This has to be done based on a listed stock exchange company - ABACUS PROPERTY GROUP (real estate)

part 1

part 2

part 3

part 4

abacus property group real estate part 1

Assignment aims This assignment is designed to consolidate your learning of the key skills and knowledge needed when facing a financial report audit of a company, and how to analyse, research and pinpoint facets of the company that require auditing attention. Background For the purposes of this assignment, you are to imagine that you work as Audit Manager for a company called Amazing Accountants. Your new audit client is a listed company in Australian or Singapore Stock Exchange (your choice). The client has asked you to perform their financial report audit for the financial year ended 31 December 2020. Part 1 Question Research information about your audit client and its industry. Your report will form part of the overall understanding ofac your audit client's structure and its environment. You should concentrate your research on providing findings from those areas that have a financial reporting impact. In conducting your research, you should consider any FIVE (5) of the following key market forces, as they relate to your audit client's operations. 1. General and industry-specific economic trends and conditions 2. Competitive environment 3. Product Information 4. Customer information 5. Supplier information 6. Technological advances and the effect of the internet 7. Laws and regulatory requirements. Assignment aims This assignment is designed to consolidate your learning of the key skills and knowledge needed when facing a financial report audit of a company, and how to analyse, research and pinpoint facets of the company that require auditing attention. Background For the purposes of this assignment, you are to imagine that you work as Audit Manager for a company called Amazing Accountants. Your new audit client is a listed company in Australian or Singapore Stock Exchange your choice). The client has asked you to perform their financial report audit for the financial year ended 31 December 2020. Part 2 Question Review the last audited financial statements and identify and justify FIVE (5) specific areas you think they should receive special emphasis during your audit? Assignment aims This assignment is designed to consolidate your learning of the key skills and knowledge needed when facing a financial report audit of a company, and how to analyse, research and pinpoint facets of the company that require auditing attention. Background For the purposes of this assignment, you are to imagine that you work as Audit Manager for a company called Amazing Accountants. Your new audit client is a listed company in Australian or Singapore Stock Exchange (your choice). The client has asked you to perform their financial report audit for the financial year ended 31 December 2020 Part 3 Question Identify or assume TWO (2) high level/detective internal controls and propose a control test for each control in ANY of the following processes. . Cash receipt and payment Sales and accounts receivables Purchase and accounts payables Inventory and Cost of goods sold Payrolls Non-current assets and Depreciation . . Assignment aims This assignment is designed to consolidate your learning of the key skills and knowledge needed when facing a financial report audit of a company, and how to analyse, research and pinpoint facets of the company that require auditing attention. Background For the purposes of this assignment, you are to imagine that you work as Audit Manager for a company called Amazing Accountants. Your new audit client is a listed company in Australian or Singapore Stock Exchange your choice). The client has asked you to perform their financial report audit for the financial year ended 31 December 2020. Part 4 Question Design FIVE (5) substantive procedures for the transactions and balances discussed in question (3) and justify why you select these substantive procedures for the following scenarios: 1. Your proposed tests of controls in question (3) PASSED. 2. Your proposed tests of controls in question (3) FAILED. urveys Assignment aims This assignment is designed to consolidate your learning of the key skills and knowledge needed when facing a financial report audit of a company, and how to analyse, research and pinpoint facets of the company that require auditing attention Background For the purposes of this assignment, you are to imagine that you work as Audit Manager for a company called Amazing Accountants. Your new audit client is a listed company in Australian or Singapore Stock Exchange your choice). The client has asked you to perform their financial report audit for the financial year ended 31 December 2020 Part 5 Question Assume that the global pandemic COVID-19 will cause a material impact to your audit client. What additional audit procedures and disclosures are required in your audit planning and audit opinion. Explanation: In this case, it is required to audit the financial report of the year ending at 31 December 2020, and any company cannot prepare its financial report in advance or before the year ended, so only estimations and factors/figures from last year's report can be used for audit. Company selected Abacus Property Group, Industry - Real Estate. The audit report credentials and facts from Audit manager: From its financial report which includes its summary of operations, financial statements and Director's report, it can be stated that 1. General and industry-specific economic trends and conditions : Real estate norms has new regulations recently, Implementation of new and modified regulation are in process and on papers. Moreover the company is focusing on sale and resale project while industry from last 7 years is leading in leasing business. The return on investment in the industry is improving since 2015 and decline quarterly in 2016 and 2018. While the company's return on investment steeply declines. Cash flow from operations in the industry in increasing while investing is decreasing which can forecast a recession in real estate 2. Competitive Environment Around Australian Continent, there are almost 70 major real estate corporations which are considered as competitor for Abacus. The major findings by competitor's research and development are an increasing threat. But, according to the director of company "Abacus has refined it strategic direction giving prominence to sectors where we have a clear competitive advantage" (Director's report). The company and marketing team is increasing its focus on self-storage and office markets, as competition increases there with a potential growth 3. Product Information: The building materials prices are rising so the construction prices too, which increase the real estate product's inflation. Residential construction project has lost its pace from last 4 years while warehousing has earned. Real estate market capitalization is increasing overall as its product dynamic. The supply of product is still limited for office stores and retail but demand is increasing I 4. Customer Information : In real estate, there are lot of changes in consumer behaviour and its demand towards the product. They need mixed use development for multi-purpose in the same building. Customer also strives now to know the credit limits and credit needs both of the real estate companies. Customer are now available for more charge but quick resolution for financing of the products. 5. Supplier Information: In real estate, supplier information refers to key information, personal information and any other information regarding thee supplier which is necessary for procurement of goods or services by an organ of state. Abacus is committed to promote ethical, environmental, and social standards throughout our supply chain. Participate actively by responding in full and be open and honest in response to any request for information Assignment aims This assignment is designed to consolidate your learning of the key skills and knowledge needed when facing a financial report audit of a company, and how to analyse, research and pinpoint facets of the company that require auditing attention. Background For the purposes of this assignment, you are to imagine that you work as Audit Manager for a company called Amazing Accountants. Your new audit client is a listed company in Australian or Singapore Stock Exchange (your choice). The client has asked you to perform their financial report audit for the financial year ended 31 December 2020. Part 1 Question Research information about your audit client and its industry. Your report will form part of the overall understanding ofac your audit client's structure and its environment. You should concentrate your research on providing findings from those areas that have a financial reporting impact. In conducting your research, you should consider any FIVE (5) of the following key market forces, as they relate to your audit client's operations. 1. General and industry-specific economic trends and conditions 2. Competitive environment 3. Product Information 4. Customer information 5. Supplier information 6. Technological advances and the effect of the internet 7. Laws and regulatory requirements. Assignment aims This assignment is designed to consolidate your learning of the key skills and knowledge needed when facing a financial report audit of a company, and how to analyse, research and pinpoint facets of the company that require auditing attention. Background For the purposes of this assignment, you are to imagine that you work as Audit Manager for a company called Amazing Accountants. Your new audit client is a listed company in Australian or Singapore Stock Exchange your choice). The client has asked you to perform their financial report audit for the financial year ended 31 December 2020. Part 2 Question Review the last audited financial statements and identify and justify FIVE (5) specific areas you think they should receive special emphasis during your audit? Assignment aims This assignment is designed to consolidate your learning of the key skills and knowledge needed when facing a financial report audit of a company, and how to analyse, research and pinpoint facets of the company that require auditing attention. Background For the purposes of this assignment, you are to imagine that you work as Audit Manager for a company called Amazing Accountants. Your new audit client is a listed company in Australian or Singapore Stock Exchange (your choice). The client has asked you to perform their financial report audit for the financial year ended 31 December 2020 Part 3 Question Identify or assume TWO (2) high level/detective internal controls and propose a control test for each control in ANY of the following processes. . Cash receipt and payment Sales and accounts receivables Purchase and accounts payables Inventory and Cost of goods sold Payrolls Non-current assets and Depreciation . . Assignment aims This assignment is designed to consolidate your learning of the key skills and knowledge needed when facing a financial report audit of a company, and how to analyse, research and pinpoint facets of the company that require auditing attention. Background For the purposes of this assignment, you are to imagine that you work as Audit Manager for a company called Amazing Accountants. Your new audit client is a listed company in Australian or Singapore Stock Exchange your choice). The client has asked you to perform their financial report audit for the financial year ended 31 December 2020. Part 4 Question Design FIVE (5) substantive procedures for the transactions and balances discussed in question (3) and justify why you select these substantive procedures for the following scenarios: 1. Your proposed tests of controls in question (3) PASSED. 2. Your proposed tests of controls in question (3) FAILED. urveys Assignment aims This assignment is designed to consolidate your learning of the key skills and knowledge needed when facing a financial report audit of a company, and how to analyse, research and pinpoint facets of the company that require auditing attention Background For the purposes of this assignment, you are to imagine that you work as Audit Manager for a company called Amazing Accountants. Your new audit client is a listed company in Australian or Singapore Stock Exchange your choice). The client has asked you to perform their financial report audit for the financial year ended 31 December 2020 Part 5 Question Assume that the global pandemic COVID-19 will cause a material impact to your audit client. What additional audit procedures and disclosures are required in your audit planning and audit opinion. Explanation: In this case, it is required to audit the financial report of the year ending at 31 December 2020, and any company cannot prepare its financial report in advance or before the year ended, so only estimations and factors/figures from last year's report can be used for audit. Company selected Abacus Property Group, Industry - Real Estate. The audit report credentials and facts from Audit manager: From its financial report which includes its summary of operations, financial statements and Director's report, it can be stated that 1. General and industry-specific economic trends and conditions : Real estate norms has new regulations recently, Implementation of new and modified regulation are in process and on papers. Moreover the company is focusing on sale and resale project while industry from last 7 years is leading in leasing business. The return on investment in the industry is improving since 2015 and decline quarterly in 2016 and 2018. While the company's return on investment steeply declines. Cash flow from operations in the industry in increasing while investing is decreasing which can forecast a recession in real estate 2. Competitive Environment Around Australian Continent, there are almost 70 major real estate corporations which are considered as competitor for Abacus. The major findings by competitor's research and development are an increasing threat. But, according to the director of company "Abacus has refined it strategic direction giving prominence to sectors where we have a clear competitive advantage" (Director's report). The company and marketing team is increasing its focus on self-storage and office markets, as competition increases there with a potential growth 3. Product Information: The building materials prices are rising so the construction prices too, which increase the real estate product's inflation. Residential construction project has lost its pace from last 4 years while warehousing has earned. Real estate market capitalization is increasing overall as its product dynamic. The supply of product is still limited for office stores and retail but demand is increasing I 4. Customer Information : In real estate, there are lot of changes in consumer behaviour and its demand towards the product. They need mixed use development for multi-purpose in the same building. Customer also strives now to know the credit limits and credit needs both of the real estate companies. Customer are now available for more charge but quick resolution for financing of the products. 5. Supplier Information: In real estate, supplier information refers to key information, personal information and any other information regarding thee supplier which is necessary for procurement of goods or services by an organ of state. Abacus is committed to promote ethical, environmental, and social standards throughout our supply chain. Participate actively by responding in full and be open and honest in response to any request for information