Need to complete Part B - Audit Assignment of 3000 words. The quality should be very high as the client is very important to me. The student should get very good marks. Assignment requires you to address the issues set out in the assignment. The task is to be done individually. The assignment has two parts, A and B. Part A requires you to set up a company and process a number of transactions using MYOB. Part B requires you to prepare a document to assist your Audit Manager in developing an audit plan for the financial audit of an entity. There is no word limit for Part A. Part B must not exceed 3000 words in length. A signed assessment declaration must be attached to the front of the assignment. The subject aims to familiarise the student to some of the key tools used by auditors for collecting and evaluating evidence, in both manual and computerised accounting information systems, so as to enable them to express an opinion on the fair presentation of financial reports.

You are required to plan the audit using only information that is publicly available. That is, you only use the information that is published by the entity either on its website or printed materials. You must download and use the pro-forma document on VU Collaborate. In identifying significant accounts, you are advised to use analytical procedure – simple comparison to identify five (5) accounts most at risk of being materially misstated. When making preliminary judgements about materiality levels and developing preliminary audit strategies for significant assertions, you are required to consider the Income Statement, Balance Sheet and the notes.

To calculate materiality level for this audit assignment, you are advised to calculate 2% of the total revenue account balance. In considering what can go wrong for each of the five (5) accounts selected, you must assess the audit risk for each of those accounts using the audit risk model. Quoting directly from textbooks and reports will increase the similarity index. Quoting without proper referencing will also increase the similarity index. As this assignment requires you to use auditing theory to prepare a document for a real-life organisation, quoting from textbook does NOT meet the requirements. Students are advised to prepare their own document. VU Collaborate has the facility to report on whether your assignment is copied from other sources. Penalty of four (4) marks may apply for poor presentation. Serious breaches will be reported to the disciplinary panel. Submit your assignment early. A penalty of two (2) marks per day applies to late submission. If you want to remove the previous version of the assignment on VU Collaborate, submit a blank assignment or a new version.

Correctly identify the issues that need to be addressed. Correctly process the information as required. Demonstrate basic understanding of the use of MYOB software. Clearly defines each issue in the context of auditing literature and auditing standards. Critically analyses each issues identified and include them in the audit plan. Draws conclusions and propose audit approach with appropriate justifications and references to relevant auditing standards. Audit plan prepared in accordance with guidelines prescribed in the assignment. Explanations and justifications are clear and concise and support the proposed audit approach. Spelling and grammar are in accordance with academic standards. Referenced according to academic standards using Harvard system.