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ACC5218 Auditing Practice Assignment 2 (weighting 25%) S1 2016 Due date: 22nd May 2016 This Assignment is designed to give you an opportunity to: 1. apply theoretical accounting knowledge and skills to solve non-routine accounting problems to the level of threshold learning outcomes for auditing through assessment tasks; 2. understand and apply the various auditing standards and procedures in the conduct of an audit; 3. demonstrate and apply technical skills in auditing techniques and judgement skills required of an accounting professional engaged in audit; 4. demonstrate an understanding of the audit process, beginning with the planning phase, through the documentation stages, to the testing, evaluation and reporting stages; 5. understand and apply the various auditing standards and procedures in the conduct of an audit; 6. understand the principles and application of audit sampling techniques; and 7. understand and apply the concepts of internal controls and audit testing procedures. This assignment consists of FIVE (5) parts 1 Background SEQ Supply Company Ltd (SEQ Ltd) is a medium-sized distributor of IT hardware supplies. It has been a client of yours for several years and has instituted excellent internal controls for sales at your recommendation. In providing control over shipments, SEQ Ltd has pre-numbered \"warehouse removal slips\" that are used for every sale. It is company policy never to remove goods from the warehouse without an authorised warehouse removal slip. After shipment, two copies of the warehouse removal slip are sent to billing for the computerised preparation of a sales invoice. One copy is stapled to the duplicate copy of a pre-numbered sales invoice, and the other copy is filed numerically. In some cases, more than one warehouse removal slip is used for billing one sales invoice. In the audit of sales, one of the main concerns is the effectiveness of the controls in ensuring that all shipments are billed. You have decided to use audit sampling in testing internal controls. Required: a) Describe what is meant by a \"sampling unit\". (10 marks) b) State an effective audit procedure for testing the possibility of omitted sales for SEQ Ltd. What is the sampling unit? (5 marks) c) State an effective audit procedure for verifying the existence of recorded sales for SEQ Ltd. What is the sampling unit? (5 marks) d) Explain why the sampling unit for testing the possibility of omitted sales might differ from the sampling unit for verifying the existence of recorded sales. (10 marks) e) Margorie Smith, an accounting graduate and junior member of your audit team for SEQ Ltd, performed tests of controls and substantive tests of transactions of sales for the month of September in an audit of SEQ Ltd's financial statements for the year ended 30 June 2015. Based on the excellent results of both the tests of controls and the substantve tests of transactions, she decided to significantly reduce her substantive tests of details of balances at year end. Evaluate this decision. (70 marks). 2 Submission Instructions: Due 22nd May 2016 The font style for your answer should be set to \"Time New Roman\" size 12 with 1.5 line spacing, 2.5cm margin & A4 page layout. The assignment should be typed and a cover sheet attached. There is no restriction on word length. However, be as concise and efficient in your writing as possible. The assignment is to be submitted electronically via the Assignment 2 Submission Drop Box (a link to this will be provided at a later date). File types allowed include doc and docx Assignment extensions will be granted, if needed, only where medical or extenuating reasons exist. Generally extensions will be granted for one week. A warning to students on cheating and plagiarism: The policy statement on cheating and plagiarism is a cornerstone of academic integrity at USQ. All students are responsible for familiarizing themselves with the policy, seeking further advice if necessary and complying with it at all times. If you use any material, for example textbooks, journal articles, websites etc. to support your answer, you are to use the Harvard Style of referencing in your answer for both in-text and bibliography referencing. Referencing: The Harvard (AGPS) style - USQ Library's referencing guide at http://www.usq.edu.au/library/referencing 3