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ACC30010 Auditing | My Assignment Tutor

ACC30010 Auditing | My Assignment Tutor

October 27, 2021 by seo_automation_owner

ACC30010 Auditing: S2, 2021 Assignment Planning an Audit of Accounts Payable with Data Visualisations (Weighting: 20% of your final grade)            (Word count: 2500 words +/- 10%) Background Information You are a senior auditor with Rodriguez & Jones, a small auditing firm located in Canterbury, an eastern suburb of Melbourne, Victoria. Your team has been assigned to the audit of a new client, Miller’s Merchandise, for the year ended 30th June 2021. Miller’s Merchandise is a Deepdene-based wholesaler offering for sale everything from baby food and beverages, to snacks and vegetables, and everything in between. You are planning the audit of accounts payable, where preparatory work has revealed the following: Miller’s Merchandise purchases its stock from a list of approved suppliers, with purchase orders processed electronically through a business-to-business ecommerce system. This system uses a fast chain model of supply, with suppliers electronically transmitting their invoices – this automated approach means supplier invoices are credited directly to the accounts payable file of Miller’s Merchandise upon receipt of the purchase order. You are concerned about the impact this might have on the existence assertion.A key control to safeguard the Valuation and Allocation assertion, is the use of key entry validation – an IT control whereby the Number of Units Purchased is multiplied by the Unit Cost, and compared with the Total Cost as per the supplier’s invoice.As is always the case with accounts payable and purchases, you are have flagged the need to investigate the risk associated with the completeness assertion.As Miller’s Merchandise operates both in a B2B and B2C environments, you need to test the security and operation of these systems. You are concerned there may be some overlap, thereby putting the classification assertion at risk.The owner of Miller’s Merchandise (Suzie Miller) owns and operates another business, Brazeele Mottley, out of Broadmeadows. To make most use of the combined purchasing power, Suzie combines purchases for both businesses where possible. This makes you concerned the rights and obligation assertion for Miller’s Merchandise’s accounts payable may be at risk. Required: Form a group of 3 students (this is your Audit Team)*, and… Interrogate the 2020/2021 accounts payable data provided, developing visualizations to identify potential issues to follow up during the audit. Specifically you are required to comment on the following assertions ‘at risk’:Existence;Valuation and Allocation;Completeness;Classification;Rights and Obligations. For each of the above:Explain what the assertion means as it relates to Miller’s Merchandise;Present relevant data visualisations for the assertion being investigated;Discussion/Interpretation of Findings/Data Visualisations.Discuss the most appropriate audit strategy to adopt when auditing the accounts payable for Miller’s Merchandise. Note: See below for suggested breakdown of tasks for this assignment… Note: See below for required format for this assignment… REQUIRED FORMAT: A1. Analysis of ‘Existence’ Assertion:                     Prepared by: Student Name Explanation of ‘existence’ assertion as it relates to Miller’s Merchandise: Dadadada… ii.             Data Visualisation of relevant data pertaining to the ‘existence’ assertion: (Note: Below is for illustrative purposes only – it in no way reflects any part of the ‘solution’. Your visualisations should clearly show the anomaly, without any further explanation required of what is being shown.) iii.             Discussion/Interpretation of Findings/Data Visualisations – including follow-up required (existence assertion): Dadadada… A2. Analysis of ‘Valuation and Allocation’ Assertion:                Prepared by: Student Name Explanation of ‘Valuation and Allocation’ assertion as it relates to Miller’s Merchandise;Data Visualisation of relevant data pertaining to the ‘valuation and allocation’ assertion;Discussion/Interpretation of Findings/Data Visualisations – including follow-up required (valuation and allocation assertion). A3. Analysis of ‘Completeness’ Assertion:                                     Prepared by: Student Name Explanation of ‘completeness’ assertion as it relates to Miller’s Merchandise;Data Visualisation of relevant data pertaining to the ‘completeness’ assertion;Discussion/Interpretation of Findings/Data Visualisations – including follow-up required (completeness assertion). A4. Analysis of ‘Classification’ Assertion:                       Prepared by: Student Name Explanation of ‘classification’ assertion as it relates to Miller’s Merchandise;Data Visualisation of relevant data pertaining to the ‘classification’ assertion;Discussion/Interpretation of Findings/Data Visualisations – including follow-up required (classification assertion). A5. Analysis of ‘Rights and Obligations’ Assertion:                     Prepared by: Student Name Explanation of ‘rights and obligations’ assertion as it relates to Miller’s Merchandise;Data Visualisation of relevant data pertaining to the ‘rights and obligations’ assertion;Discussion/Interpretation of Findings/Data Visualisations – including follow-up required (rights and obligations assertion). B. Discussion of Audit Strategy for auditing Accounts Payable. Prepared by: Student Name * Suggested breakdown of tasks (ie. task allocation for an Audit Team with 3 members): A1iDefinitionStudent 150255iiVisualisations10iiiFindings10A2iDefinition255iiVisualisations10iiiFindings10A3iDefinitionStudent 250255iiVisualisations10iiiFindings10A4iDefinition255iiVisualisations10iiiFindings10A5iDefinitionStudent 350255iiVisualisations10iiiFindings10B Audit Strategy2525    150150150 MARKING Criteria:High Distinction (100%-80%)Distinction (79%-70%)Credit (69%-60%)Pass (59%-50%)Not pass (

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