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MA611 Master of Professional Accounting

Question

Answered

Task:

Unit Learning Outcomes

a. Explain and apply the principles, practice and process of auditing to practical situations.
b. Interpret the legal and ethical requirements involved in an audit and apply them to diverse situations.
c. Compare and contrast the organisation’s and the auditor’s responsibilities for an audit.
d. Explain the importance of planning an audit and distinguish the steps involved.
e. Identify and critically evaluate the risks inherent in an audit.
f. Research, critique, interpret and communicate current and future auditing issues to specialist and non-specialist audiences.

From your Understanding of the Client (i.e., Part 1), identify one (1) specific account balance (not account classifications!) that you consider at significant risk of material misstatement. For your chosen account balance:
 
a)   Explain why the account balance is at significant risk of material misstatement
b)   Explain one, key assertion at risk of not being valid 
c)   Detail one (1) relevant substantive audit procedure to address the assertion at risk as identified in b) above  
d)   Detail one (1) relevant practical internal control that would mitigate the risk in relation to the assertion at risk as identified in b) above.

MA611 Master of Professional Accounting

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