ACC30010: Planning an Audit of Accounts Payable with Data Visualisations: You are a graduate accountant with Yorkshire & Stafford, a small auditing firm located in Balwyn: Auditing: Assignment, SUT, Malaysia
University | Swinburne University of Technology (SUT) |
Subject | ACC30010: Auditing |
Background Information
You are a graduate accountant with Yorkshire & Stafford, a small auditing firm located in Balwyn, an eastern suburb of Melbourne, Victoria. You have been assigned to the audit of a new client, Maya Mart, for the year ended 30th June 2023. Maya Mart is a Surrey Hills-based wholesaler offering for sale everything from baby food and beverages, to snacks and vegetables, and everything in between.
You are planning the audit of accounts payable, where preparatory work has revealed the following:
-  Maya Mart purchases its stock from a list of approved suppliers, with purchase orders processed electronically through a business-to-business ecommerce system. This system uses a fast chain model of supply, with suppliers electronically transmitting their invoices as soon as they receive a purchase order from Maya Mart. The ordered goods usually arrive within a week or two of placing the order. Once received, a goods received note is raised and matched with the supplier’s invoice, and the payment authorized. You are concerned about the impact weaknesses in this process might have on the existence assertion.
- A key control to safeguard the accuracy, valuation and allocation assertion, is the use of key entry validation – an IT control whereby the Number of Units Purchased is multiplied by the Unit Cost, and compared with the Total Cost as per the supplier’s invoice.
- As is always the case with accounts payable and purchases, you are have flagged the need to investigate the risk associated with the completeness assertion.
Stuck in Completing this Assignment and feeling stressed ? Take our Private Writing Services.
Get Help By Expert
Recent Solved Questions
- BBMP1103: Specify a set of number of : positive odd integer which less than 10: Mathematics For Management Assignment, OUM, Malaysia
- ELC501: English for Critical Academic Reading Essay, UiTM, Malaysia Social media users are finding themselves more stressed than ever from their time spent on these online platforms
- STA404: Statistics for Business and Social Sciences Assignment, UiTM, Malaysia A random sample of employees was selected from three different types of stores at the mall and their ages were recorded
- Managing Information Assignment, IUMW, Malaysia Students are required to use their own company as an example to set up corporate entrepreneurship (CE)
- GACT5113: Managerial Accounting Assignment, UTAR, Malaysia Due to rising labour costs in Malaysia, Domain Computer, based in Singapore, is considering shifting part of its production facilities
- ABCM2103: Explore the impact of the e-commerce revolution on consumer behavior, economic landscapes: INFORMATION TECHNOLOGY, MEDIA AND SOCIETY Assignment, OUM, Malaysia
- BMG302/03: The Johari Window is a model that helps individuals understand their relationships with themselves: Organizational Behavior Assignment, WOU, Malaysia
- BTX5220: International Issues in Employment Law Coursework, MUM, Malaysia If individuals were employed solely on their ability to do the job, there would be no need for any anti-discrimination statutes
- What is the impact of earning volatility on accounting comparability of SMEs in economy development ?: Business Research Project Thesis, MISI, Malaysia
- BBF201/03 INTRODUCTION TO FINANCIAL MANAGEMENT Assignment WOU Malaysia You are a manager who work at finance department of AVILLION BERHAD in Malaysia. You are interested to analyse the core principles of finance