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Auditing Theory and Practice Report - Assignment

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Added on  2020-03-23

Auditing Theory and Practice Report - Assignment

   Added on 2020-03-23

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Running head: AUDITING THEORY AND PRACTICEAuditing theory and practiceName of the UniversityName of the studentAuthors note
Auditing Theory and Practice Report - Assignment_1
1AUDITING THEORY AND PRACTICEExecutive summary:The report is prepared to discuss the internal control system of GPSA and its effectiveness. Inthe past few years, management of organization has not been keen in enforcing effectiveinternal control system. Now, with increased business prospects, there arises a need to designsuch system. Discussion part of report involves details about accounts, their analysis, auditrisks and steps taken for reducing such risks. Business risk of GPSA has been analyzed usingtoo of ratio analysis. Internal control system of organization has been discussed in context ofrisk alleviation and test of control. Several weaknesses in the internal control system of salesand trade receivable have also been identified.
Auditing Theory and Practice Report - Assignment_2
2AUDITING THEORY AND PRACTICETable of ContentsIntroduction:...............................................................................................................................2Discussion:.................................................................................................................................3Answer to question 1A:..............................................................................................................3Accounts-...................................................................................................................................3Analysis-....................................................................................................................................3Audit risk-..................................................................................................................................4Following steps can be taken for reducing audit risk faced by GPSA:......................................5Answer to question 1B:..............................................................................................................5Answer to question 2A:..............................................................................................................6Effective control-.......................................................................................................................7Risk alleviated-...........................................................................................................................7Test of control-...........................................................................................................................8Answer to question 2b:...............................................................................................................9Weakness identified in the internal control for sales system and trade receivables of GPSA:..9Conclusion:..............................................................................................................................10
Auditing Theory and Practice Report - Assignment_3
3AUDITING THEORY AND PRACTICEIntroduction:The preparation of audit plan of GPSA is done by accounting firm Miller Yates andHowarth having its offices throughout major regional centre of NSW and Queensland. GPSAis one of the most longstanding and significant clients of the firm for which audit plan isrequired to be conducted. Organization is engaged in wide range of activities related tomedical practitioners that involves making investment in property, research and developmenttechnologies, distribution and manufactures of medical equipments (Jia, 2016). Whileconducting audit, accounting firm places great reliance on internal control system of GPSAand there are various areas of concerns related to few accounts that would be enquired into. Discussion:Answer to question 1A:Accounts-Auditors of GPSA are concerned about five types of account while planning audit andthis includes intangible assets, property assets, current investment, research and developmentcapitalization and accounts receivables. Before conducting the audit of organization, auditorsare required to enquire about these accounts that would enable them in gaining auditevidence.Analysis-GPSA is planning to implement a new internal control manual where Trade receivableclerk is responsible for maintaining records of transactions in the whole sales system. He isresponsible for reconciliation of trade receivable ledger to debtor control account in the
Auditing Theory and Practice Report - Assignment_4

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