Remember just as it was for Case Study A, the final two criteria in relation to professional communication and referencing, will be taken into account as part of the marks awarded for the marking criteria for each question. Finally you should be able to answer all parts of this assessment adequately in 3,000 words.

The final question is all about how you go about selecting the sample to undertake testing and comes from Topic 7 and chapter 10 of the textbook but not the back half of the chapter from pp.471-484 which covers statistical sampling in particular and is out of scope of the subject. As with the previous questions you should structure your answer as instructed. For each of the assertions you are first being asked from which population (or data source) you would select your sample from. If you have a good understanding of the two assertions (completeness and existence) this should be quite straightforward. From there you simply need to decide the best sample selection method for each assertion (which is covered on pages 465 to 469 in the textbook) and in the final column justify why that is the best sample selection for that assertion—note that there is not necessarily one right answer for the final two columns. As per the marking criteria, the strength of your justification will determine how many marks you are awarded.

This question is about internal controls and is covered in topic 6 (chapter 7 of your text) but it has a similar pattern to question 1. I have not placed a limit on the number of internal control weaknesses that should be identified but somewhere between 8 and 10 would probably be appropriate. This question then asks you to explain how each identified internal control weakness will impact the audit. For example if production orders for finished goods are not authorised prior to being sent then orders could be placed for finished goods that are no longer required, which would have implications for the value of inventory. Just like question 1 the final column asks you to outline the audit procedures you might need to undertake to reduce audit risk from that internal control weakness. So continuing the example, if there was a weakness internal controls that adversely impacted the valuation of inventory, audit procedures would need to be considered that highlight slow moving or obsolete inventory items. Remember your detection risk matrix (p.163 of the textbook).

Question 1 is about using analytics and other information as a planning tool that identifies potential issues that could impact on audit risk. This is covered in topic 5 and chapter 5 of the textbook. The first part of this question is asking you to analyse each ratio listed—this means considering its actual performance in and against budget and industry benchmarks, other related ratios and importantly any other important information provided in the question. In the next section under audit risk you then have to consider what that analysis means for your audit—if for example inventory turnover has deteriorated then the impact on the audit will likely be an increased risk that inventory is overvalued but make sure you briefly explain why. The final column is all about audit procedures that could be taken during the audit to reduce audit risk. For example what audit procedures could you undertake for example to gather sufficient and appropriate audit evidence to ensure that you could determine the true value of inventory?

As this is a comprehensive case study your responses should be presented as a single memo— remember you are the auditor planning the audit so you should write from that perspective. You will also notice however that there are 3 distinct questions which you have to answer, and all of them contain clear instructions about how to structure your answer. So you must use sub-headings to identify your answer to each question. Something more creative than Question 1, 2 and 3 would be good. Surprise me!

Just a short memo to step you through a few key things to think about when preparing your assessment item 3 – case study B—which is due on 12 May, not that far away. This assessment is worth 20%. A poor performance in this task could significantly impact on your final grade in this subject. As was the case with Case Study A, you need to ensure that you are up to date with your studies as per the study schedule. This assessment covers parts of topics 4, 5, 6 and 7. Remember the marking criteria table has been available to you, in the subject outline, since the beginning of session, so you should be familiar with it.

Question 3 Development and justification of sample selection methods (4 marks). Comprehensive, insightful, and coherent development of and justification for sample selection methods that address both assertions. Professional communication * Arial 10pt or TNR 12 pt. font; * 1.5 or double line spacing; * accurate spelling, grammar, punctuation, and word choice. . Focused, intelligible, accurate, and concise statements are structured and organised in a manner that facilitates the reader’s understanding. Appropriate resources and correct referencing . Seamlessly and articulately integrated evidence from at least three credible, relevant sources. All work has been referenced correctly as per APA (6th ed.) requirements.

Question 2 Appraisal of the client's internal control environment and application to the audit risk model (4 marks) Comprehensive, and coherent explanation for the choice of internal control weaknesses, demonstrating an insightful understanding of those that most significantly impact audit risk Development of a series of audit steps to overcome audit risk resulting from weak internal controls (4 marks). Development of a comprehensive series of audit steps designed to overcome the audit risk of weak internal controls. This demonstrates a deep understanding of the audit process.

Analysis of ratios and other information demonstrating audit risk assessment skills and critical and reflective judgement (4 marks). Comprehensive and articulate interpretation of all ratios and other provided information, synthesising an understanding of the ratios with an insightful analysis of the audit risks. Accurate interpretation of all ratios and other provided information, demonstrating a thorough understanding of how the ratios can be used to analyse the audit risks. Identification of audit procedures that minimise audit risk identified through the analysis of the ratios and the additional information (4 marks). All appropriate audit procedures identified with a comprehensive statement as to how these will minimise audit risk, demonstrating an insightful level of audit planning. All appropriate audit procedures identified. Demonstrates a thorough understanding of how these audit tests minimise audit risk.

Criteria High Distinction Question 1 Analysis of ratios and other information demonstrating audit risk assessment skills and critical and reflective judgement (4 marks). Comprehensive and articulate interpretation of all ratios and other provided information, synthesising an understanding of the ratios with an insightful analysis of the audit risks.

• Academic Literacy and Numeracy (Application) - CSU Graduates consider the context, purpose, and audience when gathering, interpreting, constructing, and presenting information. • Professional Practice (Knowledge) - CSU Graduates possess the knowledge and understanding of the discipline and the nature of professionalism required for the given profession or discipline in contemporary societies. • Professional Practice (Skill) - CSU Graduates demonstrate discipline-specific technical capabilities and self-appraisal required for a beginning practitioner or professional.

Please focus on memo I sent with the main file need to be focuse on presentation and marking carteria This assessment task will assess the following learning outcome/s: • be able to demonstrate risk management methodologies and the role of internal controls in an audit context. • be able to design an audit plan and select and apply appropriate audit procedures for a financial statement audit. • be able to exercise critical and reflective judgement and appreciate the value of ethical practice.