Not only did this provide write a reflective essay about the best lesson my family taught me publicity for Scientec, but a number of clients withdrew their contracts.
It will also cover letter for carpenter supervisor important to consider whether the assignment is a one-off engagement or is likely to be an ongoing service. All of the above points suggest that the engagement will involve testing some subjective issues, and possibly relying on the controls put in place by the client, both of which have an impact on the overall risk assessment of the work requested.
Briefly explain four 4 audit procedures that may be carried out to try to determine whether or not Scientec is a going concern. Financial statements relate to the past. When evaluating this particular scenario try to think widely about the information provided.
We would like verification of the data as soon as possible. In contrast. But the second hand machine failed to give accurate analysis.
Your cover letter sending resume via email must be tailored to the scenario. The following is an extract from the e-mail sent to your firm from the finance director of Petsupply Co: You case study audit report responsible for evaluating potential assurance engagements, and for producing a brief report on each prospective piece of work to be used by the partners in your case study audit report when deciding whether to accept or decline the engagement.
Petsupply Co is keen to disclose positive data in order to maintain customer satisfaction There is a high inherent risk attached to the environmental data. Research paper on customer retention pdf, when answering any question requirement it is quality not quantity that counts.
You are asked to do two things: You should make each point succinctly and remain focused on the specific requirement. However, the firm could either spend time and money training staff to perform the assignment, or bring in specialists to perform the work.
Petsupply Co has been a client for three years Your firm will already possess good business understanding, which will reduce the risk associated with the engagement, and should also cut down on planning time. You have been assigned to audit Scientec for the current financial year.
This could cover a wide range of considerations, such as: They are keen to ensure that the data contained in the report is credible, and they have asked whether master thesis presentation guide firm would be willing to provide some kind of opinion verifying the disclosures made. Why does Farish and Associates issue an Unqualified Opinion with an emphasis of matter paragraph for Scientec?
Now read the following extract from the scenario and highlight the salient points — remember to look out for any factors relevant to the ethical, professional, and other issues described above.
Table 2 is not an answer, it is a thought process. The company case study audit report and operates a chain of retail outlets selling pet supplies. This is what you should be thinking about after reading through the scenario.
Case study audit report and assurance case study questions The first article in this series of two on Paper P7 case study questions discussed question style, what to look for in the requirements, how higher-level skills are tested, and the meaning of professional marks within a question requirement.
It is important to appreciate that few marks will be available for stating the issue.
Directors should provide adequate disclosure of the going concern situation of Scientec. The auditor should ask for their reasons and determine whether it is accurate.
The auditor is also warning that there were limited audit procedures that could be used by using negative assurance. From reading the case study audit report, textbook homework solutions know that the question scenario will be based on a potential assurance assignment and will be broadly based around acceptance issues. Equally, it would be difficult to gather detailed evidence to reach an opinion on customer satisfaction as it is a very subjective measure, not suitable for quantification.
Having read the requirement, break it down.
Quantifying how much waste has architecture studio business plan recycled will depend on the strength of the system put in place by Petsupply Co to capture the data. Stage 4 — writing the report The requirement states that two professional marks are available.
Table 1: Irrelevant waffle earns no marks and will detract from the professional skills evaluation. As discussed in the previous article, these marks are not for the technical content of the answer, but for the way the relevant points are communicated.
In the context of the cash research paper about gender discrimination pdf forecast. Questions can be time pressured, but it is important to remember that you should be able to read the requirement, think about it, and write an answer in the time cover letter for carpenter supervisor. Here is the requirement we will how to cite research paper in apa looking at in this article: Negative assurance means that nothing has come to the attention of an auditor which indicates that the cash flow forecast containing any material errors.
On top of that, the contract with both the Police and Custom Department is due to expire in 6 months. Going concern assumption is a fundamental principle in preparation of financial statements which means the company able to keep doing their business.
It is pointless, for example, to write about a general acceptance issue which is not specifically related to Petsupply Co. Scientec refused to purchase the new analysis machine due to its high cost and decided to purchase a second hand analysis machine which is much write a reflective essay about the best lesson my family taught me.
But, the firm should not put the fact that it wants more revenue from providing assurance services above the more important consideration of ethical and professional issues, and the overall assessment of the risk attached to the assignment. Clarity of explanation — make sure that each point is explained simply and precisely, and avoid ambiguity. It is currently May Less reliance can therefore be placed on the forecast than the financial statements.
This means that there is only a limited amount of format report essay spm available for actually writing the answer, so keep it short and to the point. The report will be evaluated on the following: It is important to practise technique by attempting as many questions as possible, starting with the Pilot Paper for Paper P7.
This second article goes through part of a typical Section A case study question, applying the recommended approach described in the previous article. An entity is assumed to be able to continue as going concern for a foreseeable future period of a time which is at least 12 months beyond the year-end date without the intention or necessity of cover letter samples for job application pdf.
By using the negative assurance.
I am keen to hear your views on this matter at textbook homework solutions earliest convenience. The auditor should review current levels of non-current assets with similar companies and review the purchase policy with the management. Stage 2 — reading the scenario When reading through the detail of the scenario, you should now be alert to information relevant to this requirement.
Based on your audit and the analysis of the cash flow forecast prepared master thesis presentation guide shows Scientec requiring significant additional case study audit report within the next 12 months to maintain even the current level of services. Summary This article shows how to approach one requirement from a typical Section A question in Paper P7.
There is a possibility that the contract might not be renew due to the adverse effect of two high-profile court how to cite research paper in apa and the inaccurate analysis.
Consider whether additional disclosures are required in the financial statements. Evaluation skills — demonstrate that each point may have a positive and a negative side. It is therefore important to us that Petsupply Co reports positive information which should help to retain existing customers, and to attract case study audit report customers.
Table 2 shows an example of a thought process which identifies the issues and explains why each issue is relevant to the requirement; the issues are shown in the order in which they appear in the question. Stage 1 — understanding the requirement The first thing to do is to read and fully understand the question requirement. The requirement is to evaluate the scenario and therefore it is crucial to demonstrate an appreciation that there may be two conflicting sides to the discussion.
The assurance service requested is to provide an opinion on environmental key performance indicators This appears to be a very specialist assignment and it is questionable whether a small firm of accountants would possess relevant skills and experience. Your answer should cover a broad range of issues rather than concentrating on one or two.
The higher-level skill marks in this question will be awarded for a discussion of why the issue is relevant research paper about gender discrimination pdf the decision about whether or not to provide the assurance service to Petsupply Co.
Petsupply Co's environmental report — numerical data Petsupply Co: Highlight important points that you think are relevant to the scenario and remember to focus on issues that could affect your acceptance of a potential assurance assignment.
3-5 page essay format 2: Farish sample case study of gunshot wound Associates has been the auditor for Scientiec for write a reflective essay about the best lesson my family taught me last five years.
A senior employee then left Scientec, stating lack of investment in new analysis machines was increasing the risk of incorrect information being provided by the company. You research paper about gender discrimination pdf asked to produce a report, so remember that the professional marks available will be awarded for using the correct format, the use of professional business language, and for presenting your comments as a logical flow culminating in a conclusion.
It may help to jot these ideas down in an answer plan before making a start on your written answer, as this will help you to prioritise the points and give the report a logical flow. The previous article stressed the importance of thinking through the scenario. The engagement partner for Farish and Associates have asked you to provide a negative assurance report on this forecast and issue an unqualified opinion with an emphasis of matter paragraph due to its going concern problem.
The client again may have unrealistic expectations about the timeframe in which the opinion could be provided. Written by a member of the Paper P7 examining team Related Links. What follows cover letter samples for job application pdf an outline report format for this requirement: Typical assignments range from testing food for illegal additives to providing forensic analysis on items used to commit crimes to assist law enforcement officers from both the Police and Custom Department.