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Why the asset account is at risk

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Assess audit risk, identify key assertions and audit testing of the chosen company

Company - Adcorp Australian

From the information available in relation to the company that you have chosen for your Individual Assignment A, B, and C:

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) where the audit effort should be concentrated; and

c. 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 assertion (as per ASA315) at risk.

Attachment:- template.rar

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The paper is in relation to the analysis of the accounts at risk of the Adcorp Corporation Limited based in Australia and the way the same is being assessed as the accounts at risk along with the application of standards of auditing on the same.

Reference no: EM131989052

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Reviews

len1989052

5/19/2018 5:16:45 AM

Substantive test must be relevant to the account chosen. No mark will be awarded if the substantive test is directly taken from the textbook. 1 mark for each substantive test One expense account. (These accounts must be from your chosen company) 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). For each asset account, ONLY one assertion that you consider to be the most important needs to be identified. No mark will be awarded if more than one key assertion is provided. 1 mark for identifying expense account 1 mark for explanation of why the account is at risk. 1 mark for identifying key assertion as per ASA315.A124(a) (2015) or ASA315.A128 (a)(2016)

len1989052

5/19/2018 5:16:13 AM

Requirement Content Marks Two asset accounts. (These accounts must be from your chosen company) You must explain why you think the particular account is at risk. 0.5 mark for each identified asset account at risk 1 mark for each explanation of why account is at risk. For each asset account, ONLY one assertion that you consider to be the most important needs to be identified. No mark will be awarded if more than one key assertion is provided. 1 mark for each identified key assertion as per ASA315.A124(b)(2015) or ASA315.A128 (b)(2016)

len1989052

5/19/2018 5:15:52 AM

I am very satisfied with this expert who finished last assignment so I think this task also let him finish. And the company I picked is Adcorp Australian.And please ask the expert to follow the right template. 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). You must submit a hard copy of this assignment through Turnitin by 9.00 am and in class in person by 2.00 pm on the due date. The maximum word count is 1000 words. You will find in most of the individual assignments that less than 1000 words will suffice.

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