Assignment Task :

You are the audit senior with Luccia and Jansen (L&J), a large accounting and auditing firm with offices in Australia and throughout the world. You have been approached to undertake the audit of Reliable Printers Ltd (RPL) for the year ended 30 June 2019. RPL prints books, magazines and advertising material for the publishing, educational and advertising industries on a print-on-demand basis. 

You will need to refer to the CASE STUDY. Based on the case study notes, assemble an (albeit imaginary) audit team and construct an audit plan/program for the accounts payable section only of this engagement. 

Specific requirements: 

1. Present a response focussing on the CASE STUDY. You will be required to provide clear evidence that you have read the case study notes and that your planned work is in response to matters detailed in the notes. While it is understood there will be generic matters applicable to the audit of accounts payable, you will need to make sure you include these as well. You will need to provide clear evidence that your assignment is a direct response to the case study notes.

2. Choose an appropriate format for your audit plan/program. There is an extract of an AUDIT PROGRAM that you can use as a starting point. However, more columns and rows will need to be added. For instance, you will need to have a column to indicate which assertion is being addressed by the test (for test of controls, the 'audit objectives' column would be reworded to 'controls to be tested' or similar). An online search will provide many more equally acceptable templates. A tabular format is preferred for your audit plan/program. However, some explanatory discussion will be required for some sections of the assignment.

3. Since the audit plan/program requires you to assign staff to the scheduled work, you will need to put together an imaginary team. In this section, please introduce us to your team members, indicating their position, seniority, education, experience etc. so that in the audit plan you can simply allocate tasks to them using their initials.

4. The nature, timing and extent of the audit refers to the procedures that you plan to undertake i.e. what, when, how many? Make sure that you also state the assertions/controls to be tested by the planned audit procedures. These sections should be presented in table format. However, you can add extra discussion below the table if you feel it’s necessary. These items should communicate exactly what your audit objectives are, what work is planned to be undertaken, and by whom, in the audit of accounts payable. 

 

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  • Uploaded By : Grace
  • Posted on : July 04th, 2019

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