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Alwaysfast Ltd was established on 1 July 2007 and its activity is to make deal in computer and accessories. The directors are uncertain as to their responsibilities, and the nature of their relation
Explain (with reasons) how each of the above items will impacton material misstatement in financial reporting for the company and on your decision whether to accept MCS as an audit client.
Materiality is the significant part of audit considerations. Explain the nature of materiality and the basis for its calculation.
‘An auditor is a representative of shareholders and as well an officer and an employee of a company’. Do you agree? Discuss the rights and responsibilities of an auditor.
Describe the role of the following three 'bodies' in National Health Reform and the implementation of Activity Based Funding on a National level in Australia.
Identify what you consider to be the ‘key’ inherent risk factors that could have an impact on the audit of Santos for the year ended 30th June 2013 and/or future audits.
Auditors are responsible for creating financial statements free of material misstatement.
Justify whether the events are adjusting or non-adjusting events according to ISA 10 Events after the Reporting Period.
Based on the above make 4 recommendations to management on completion of audit.
Proposed five most significant general balance-related or transaction-related audit objectives based on your finding of the risk factors.
Requiring audit firms to publish an annual transparency report if they conduct audits of 10 or more important entities.
What are the reporting responsibilities of the auditor if, all through a single audit, the auditor identifies a finding.
Suggested five most significant general balance-related or transaction-related audit objectives based on your finding of risk factors.
Since 4X Heavy Ltd is a new client of KCA outline the steps that you would initially undertake as part of taking on this client.
Your audit partner asks you to prepare a memo on the state of the company’s industry and associated risk factors.
Has Rodney breached any auditing standards or regulations and if so, what and why?