You are planning the 2017 audit for Victoria University. Using the 2016 annual Report (provided)

Victoria University Annual Report 2016

1. Analysing the Financial Statements (pages 57-61) and associated notes, highlight 3 areas you may focus on during the audit, giving reasons for your choices.
2. Calculate an initial overall materiality level for the audit, showing your workings.
3. Using the following charge out rates, provide an indicative timeframe and resource allocation plan to support your initial fee request of $130,000 for the audit.

Charge out rates

Audit Partner                 $500 per hour

Audit Manager               $300 per hour

Audit Senior                   $150 per hour

Audit Junior                    $100 per hour

Needs to download Victoria University Annual Report 2016 and needs to look page 57-61 . Thank you