What is the Importance Of Auditing For Financial Audit Processes ?

Questions:

Your task:
You must choose six (6) accounts from the trial balance for audit testing. In doing so, you should:
1. Complete an analytical review using horizontal analysis of the Income Statement and the Balance Sheet using the trial balance provided. Your analysis should include the gross profit margin, the net profit margin and one other ratio that you select. Explain why you have selected that ratio.
2. Make a preliminary judgement of materiality using the blended Method. Complete an overall (for the financial report as a whole) and performance materiality, justify your selected level and cite your sources.
3. Use the analytical review and materiality assessment to identify accounts that are at-risk of material misstatement.
4. Consider whether there are any accounts that should be selected regardless of their quantitative materiality, including one account that may be at-risk of fraud.
5. Provide a brief rationale for the selection of each of the 6 accounts.
6. For each account that you have selected, identify one assertion that is at risk (i.e. identify 6 assertions in total). Please include an explanation as to why the assertions are at risk
 

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