Discuss two concerns relating to possible fraud for the caf part of the business, and a respective control procedure that could mitigate each concern effectively.

1. Concern 1

______________________________________________________________________

Control procedure addressing concern 1

______________________________________________________________________

2. Concern 2

______________________________________________________________________

Control procedure addressing concern 2

______________________________________________________________________

Question 2

(Total 10 marks: 2 marks @ for concern, 3 marks @ for control procedure)

Discuss two concerns relating to possible fraud for the motel part of the business, and a respective control procedure that could mitigate each concern effectively.

1. Concern 1

______________________________________________________________________

Control procedure addressing concern 1

______________________________________________________________________

2. Concern 2

______________________________________________________________________

Control procedure addressing concern 2

______________________________________________________________________

Case 11.1 The Runners Shop

(Total marks: 30)

Question 1

(Total 4 marks: 2 marks@)

Discuss two purposes of audit documentation as specified in ASA 230.

Purpose 1

_________________________________________________________________________

Purpose 2

_________________________________________________________________________

Question 2

(Total 6 marks: 2@)

Explain the purpose of the following features of audit documentation:

1. Indexing;

______________________________________________________________________

2. Cross-referencing;

______________________________________________________________________

3. Tickmark.

______________________________________________________________________

Question 3

(Total 12 marks: 4@)

Review the audit documentation provided and list three deficiencies on the schedules.

Deficiency 1

_________________________________________________________________________

Deficiency 2

_________________________________________________________________________

Deficiency 3

_________________________________________________________________________

Question 4

(Total 8 marks)

As an experienced auditor who had no association with the audit, what conclusion would you have on whether (i) the audit documentation had complied with ASA 230; and (ii) the Notes Payable had been fairly presented with no material mis-statements, after reviewing the documentation prepared by Green and Brown, LLP?

1. Audit documentation complying with ASA 230

(Total 4 marks: 1 mark for conclusion*; 3 marks for justification)

Conclusion: Yes / No

______________________________________________________________________

Justification of your answer

______________________________________________________________________

2. Notes Payable fairly presented with no material mis-statements

(Total 4 marks: 1 mark for conclusion*; 3 marks for justification)

Conclusion: Yes / No

______________________________________________________________________

Justification of your answer

______________________________________________________________________

* Marks would be awarded to conclusion only if the justification is appropriate, i.e. marks would not be awarded to conclusion if it is only guessed right.

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