ACC621 Issues in Auditing Practice- provide sufficient appropriate evidence

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ACC621 Issues in Auditing Practice

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Task:

Your task is to prepare a working paper/s to be included in the audit file, for your allocated account. The working paper/s must address the five points below.

1. Consider which assertions are likely to be most at risk for this account. Identify 2 to 3 relevant assertions, and briefly explain why these assertions are likely to be at-risk. In doing so, you should consider whether the account has increased or decreased compared with the prior year and consider the key risks generally applicable to this type of account.

2. Identify and describe an audit procedure/s which would provide sufficient appropriate evidence for the identified assertions. In making your choice of procedure/s, consider the impact of technology/digital tools for improving the efficiency of audit procedures.

3. Provide a brief statement about how the use of technology in this procedure impacts your audit team’s ability to stay within budget.

4. The senior auditor has asked you to select a sample of 5 transactions from your general ledger account for vouching. Access the general ledger detail for your account and identify 5 specific entries to make up your sample. Describe/illustrate your sample selection process. Provide a brief statement justifying your sample selection approach with reference to the Australian auditing standards.

5. Comment on whether vouching these 5 transactions is likely to provide sufficient appropriate evidence for this account. Consider how material the account is and the level of detection risk that would be appropriate for this account. Consider the direction of testing, and whether it is appropriate for your assertions

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