Victoria University BAO5524 Auditing - Audit Plan Project

This assignment solution encompasses a comprehensive audit plan project, designed to aid an Audit Manager in developing a robust audit plan for the financial audit of an entity. The project begins with setting up a company in MYOB and processing a series of transactions, as shown in the provided account transactions, including cash at bank, accounts receivable and payable, GST, and inventory. The financial year is set from January 1, 2018, to December 31, 2018. The project then transitions to the creation of a detailed document, including an executive summary, introduction, client understanding, assessment of significant accounts, planning materiality, risk assessment, and conclusions. Furthermore, it references key auditing concepts such as audit sampling, tests of controls, and substantive tests of transactions and balances, ensuring a well-rounded approach to financial auditing. The assignment also includes relevant learning objectives from auditing textbooks, providing a theoretical framework for the practical application of audit procedures.

ASIA 111 LTD.
300 Ballarat Road,
Footscray, VIC, 3010
Account Transactions [Accrual]
01-01-18 To 31-12-18
29-05-19
4:32:06 PM
Page 1
ID# Src Date Memo/Payee Debit Credit Job No.
1-1110 Cash at Bank
CR000001 CR 25-03-18 Payment; ABC $6,600.00
150 CD 15-07-18 Petad Adertising Agency $220.00
$6,600.00 $220.00
1-1200 Accounts Receivable
00000301 SJ 25-01-18 Pre-conversion sale $6,000.00
00000301 SJ 25-01-18 Pre-conversion sale $600.00
00000301 SJ 25-01-18 Pre-conversion sale $6,600.00
CR000001 CR 25-03-18 Payment; ABC $6,600.00
00000011 SJ 25-06-18 Sale; ABC $800.00
00000011 SJ 25-06-18 Sale; ABC $80.00
00000012 SJ 12-07-18 Sale; DEF $1,050.00
00000012 SJ 12-07-18 Sale; DEF $105.00
$8,635.00 $13,200.00
1-1300 Pet Inventory
00000001 PJ 31-05-18 Purchase; MNO $1,000.00
00000002 PJ 03-06-18 Purchase; PQR $1,400.00
00000011 SJ 25-06-18 Sale; ABC $400.00
00000012 SJ 12-07-18 Sale; DEF $525.00
$2,400.00 $925.00
2-1200 Accounts Payable
00000001 PJ 31-05-18 Purchase; MNO $1,000.00
00000001 PJ 31-05-18 Purchase; MNO $100.00
00000002 PJ 03-06-18 Purchase; PQR $1,400.00
00000002 PJ 03-06-18 Purchase; PQR $140.00
$0.00 $2,640.00
2-1310 GST Collected
00000011 SJ 25-06-18 Sale; ABC $80.00
00000012 SJ 12-07-18 Sale; DEF $105.00
$0.00 $185.00
2-1330 GST Paid
00000001 PJ 31-05-18 Purchase; MNO $100.00
00000002 PJ 03-06-18 Purchase; PQR $140.00
$240.00 $0.00
4-1100 Pet Sales
00000011 SJ 25-06-18 Sale; ABC $800.00
00000012 SJ 12-07-18 Sale; DEF $1,050.00
$0.00 $1,850.00
5-1100 Pet Purchases
00000011 SJ 25-06-18 Sale; ABC $400.00
00000012 SJ 12-07-18 Sale; DEF $525.00
$925.00 $0.00
6-3100 Advertising
150 CD 15-07-18 Petad Adertising Agency $220.00

ASIA 111 LTD.
Account Transactions [Accrual]
01-01-18 To 31-12-18
29-05-19
4:32:07 PM
Page 2
ID# Src Date Memo/Payee Debit Credit Job No.
6-3100 Advertising
$220.00 $0.00