COMPANY NAME IS IDP EDUACTION LIMITED Learning Objectives: After completing this assessment, you will be able to: 1) Research information about the selected company (using multiple sources). 2) Address particular areas of the audit process and develop appropriate audit procedures. 3) Develop professional report-writing skills. Assessment Question: You participated in a vacation program at a local audit firm during your semester break. During the vacation program, you assisted an audit senior with planning a medium-sized company, including developing appropriate substantive audit procedures. You have one more semester to complete your postgraduate course and have indicated to the audit manager that you would like to work full-time at he audit firm upon completing your course. The audit manager has asked you to write a report to determine your suitability as a candidate for a permanent role in the audit firm. The manager wants to assess your ability to apply the knowledge you gained to the audit planning process, develop appropriate substantive procedures, and develop your report writing skills. You are required to address the following in your report (refer to rubrics on pages 5 & 6 of this document for a breakdown of marks and achievement criteria by component): 1) Identify 4 business risks of The Company that will increase the risk of material misstatement (specifically inherent risk) at the assertion level for classes of transactions or account balances. For each business risk, identify only 1 class of transaction or account balance (income statement or balance sheet line item), and for each class of transaction/account balance, please identify the assertion most (only one) at risk of misstatement. You need to explain why each business risk will lead to a risk of misstatement to the specific class of transaction/account balance and assertion you have identified.2) Describe, in detail, the appropriate substantive procedure that will address each class of transaction or account balance and assertion identified as at risk of material misstatement. The description of procedures must be detailed enough for someone with limited auditing knowledge to carry out the procedures correctly. 3) Additional Requirements: A. Do not use the same combination of account balance/class of transaction and assertion as used in the sample case study discussed in week 6 and week 12 (Refer to workshop notes for weeks 6 and 12). 2 Kaplan Business School Assessment Qutline 2024 T1 escribe, in detail, transaction or acco The description of | knowledge to carry J Additional Requirer B. Refrain from repeating the same combination of account balance/class of tran g i e S e e, . s ) i n th and assertion in your answers. For example, if you have identified the existt " accenion as us inventory as the assertion and account balance at risk of misstatement for y toworkshop nof business risk identified, do not use the existence of inventory for the second, fourth business risk. You can identify inventory as at risk but for an assertion oth existence, or you can identify the existence of a different account balance to be of misstatement. Remember, though, that whatever account balance/cl transaction and assertion is identified as at risk of misstatement, you must logicz convincingly explain why this is the case based on the business risk you have ide C. Where the same combination is repeated, marks will not be awarded for require (description of appropriate substantive procedures) as the substantive procedure the samea o Snipping To Screenshot co Select here to