Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You are a part of the team responsible for planning the Land & Homes Group (ASX code LHM), a property development company, audit engagement for

You are a part of the team responsible for planning the Land & Homes Group (ASX code LHM), a property development company, audit engagement for 2020. You are required to gather relevant background information and prepare a report for a meeting with your audit seniors. Assume that this is the first time that the audit will be conducted by your audit firm for this client. Your report must address the following issues:

Required:

(1) What are the areas in which LHM conducts its operations?

(2) Are there any events or conditions that may cast significant doubt on the LHMs ability to continue as a going concern? Explain. Your answer should be supported by at least three factors.

(3) What do you consider to be the three major business risks associated with the current years audit? Explain.

(4) Based on your risk analysis and understanding of LHM and its environment, list and explain three accounts that could be at risk of material misstatements. You also need to identify the key assertion at risk for each identified account.

(5) Identify an appropriate base and set planning materiality for LHM. Explain why you have chosen this base and the percentage you have used.

{ Please explain things in details .)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Information Technology Control And Audit

Authors: Angel R. Otero

5th Edition

1498752284, 9781498752282

More Books

Students also viewed these Accounting questions

Question

Solve the following 1,4 3 2TT 5x- 1+ (15 x) dx 5X

Answered: 1 week ago