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Audit And Assurance

From The Information Available In Relation To Coca-Cola Amatil

  1. Assuming that going concern is not an issue, identify two key asset accounts at risk. This will be from the Statement of Financial Position (Balance Sheet).
     
  2. For each of the two asset accounts identified above:

    a.Provide a brief explanation as to why the asset account is at risk;

    b.List the key assertion (as per ASA315) where the audit effort should be concentrated; and

    c.Describe one substantive test of detail you would perform to gather sufficientappropriate evidence in relation to the assertion identified in b. above.
  1. Identify one Statement of Comprehensive Income (Income Statement) expense account at risk, which is unrelated to the asset accounts identified in 1 above. Provide a brief explanation of why it is at risk and list the key assertion at risk.

Sample Answer

Introduction

In this report, audit and assurance services provided by the auditors to a business have been analysed. This report is prepared on the Coca-Cola Amatil CompanyThe company applies AASB 112and AASB 136 in its financial reporting practices as well. AASB 112 implies that the company should account for the future and current tax consequences of its transactions while AASB 136 applies to the impairment of assets.

Identify Two Key Asset Accounts At Risk.

  • Plants and Machineries
  • Account Receivables                                   

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