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Army Transportation and Aviation Logistics School Audit Report Questions

Army Transportation and Aviation Logistics School Audit Report Questions

Question Description

2500 words

Q1. Company X and Company Y are in same industry and have similar market capitalization and financial health. However, recent external audit report specified “unmodified opinion” for Company X and “qualified opinion” for Company Y. Based on the information, as an equity investor, which company you prefer to invest and why?

Explain your answer by referring to the divisions of ‘qualified opinion’ and ‘unmodified opinion’. Your answer should be justifying the reason why you decided to invest in such company?

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Q2. You are working as an auditor in one of the big four audit firms. The firm is required to conduct external audits of their clients and give audit opinions based on the audit. You have been assigned to conduct an audit one week from now. The client is a local bank. Draw the timeline and steps of the audit process. Emphasize on the documentation of the audit engagement.

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Q3. A major decision facing every auditor is determining appropriate types and amounts of evidence to accumulate to be satisfied that the components of the client’s financial statements and the overall statements are fairly stated. This judgment is important because of the prohibitive cost of examining and evaluating all available evidence.

The auditor’s decisions on evidence accumulation can be broken down into the following four sub decisions:

1. Which audit procedures to use?

2. What sample size to select for a given procedure?

3. Which items to select from the population?

4. When to perform the procedures?

Critically discuss these four sub sections that are relevant for audit evidence.

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Q4. Choose a listed multinational corporation. Conduct a review of the code of corporate governance of the chosen MNC. Use the concepts, tools and techniques learned in the module to review the structure, process and effectiveness of the governance of the chosen organization and make recommendations for appropriate improvements, if any.

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Q5.

Tim Johnson, CPA, is the senior in-charge on an audit of a medium sized ($20M in assets) client, Dalton Enterprises, Inc. This client is a family owned and operated corporation. Mr. William Dalton (67 years old) is the president who micro-manages all aspects of the business except the finance area, which he leaves entirely to his son,

Chauncy, who has been newly appointed as the VP of Finance. Chauncy, recently graduated with an MBA, and majoring in finance, is responsible for administering all the financial and accounting aspects of the business including the appointment of the auditors. Chauncy replaced Herb Castle who retired after thirty years with the organization. George Smerlas as controller reports directly to Chauncy.

The audit report has never circulated outside the organization. The report provides a basis for the tax return which George prepares. It also provides Mr. Dalton with supplemental schedules including comparative aging schedules and a detail comparative listing along with the changes in all of the general ledger accounts. Mr. Dalton used the audit report, along with the management letter, for administrative control purposes. While analyzing the travel and entertainment expenditures, which were substantially ($20,000) higher than last year’s amount, Tim noted that most of the increase was attributable to payments made on Chauncy’s behalf. The supporting documentation for these expenditures were very sketchy and, in most cases, the only documentation was a check request initiated by Chauncy.

All other T&E expenditures, including the modest payments on Mr. Dalton’s behalf, were properly documented. When queried about this documentation problem, George acknowledged that the company’s policy of having the immediate supervisor of the person requesting payment for T&E approve the voucher were circumvented here. But considering the circumstances, George was not concerned about the problem. When asked about the $25,000 travel advance due from Chauncy, George replied, “He signed your confirmation request acknowledging the amount due, didn’t he?” Tim decided to discuss the problem of lack of approvals and documentation with Chauncy. Chauncy’s response was to questions why the auditors would be skeptical of his honesty and motives here. He also stated that it was typical of “bean counters” to pursue areas that are of little significance, while ignoring areas where efficiency could be improved. He ended the interview by asking, “What are we paying you guys for anyhow?” All other audit areas and financial statement disclosures are deemed satisfactory.

What are the issues of internal control faced by the given firm? Suggest preventive and corrective measures to rectify the problem.

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Q6. Refer https://www.cma.gov.om/ & https://www.msm.gov.om/.

Emphasize the auditor’s appointment, remuneration, removal, restrictions and duties and obligations.

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PDF is related to the Assignment queton

Q1:

Lecture 8

Q2 :

Lecture 9

Q3:

Lecture 7

Q4:

Lecture 6

Q5:

Q6 :

Lecture 10


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