Reference no: EM13834757

Problem 1: From your business risk analysis, identify three (3) accounts to be at significant risk. For each of the accounts you identify:

a) Outline why the account is at significant risk

b) Identify the prime audit assertion to be tested for each account

c) Describe one (1) relevant substantive audit procedure that would address the assertion identified in b) above

Problem 2:

	Consolidated Entity
	2014 Note               r000	2013 $'000
Note 10: Non-Current Assets - Property, plant and equipment
Leasehold improvements
At cost	57,330	44,162
Less accumulated depreciation	(21,032)	(16,583)
	36,298	27,579
Plant and equipment'
At cost	121,157	107,305
Less accumulated depreciation	(58,717)	(48,146)
	62,440	59,159
Total Property, Plant and Equipment	98,738	86,738

Plant & equipment includes fixtures, fittings and motor vehicles as well as $3,911,300 (FY2013: $4,069,993) of work in progress costs. The 29 June 2014 work in progress costs include the WA Distribution Centre project $2,147,624 and new store Mouts and shelving $1,608,616.

Movements in Carrying Amounts

Movements in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial period are as follows: