Auditing
Length: 500 words minimum
Assignment aims
This assignment is designed to consolidate your learning of the key skills and knowledge needed when facing a financial report audit of a company, and how to analyse, research and pinpoint facets of the company that require auditing attention.
Background
For the purposes of this assignment, you are to imagine that you work as an Audit Manager for a company called Amazing Accountants. Your new audit client is a listed company in Australian Stock Exchange (your choice). The client has asked you to perform their financial report audit for the financial year ended 31 December 2020. You will perform your audit for this client in all parts of this assignment.
Part 3 Question
Identify or assume TWO(2) high level/detective internal controls and propose a control test for each control in ANY of the following processes.
Cash receipt and payment
Sales and accounts receivables
Purchase and accounts payables
Inventory and Cost of goods sold
Payrolls
Non-current assets and Depreciation
