, accuracy, cut-off, classification and presentation (less likely). No mark if more than one key assertion provided. 1 mark for identifying expense account 1 mark for explanation of why account is at risk. 1 mark for identifying key assertion as per ASA315.A124(a) (2015) or ASA315.A128 (a)(2016)
Two asset accounts. (These accounts must be from Kathmandu) You must explain why you think the particular account is at risk. Only one assertion needs to be identified. If you provide more than one assertion then no mark will be awarded. Substantive test must be relevant to the account chosen and not from the textbook. 0.5 mark for each for identifying asset account at risk?1 mark each for explanation of why account is at risk. 1 mark for each for identifying key assertion as per ASA315.A124(b)(2015) or ASA315.A128 (b)(2016) 1 mark for each substantive test
Assessment criteria The accuracy and correctness of your answer or analysis for each of the questions will be the primary criteria for grade differentials in this assignment. Please refer to the marking criteria below. Each of the individual assignment will be marked out of 10 marks (weighting 5% to total assessment mark). Expense account Explanation why a risk Key Assertions (Identify more than one assertion for expense account) Assessment Marking Criteria Requirement Content Marks
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