Anyone can guide me in this assignment.

Many thanks

Case Study 2 Auditing ACCT3000 [Semester 2, 20181 You are an Audit Senior currently planning the 30 June 20X8 audit of Steel Limited, an Australian-owned company that produces and exports steel to India. At a recent planning meeting with Steel Limited's senior staff, you obtained the following overview of this year's operations: Tight checks by Australian custom ofcials to halt the smuggling of scrap steel have delayed several shipments of steel. These delays have angered Indian customers who are threatening to deduct 20% from the amounts owing as compensation for lost production time. One of Steel Limited's customers, Construction Limited, is claiming that the latest batch of steel it received was found to have very high levels of cheap additives such as boron. Such additives used to reinforce concrete can affect the metal's strength when it is welded. Boron can make welds more likely to crack, weakening structures. Construction Limited is refusing to pay its account, which is allegedly five months overdue. Steel Limited has claimed to have launched an investigation into the allegations, but as yet not been able to substantiate them. 70% of the suppliers from which Steel Limited sources it's iron ore stock are owned by US rms, which demand payment in $US prior to the iron ore being supplied. In January, Steel Limited upgraded its accounts payable system to a fully integrated package that automatically updates the general ledger when creditor entries are made. Some problems have been experienced with the creditors ledger, which is split into $US and $AUD amounts. In some cases, $US amounts have been recorded as $AUD, resulting in inaccurate creditor balances. Month-end rollovers have also proved problematic, with creditor balances being incorrectly re-set to zero at the rst of every month. This has required each creditor's history to be re-entered manually each month, a time-consuming process that is taking accounting staff away from their normal duties. During the period, the Australian dollar has remained steady against the Indian Rupee, although it fell by about 3% against the US dollar. Debtors are invoiced in $US at the time of shipment, and payment is received in $US one month after the shipment is delivered. It takes around six weeks for the charter vessels to travel from Steel Limited's shipyard at Ausfold Bay to India. A recent downturn in the Indian economy is affecting forward orders, which have fallen by 15%