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Research Project
This assignment is a research component within the Auditing Practice assessment. There is no model answer to this assignment. You need to conduct desk research and based on this and any anecdotal evidence and/ or personal experience consider the questions given.
Topic
Inherent risk, in a financial audit, measures the auditor's assessment of the likelihood that there are material misstatements due to error or fraud in cycles before considering the effectiveness of internal controls.
Industry Sector of Interest
Consider the risks inherent to the retail industry such as grocery supermarkets and conduct research about the following questions.
1. List and describe the possible inherent risks in the retail industry.
2. Determine which inherent risks may currently be considered critical.
3. Determine which practices might address the inherent risk identified in'2' above.
Describe and evaluate this type of internal audit. What types of organisation would it be most useful for?
Code of Ethics for Professional Accountants
Prepare Swag's consolidated balance sheet
Notable operational challenges for 4X Heavy Ltd faced in 2012/2013 were but not limited to
Audit partner is concerned about his lack of knowledge of the industry the company is operating in, state of the company's industry and associated risk factors
Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.
State whether Event is adjusting or non-adjusting event.
As a consequence an accounts payable clerk and financial accountant were made redundant from the business during the year.
To identify principal audit risk and corresponding audit procedures
Show the audit inherent risk and rate the risk as low, medium or high.
Explain the role of the following three 'bodies' in National Health Reform
Prepare a memo on the 'state of the company's industry' and associated risk factors.
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