ACCG340 Group Assignment (1 Viewer)

[Luke!]

I think this assignment was terribly designed. It doesn't clearly communicate its central requirements, which leaves you with a load of guesswork to do. Moreover, the amount of reading for it is ridiculous. My time is being wasted doing background-reading, only to find large amounts of it are irrelevant to the assignment. Tailoring the audit program was kinda interesting, but that's all I've liked about it.

How is everyone else finding it?

 

[lester1988]

I am struggling as well. And we are doing the work by two of us only.

Two of them joined their friends' group after the break.

How's your work going?

Do you know what is "audit problem" actually means in Part 1?

 

[Luke!]

How's your work going?

Do you know what is "audit problem" actually means in Part 1?

That's exactly what I'm talking about. It's not very clear what they actually require.

My advice for the Audit Appraisal is to put yourself in the shoes of the Audit Partner. What are going to be your main concerns immediately prior to commencing the audit?

I've written mine along the lines of risks that will be encountered and how to mitigate them in order to achieve the audit objectives. So I've included my assessment of inherent, control and detection risks, and how I expect to counter those risks.

But who knows if that's what they actually require? I wouldn't have a fucking clue 'cuz they haven't given us any.

 

[lester1988]

how's your work going on now?

i am doing Part 4 and looking for discrepancies from those accounts.......

 

[Supra]

That's exactly what I'm talking about. It's not very clear what they actually require.

My advice for the Audit Appraisal is to put yourself in the shoes of the Audit Partner. What are going to be your main concerns immediately prior to commencing the audit?

I've written mine along the lines of risks that will be encountered and how to mitigate them in order to achieve the audit objectives. So I've included my assessment of inherent, control and detection risks, and how I expect to counter those risks.

But who knows if that's what they actually require? I wouldn't have a fucking clue 'cuz they haven't given us any.

That's what I'd do...think about what you'd be thinking if you were about to audit Enron/WorlCome etc. Consider whether the controls are adequate, if not, follow up with substantive tests.

From what I remember last semester, everyone failed this assignment...i nearly passed which was an achievement since I had to do this shit at work with a colleague...very few passed.

I think what throws everyone off, is that you have to think practically

 

[Mathmatics85]

I failed all teh internal assessments. Not sure whether I'll be able to pass this unit when the final is only worth 50%

 

[blackrider89]

I failed all teh internal assessments. Not sure whether I'll be able to pass this unit when the final is only worth 50%

Not so sure but I've heard that if u pass the Final u will at least get a PC for the subject, no matter what u've got. It's the same for all curricula.

Is that right or only a 3 cents stuff ?

 

[lester1988]

fs......what account balances should i consider

 

[Squarehead]

does anyone know how to do adjusting entries for question 7?