Review the initial fundamentals of the business

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Reference no: EM131890840

Assignment: Reliable Printers Ltd (RPL)- CASE ANALYSIS

Aims of this assignment: This assignment is designed to facilitate your learning of the key skills and knowledge needed when facing a financial report audit of a company, and how to analyse, research and pinpoint facets of the company that require auditing attention.

Case Background: This case analysis relates to the continuous case study, titled Reliable Printers Ltd (RPL), which is featuredin the Appendix of the Gay &Simnett (2017) textbook. The details of the case study commences from Chapter 04 onwards, covering key aspects of a financial report audit.

RPL business primarily involves traditional paper-based book printing and e-book production. More specifically, RPL prints magazines, books, and advertising material for publishing, educational, and advertising industries. Their print-on-demand system allows their clients to print the exact amount of stock that is needed.

INSTRUCTIONS: A. Please read the RPL continuous case study background informationin the textbook, and

B. Answer the following FOUR questions - as enumerated below. In doing so, please cite relevant sections of the Auditing standards and/or related regulations where appropriate.

• This individual assignment is worth 30 points and comprises 30% of your overall grade in this course.

• Your answer should be approximately 2,000 words. Submit your answer in TurnItIn by end of Week 8 (Sunday 11.59pm). Submission via email will not be marked.

• Late submission will be deducted 2 marks (10%) per calendar day. Submission is not accepted after being late 10 days.

Important Note: This assignment is RMIT copyright. Please do NOT upload on internet, distribute or share with others this instruction.Academic misconduct hearing and/or heavy penalty of copyright infringement might apply.

Questions: Please answer ALL Questions after fully reading the RPL case study.

1. RPL is a new client to your firm.As the audit senior for Rogers & Brown, leadingthe audit team of RPL for the first time, discuss your initial steps that would be required in regards to the following:

• Initial engagements/agreements with the client

• Audit Planning

• Industry specific strategies

• Preliminary materiality assessment

2. Review the initial fundamentals of the business (Appendix pages A1 to A3), analyse the financial information identify FOUR specific types of businessrisksthat are involved in RPL, and how you (as senior auditors of RPL) will response to these identified risks.

3. Internal controls are a vital aspect of any company. Please review the RPL Case Study(Appendix, pages A1 to A13) and discuss the following:

• Identify THREE control strengths and THREE control weaknesses

• How the identifiedcontrol strengths and control weaknesses may influence the effectiveness of the control environment

• What control tests would be applicable for each control weaknesses

4. Analyse the boards' year-end reporting discussions (Appendix, page A3) and explain THREE proposed changes and how these proposed changes may affect your audit.

Information related to above question is enclosed below:

Attachment:- RPLCaseStudy.rar

Reference no: EM131890840

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