ACFI3005 Auditing and Assurance- prevent and detect potential errors

ACFI3005 Auditing and Assurance- prevent and detect potential errors

Task:

Requirements

Assume you are one of the audit team members who will conduct the financial report audit – year ending 30 June 2021 – for Sportastic. Using the company’s information given above, prepare a report dated June 15, 2021 for the audit manager outlining the audit plan. As it is the beginning of the audit do not prepare a final audit report/opinion. The report should cover the following areas under the suggested headings:

1. Risk Assessment 

From the background information given above:

1. identify and explain three (3) potential HIGH inherent risks. For each risk listed, identify the associated financial accounts and key assertions that would be affected. 
 
2. Identify and explain three (3) potential HIGH internal control weaknesses (control risks). For each weakness, identify the associated financial accounts and assertions, and suggest controls that can be implemented to prevent and detect potential errors.  

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HUMN 2663 Do the Right Thing

HUMN 2663 Do the Right Thing
During the assessment: To add your answers to the assessment word document you will find a box under each question where it asks you to Click or tap here to enter text. Click on this box and begin typing your You can leave Moodle at any time once you have downloaded your assessment, HOWEVER the clock will continue to count down (closing down your internet browser will save you bandwidth issues if your internet is not always reliable). If you leave Moodle at any time, you MUST return to the assessment area on Moodle and click on Continue the last attempt before the time runs out to upload your completed assessment To complete & upload your assessment: Save the document to your desktop using Your Name_StudentID_CourseCode Return to the Moodle assessment area and click on Continue the last attempt button to return to the assessment. Scroll down to Question 1, and click on the paper icon to upload your completed assessment. Click Finish attempt and follow the final prompts to submit your assessment
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HIST241 Ancient History

HIST241 Ancient History
Please select one of the following primary sources to analyze in a 1 page, double spaced, primary source analysis to be handed in online through Blackboard 5.1 Herman Husband / Causes of Armed Resistance in North Carolina, 1770 5.2 London Merchants Petition to Repeal the Stamp Act, 1766 5.3 The Repeal, 1766 6.2 Slaves Destroy Statue of King George III in New York City, July 1776 6.3 A Fire Burns British-Occupied New York City, September 1776 6.4 Bernard Bailyn, The Importance of Ideas, 1967 6.5 Timothy H. Breen, Insurgents Mobilize, 2010 Please answer this question as you analyze your document: how does the document and/or image you have selected help to explain a particular dynamic of the American revolution? Be as specific as possible in your answer… Criteria: Good analyses will situate the source in its proper context and explain its historic significance in clear, concise terms. Good answers will also offer quotations and citations from the document (if textual) and/or offer detailed explanations of the image and/or painting (if visual). You may offer quotations/citations from the textbook if this helps you to situate and analyze the source you have selected. Citation is expected.
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HI5017 Managerial Accounting Report- traditional costing to ABC costing

HI5017 Managerial Accounting Report- traditional costing to ABC costing

Task:

Question 1
 
Required:

a) Which job(s) are still in process at the end of January, and what is the cost of this job(s)? 
b) Which job(s) were completed at the end of February, and what is the cost of this completed job(s)? 
c) What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for March? 
d) How does job costing in a service organisation differ from job costing in a manufacturing organisation?

Question 2

 
a) Discuss the circumstances that would require a business to change from traditional costing to ABC costing? 
b) Takulah Co. Ltd has traditionally allocated its overhead based on machine hours but had collected this information to change to activity-based costing:
Required:
 
i) How much overhead would be allocated to each unit under the traditional allocation method? 
ii) How much overhead would be allocated to each unit under activity-based costing?
iii) Would you recommend a change to ABC costing for this company? Justify your answer

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ACCT90002 Financial Statement Analysis: Analysis on Amazon

ACCT90002 Financial Statement Analysis: Analysis on Amazon

Question:

Financial analysis on Amazon

In this assignment you need to perform a financial analysis on Amazon.

Please follow the following steps:

1.

Decompose ROE in this way. Calculate all the following ratios for FY 2020. Analyse and briefly comment on the performance.

  • ROE
  • Operating ROA, NOPAT margin, Operating asset turnover
  • Spread, Net financial leverage
  • Sustainable growth rate = ROE*(1-Dividend payout ratio)

2.

Evaluate operating management, investment management, liquidity and solvency. Please use the following ratios only. Calculate these ratios for FY2018-2020, insert graphs if possible. Analyse and briefly comment on the performance.

Operating management: Gross profit margin, NOPAT margin

Investment management: Asset turnover, Accounts receivable turnover

Liquidity management: Current ratio (short term); Debt-to-equity ratio (long-term)

Solvency: Sustainable growth rate

Please show all calculations in an excel file.

3. Assess the accrual quality

Calculate accruals for FY2018-2020, assess the quality of accruals.

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Economic thinking and Policy Practice

Economic thinking and Policy Practice

Question:

This assignment will consist of a set of tasks that reflect the type of practical written work that you will be expected to deliver in a real professional job. The focus of this task will be on using your knowledge of economic policy mechanisms to describe and assess existing government policy and formulate policy recommendations to address the problems facing the Australian economy in the future. You will be asked to present your analysis in the format of the content of a Policy Brief which is a type of output you would be expected to produce in a professional working environment.

This assignment also contains a task that allows you to demonstrate your understanding of the formal institutions, business organisations and experts that constitute the economics community and contribute to our economic thinking and policy practice.

This assignment will also involve some self-reflection exercises where you will be invited to personally reflect on what you have learnt and gained from the course. One purpose of this task is to enable you to identify the professional skills and competencies that will enhance your future career opportunities.

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BIOL 1020 Biology Principles and Themes- this consistent with your answer

BIOL 1020 Biology Principles and Themes- this consistent with your answer

Task:

There are 3 main stages when it comes to creating a graph. The first is Planning, this includes determining what kind of data you have, identifying the dependent and independent variables and based on this determining which graph would be the most appropriate. Then you create the graph in Execution, this would be ensuring you complete the graph with proper axes including titles, scales and units and creating a legend if needed. Lastly, Reflection, is meant for you to critically evaluate your own work and ensure you have communicated the main scientific message effectively. If you cannot determine with relationship or trend in the data with the graph you have chosen, it is likely that another format is better. You might repeat the Planning and Execution stages multiple times in ordered to be satisfied during the Reflection stage.
Planning

1) What is the story that you want to show?
2) What is the independent variable?
a. Is the independent variable continuous or categorical (discontinuous)?
3) What is the dependent variable?
a. Is the dependent variable continuous or categorical?
4) Does the data need to be manipulated (e.g. averages of replicates, calculated values, …) or can the data be presented as collected (raw)?

5) Based on your variables, which type of graph would be appropriate for this data set (i.e., scatter plot, line, bar, …)?

Execution

6) What should the label of the X-axis (independent variable) be? What are the units?
7) What should the label of the Y axis (dependent variable) be? What are the units?
8) How will you discern between multiple data sets if they exist? What will the legend look like?
9) What information needs to go into the caption?

Reflection

10) Look at your graph, what story is it showing? Is this consistent with your answer to Q1?
11) If Q1 and Q10 don’t match, what would be a better way to graph the data so that they do?
12) What is an advantage of the graph you constructed?
13) Is there anything that could be improved? Critically evaluate your work using the graph rubric.

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HA3032 Auditing and Internal Control Environment

HA3032 Auditing and Internal Control Environment

Questions:

Question 1
“The auditor’s determination of materiality is a matter of professional judgement, and is affected by the auditor’s perception of the financial information needs of users of the financial report.”
With reference to the statement above from ASA 320, define materiality and discuss how the “needs of users” will affect how materiality is determined.
Question 2
What is the purpose of tests of controls? With reference to the three (3) main risk components of the Audit Risk Model, explain the circumstances where it is NOT appropriate for the Auditor to test the controls of the client entity. 
Question 3 – Independence
A senior partner in a large incorporated accounting firm has 400 shares in a large client’s company. Whilst this ownership stake is considered an insignificant part of the partner’s total share portfolio, the firm has strict requirements about equity investments in clients based on s307C of the Corporations Act and the APES 110 Code of Ethics for Professional Accountants.
Required:
a)Has the partner violated the independence requirements of the firm? Discuss
b)Explain whether the ownership is likely to affect the partner’s independence in fact. 
Question 4
Your firm Temasek, Smith & Partridge are currently auditing the financial accounts of Riddell Ltd for the year ending 30 June 2021. You are the Audit Manager on this engagement and one of your new graduates has performed the following audit procedures in relation to the sales and collection process of Riddell Ltd, as follows:
1.Examined a sample of shipping documents to determine whether each document has a sales invoice number included on it.
2.Added the columns on the aged trial balance and compared it to the total noted on the general ledger.
3.Observed whether the financial accountant makes an independent comparison of the total in the general ledger with the trial balance of accounts receivable.
4.Examined a sample of customer orders to see whether each order has a credit authorisation.
5.Compared the date on a sample of shipping documents a few days before and after the balance sheet date with related sales journal transactions.
6.Computed the ratio of the provision for doubtful debts divided by accounts receivable and compared it with previous years.
7.Examine a sample of non-cash credit entries in the accounts receivable master file to determine whether the internal auditor has initialled each one.
For each audit procedure stated above from 1) – 7), identify the applicable type of audit evidence, type of test and provide an explanation of the purpose of the audit procedure.
Question 5
“If, after the financial report has been issued, a (material) fact becomes known to the auditor that, had it been known to the auditor at the date of the auditor’s report, may have caused the auditor to amend the auditor’s report,
Required:
a)Based on the statement provided above from ASA560, explain the actions required of the auditor in this situation, that is, where a material fact arises after the financial report was issued.
b)What are the potential risks to the auditor when this problem arises? Discuss.
Question 6
The following are four (4) independent situations. For each case, state the type of audit opinion which should be expressed and provide an explanation for your choice of audit opinion in each case shown below a) – d), as follows: 
a.Whilst auditing the Long-Term Investments account of Brownllow Medal Ltd., the auditor has been unable to obtain the audited financial statements for a material investment of an entity located in an overseas jurisdiction. The auditor concludes that sufficient and appropriate evidential matter regarding this investment cannot be obtained in the required time. Additionally, as the Audit Manager in charge of the audit-engagement, you have to weigh up the requirements of the audit-engagement with the additional cost of spending extra time at the client’s premises.
b.Due to recurring operating losses and ongoing working capital deficiencies, the auditor has some serious doubts about BMP Ltd.’s ability to continue as a going concern for a reasonable period of time. However, the financial statement disclosures concerning these matters, which you have now reviewed and evaluated, are adequate, and the BMP Ltd. senior management team has been co-operative and helpful with all information requests. Nonetheless, your professional scepticism leads you to suspect there are likely to be serious operational challenges for BMP Ltd in the next twelve months.
c.Mirrabella Pty Ltd has completed the preparation of its financial statements for 2020/2021, but it has decided to exclude the Income Statement. The Chief Financial Officer (CFO) of Mirrabella Pty Ltd explains to you that the users of their financial statements find the Income statement confusing, too long and unnecessary because the Balance Sheet already has the essential information which shareholders require. Accordingly, the CFO has refused to have the Income Statement in the annual report for the year ending 30/06/21. Furthermore, the CFO has implied that Mirrabella Pty Ltd will be seeking to appoint a different auditor for the next audit.
d.Your client, Metro-Quinn Ltd, operates a chain of fast-food outlets throughout Australia. It is now the end of the audit and it was found that major internal control deficiencies exist in relation to the completeness of recording and banking of cash sales. Cash register tapes are not available to determine which cash sales amounts should have been recorded and banked. There is a lack of separation of duties between the custody of cash and its recording. Metro-Quinn Ltd senior management have not provided any explanation for these deficiencies, nor have they indicated that they will act on your recommendations to remediate the problems and issues in the internal control environment.

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ACCG3015 Accountants in the Profession: Ethical Challenges

ACCG3015 Accountants in the Profession: Ethical Challenges

Question:

Requirements:

The goal of this assessment task is to test your knowledge and understanding of ethical and sustainability challenges faced by the accounting profession and apply best practice principles and recommendations related to appropriate business practice.

There are two parts of this assessment task: Part A relates to ethical dilemmas and Part B is about sustainability challenges. Each part is described below:

Part A: Ethical Dilemmas

Issues and Solutions Most accountants in business and the public sector, whether working in a small organisation or serving as the chief financial officer (CFO) of an international corporation, face ethical dilemmas during their professional careers. Ethical dilemmas come in many forms and accountants sometimes need support to address complex and challenging conflicts. Accountants may also treat ethical dilemmas as business decisions and not utilise their professional code to assess potential courses of action.
The CGMA survey report Managing Responsible Business, A Global Survey on Business Ethics shows that a 10%-15% increase since 2008 in organisations providing both statements of ethical values and a code of ethics, as well as related training, provision of hotlines, and incentives, such as performance-based rewards. The survey also shows an almost 20% increase in organisations both collecting and reporting ethical information. The majority of accountants feel it is important to collect and analyse ethical information, but one in five do not believe their organisation will do so in the near future. Despite an increase in ethical codes and training, there is greater pressure within organisations to act unethically. Security of information remains the biggest issue of concern across all markets. Bribery has risen from sixth to third in the rankings of issues of concern, reflected by the increase in anti-bribery and corruption legislation.
A common aspect to resolving ethical dilemmas is to help accountants define and apply the fundamental principles in their professional code of ethics. A distinguishing mark of the accountancy profession is the responsibility to act in the public interest and professional ethics places an expectation on accountants to self-regulate their behavior in accordance with the Code of Ethics for Professional Accountants (the Code) developed by the International Ethics Standards Board for Accountants (IESBA). The International Federation of Accountants (IFAC) member organisations are required to abide by ethical standards at least as stringent as those stated in the Code. These standards may potentially be threatened by a broad range of circumstances including self-interest, self-review, advocacy, familiarity, and intimidation. An awareness and understanding of these circumstances will help us to establish which fundamental principles are affected by a situation and why. Required: Identify and describe two (2) ethical dilemmas after systematically reviewing recent media articles/postings/legislations/reports/journal articles/broadcast or social media. Gather the relevant facts and for each issue describe: why it is an ethical problem; Identify the affected parties -individuals, organisations and key stakeholders affected; in what way are they affected; how would these ethical issues affect the reputation of the accounting profession; how would these ethical issues affect the public interest; propose solution to each ethical issue and describe which fundamental principles are affected and what are the threats to compliance with the following fundamental principles of ethics developed by the International Ethics Standards Board for Accountants (IESBA): Integrity Objectivity Professional competence and due care Confidentiality Professional behaviour
While writing your essay consider the following threats to fundamental principles: Self interest Self-review Advocacy Familiarity Intimidation Are there safeguards which can eliminate or reduce the threats to an acceptable level? nd policies; whistleblowing procedure.

Part B: Sustainability

Challenges and Solutions Sustainability is becoming more important for all organisations, across all industries. Over 62% of executives consider a sustainability strategy necessary to be competitive today, and another 22% think it will be in the future. Simply put, sustainability is a business approach to creating long term value by taking into consideration how a given organisation operates in the ecological, social and economic environment. Sustainability is built on the assumption that developing business strategies which foster organisation longevity.
As the expectations on corporate responsibility increase, and as transparency becomes more prevalent, professional accountants are recognising the need to act on sustainability. Professional communications and good intentions are no longer enough.

Required:

Identify and describe two sustainability challenges, affecting accounting profession as well as threatening the existence of our planet.
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ACT305 Corporate Accounting and Depreciation Rate

ACT305 Corporate Accounting and Depreciation Rate

Questions:

This Assignment is worth 20% of the total assessment for this unit. This assignment will be marked out of 100 and scaled down to being out of 20. The assignment has 5 questions. 
Q1. 
Buildit Ltd, a fabricating company, bought an industrial drill on 1st July 2020 for a price of $150,000. The CFO estimated that the drill had a useful life of 6 years and a straight line basis of depreciation was applied. One year later, on 1st July 2021 due to technological improvements the CFO determined that the drill would have to be replaced earlier in order to remain competitive. The remaining useful life was estimated to be 4 years. The accounting depreciation rate was changed to reflect this alteration. 
The drill was sold for $69,000 on 30 June 2023. This equipment attracted a tax depreciation rate of 35% p.a. The company tax rate is 30%. 
Required 
For each of the 3 years ended 30 June 2021, 2022 and 2023, calculate the carrying amount and tax base of the drill, and show the deferred tax journal entry at the end of each year. Provide explanations for your
Q2. 
At the 1st July 2022 Towelling Ltd had the following financial position: Carrying amount Fair value 
Assets 
Current assets 
Cash $270,000 $270,000 
Accounts receivable 1,080,000 1,080,000 
Total current assets $1,350,000 
Non-current assets 
Plant and equipment $2,835,000 $2,160,000 
Accumulated depreciation (810,000) 
Fixtures and fittings 1,215,000 1,147,500 
Accumulated depreciation (135,000) 
Motor vehicles 1,080,000 823,500 
Accumulated depreciation (270,000) 
Land 1,485,000 2,025,000 
Total non-current assets $5,400,000 
Total assets $6,750,000 
Liabilities 
Current liabilities 
Accounts payable $135,000 $135,000 
Total current liabilities $135,000 
Non-current liabilities 
Long term loan $540,000 $540,000 
Total non-current liabilities $540,000 
Total liabilities $675,000 
Net assets $6,075,000 
Equity 
Share capital – 135,000 ordinary shares $3,375,000 
Retained earnings 2,700,000 
Total equity $6,075,000 Cotton Ltd had purchased all the assets and taken over all the liabilities of Towelling Ltd on 1st July 2022. 
The purchase consideration included Cotton Ltd issuing to the Towelling Ltd shareholders 6 Cotton Ltd shares and giving them a cash payment of $2.70 for each one Towelling Ltd share held. The Cotton Ltd shares were deemed to have a fair value of $9.45 each. The costs of issuing the Cotton Ltd shares amounted to $810. The Towelling Ltd shareholders would also have a patent transferred to them. This patent was internally generated by Cotton Ltd with a carrying value of $540,000 and was deemed to have a fair value of $1,350,000. At 30th June 2022 Towelling Ltd had noted in its financial statements a contingent liability due to a guarantee that the company had given for another company’s loan. No value had been placed on the guarantee but the fair value at the date of acquisition was assessed at $54,000. 
Prior to the acquisition of Towelling Ltd Cotton Ltd sought advice from lawyers and accountants and at the completion of the acquisition their fees amounted to $13,500.
Required 
Complete the journal entries in the books of Cotton Ltd recording the acquisition of Towelling Ltd.
Q3 
Benjamin Ltd owns all of the issued share capital of Franklin Ltd. 
The following transactions occurred during the financial year ending 30th June 2022. 
(a) On 15th January 2022 Benjamin Ltd purchased inventory from Franklin Ltd for $52,800 which gave Franklin Ltd a pre-tax profit of $15,840. Benjamin Ltd sold one quarter of the inventory to external parties for $16,500 and the remainder were sold back to Franklin Ltd for $71,500 on account. 
(b) On 1st February 2021 Benjamin Ltd sold equipment, which had cost Benjamin Ltd $374,000 with an accumulated depreciation balance at the time of sale of $44,000, to Franklin Ltd for $352,000. Franklin Ltd applies a 10% straight line depreciation rate to equipment. On 30th June 2022 Franklin Ltd sold the equipment to Jefferson Ltd for $220,000. 
(c) Benjamin Ltd, owns a car dealership and sold a car on 1st July 2021 to Franklin Ltd which Franklin Ltd classified as a motor vehicle. The sale price was $44,000 with a cost of sales of $22,000. Franklin depreciates motor vehicles at 20% on a straight-line basis. 
(d) Franklin Ltd purchased a new production facility on 1st September 2021 for $1,600,000. The factory equipment required calibrating and staff training to enable them to operate it. To facilitate this Benjamin Ltd provided management staff to oversee the calibration and training at a cost to Benjamin Ltd of $22,000 for which they billed Franklin Ltd $110,000. This latter cost Franklin Ltd treated as part of the cost of installation and added it to the cost of the facility. Franklin Ltd depreciates the facility on a reducing balance basis at a yearly rate of 30%. 
Required 
Prepare the adjusting consolidation worksheet journal entries for the year ended 30th June 2022 to eliminate the intragroup transactions.
Q4 
On 1st July 2021 Jensen Ltd acquired 80% of the issued shares of Interceptor Ltd for $315,200. The equity of Interceptor Ltd at that date comprised: 
Share capital (250,000 ordinary shares) $250,000 
Retained earnings 49,375 
General reserve 100,000
The assets and liabilities of Interceptor Ltd were all valued at fair value except for: 
Carrying 
amount 
Fair 
value 
Land $230,000 $250,000 
Machinery (cost $187,500) 125,000 150,000 
Inventory 81,250 100,000 
Additional information 
The machinery, which a remaining life of 5 years, was sold on 1st July 2022 for $175,000. All the inventory held at 1st July 2021 was sold in the year after acquisition. All valuation adjustments were made by consolidation worksheet journal entries. Interceptor Ltd had the following transactions during the years to 30th June 2022 and 30th June 2023.
2022 
January 17 Paid an interim dividend $10,000. $5,000 being funded out of pre-acquisition profits.

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