ACC30010 Auditing Assignment- baby food and beverages


Background Information
You are a senior auditor with Rodriguez & Jones, a small auditing firm located in Canterbury, an eastern suburb of Melbourne, Victoria. Your team has been assigned to the audit of a new client, Miller’s Merchandise, for the year ended 30th June 2021. Miller’s Merchandise is a Deepdene-based wholesaler offering for sale everything from baby food and beverages, to snacks and vegetables, and everything in between. 
Form a group of 3 students (this is your Audit Team)*, and…

A. Interrogate the 2020/2021 accounts payable data provided, developing visualizations to identify potential issues to follow up during the audit. Specifically you are required to comment on the following assertions ‘at risk’:
1. Existence;
2. Valuation and Allocation;
3. Completeness;
4. Classification;
5. Rights and Obligations.

For each of the above:

i. Explain what the assertion means as it relates to Miller’s Merchandise;
ii.Present relevant data visualisations for the assertion being investigated;
iii. Discussion/Interpretation of Findings/Data Visualisations.

B. Discuss the most appropriate audit strategy to adopt when auditing the accounts payable for  Miller’s Merchandise. 

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