This assignment provides an audit plan to the senior audit manager of Konekt Limited, a listed Australian company, covering key accounting balances and materiality in planning and performing an audit of financial statements. The report includes significant accounts that could be materially misstated, planning materiality, and ways by which identified accounting balances could be misreported. The company is engaged in the service sector providing outsourcing services to its clients, and the chances of misstatement would be more in the accounts that are related to revenue, assets, employee cost, investments, expenses incurred for the purpose of earning revenue, debtors, and creditors. The materiality for performing an audit of historical financial statements of the entity is 0.5 % on revenue for the current year. Subject: Accounting, Course Code: N/A, Course Name: N/A, College/University: N/A, Document Type: Assignment, Assignment Type: Audit Plan
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