1) Length: 1,200 words ± 10% 2) The cases are provided in a separate document on LEO. 3) Please answer the questions in the format specified and type your answers in the space indicated. 4) Please...

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1) Length: 1,200 words ± 10%




2) The cases are provided in a separate document on LEO.




3) Please answer the questions in the format specified and type your answers in the space indicated.




4) Please submit your assessment via Turnitin on LEO.




Note:



1) Requests for extensions and late submissions would be managed by the Head of School, not NLIC.



2) As the name indicates, this assessment is an alternative of Final Examination because of the covid 19 circumstances, and hence the examination protocols apply: (i) the marks would not be posted as in the case of Assessments 1 and 2, but you can ascertain the marks when the final grades are released by the university; (ii) you are welcome to make an appointment with the NLIC to discuss your performance after the final grades have been released.













Case 5.3 Red Bluff Inn & Café



(Total marks: 20)



Question 1



(Total 10 marks: 2 marks @ for concern, 3 marks @ for control procedure)





Discuss two concerns relating to possible fraud for the café part of the business, and a respective control procedure that could mitigate each concern effectively.





a) Concern 1




______________________________________________________________________




Control procedure addressing concern 1





______________________________________________________________________






b) Concern 2




______________________________________________________________________




Control procedure addressing concern 2





______________________________________________________________________





Question 2



(Total 10 marks: 2 marks @ for concern, 3 marks @ for control procedure)





Discuss two concerns relating to possible fraud for the motel part of the business, and a respective control procedure that could mitigate each concern effectively.





a) Concern 1




______________________________________________________________________




Control procedure addressing concern 1





______________________________________________________________________






b) Concern 2




______________________________________________________________________




Control procedure addressing concern 2





______________________________________________________________________





Case 11.1 The Runners Shop






(Total marks: 30)



Question 1



(Total 4 marks: 2 marks@)




Discuss two purposes of audit documentation as specified in ASA 230.




Purpose 1


_________________________________________________________________________




Purpose 2


_________________________________________________________________________







Question 2



(Total 6 marks: 2@)




Explain the purpose of the following features of audit documentation:




a) Indexing;




______________________________________________________________________




b) Cross-referencing;




______________________________________________________________________




c) Tickmark.




______________________________________________________________________







Question 3



(Total 12 marks: 4@)




Review the audit documentation provided and list three deficiencies on the schedules.




Deficiency 1




_________________________________________________________________________






Deficiency 2




_________________________________________________________________________






Deficiency 3




_________________________________________________________________________







Question 4



(Total 8 marks)




As an experienced auditor who had no association with the audit, what conclusion would you have on whether (i) the audit documentation had complied with ASA 230; and (ii) the Notes Payable had been fairly presented with no material mis-statements, after reviewing the documentation prepared by Green and Brown, LLP?




a) Audit documentation complying with ASA 230






(Total 4 marks: 1 mark for conclusion*; 3 marks for justification)




Conclusion: Yes / No




______________________________________________________________________




Justification of your answer




______________________________________________________________________




b) Notes Payable fairly presented with no material mis-statements





(Total 4 marks: 1 mark for conclusion*; 3 marks for justification)




Conclusion: Yes / No




______________________________________________________________________




Justification of your answer





______________________________________________________________________







* Marks would be awarded to conclusion only if the justification is appropriate, i.e. marks would not be awarded to conclusion if it is only guessed right.





End of Assessment

acct300-alternative-assessment-cases-glyuy3ut.pdf acct300-alternative-assessment-cases-djwwxrg1-amivhsmb.pdf acct300-alternative-assessment-cases-33pteaxm-n5gxb0ug.pdf acct300-202030-alternative-assessment-kixir0yn-hbhtp5ng.docx
Answered Same DayJun 01, 2021ACCT300Australian Catholic University

Answer To: 1) Length: 1,200 words ± 10% 2) The cases are provided in a separate document on LEO. 3) Please...

Preeta answered on Jun 05 2021
142 Votes
Case 5.3: Red Bluff Inn & Café
Question 1
Two concerns relating to possible fraud for the café part of the business, and a respective control procedure that could mitigate each concern effectively.
a)    Concern 1
The couple could let their friends and families eat at the café at free of cost and without taking any actual money from them.
Control procedure addressing concern 1
Surveillance camera all over the motel and café can be installed. This camera will capture the interactions between the couple and the customers. The couple will interact differently with their friends and families and so it will be easily understood. The time of the arrival of the friends and family will be recorded and it will be tallied if proper invoices have been raised around that time in the motel or café respectively.
b)    Concern 2
The couple can steal food from the kitchen and sell those separately on their own. They can also take up inventory from kitchen for their own use.
Control procedure addressing concern 2
The cost of inventory can be tallied up with the actual cost of goods sold. There should a menu of the café and a proper estimation should be there regarding the raw materials which are required for each item in the menu. Some raw material item can be common where as some might vary. But an idea about the amount of finished goods from the raw material in hand will help to discover stealing of the inventory.
Question 2
Two concerns relating to possible fraud for the motel part of the business, and a respective control procedure that could mitigate each concern effectively.
a)    Concern 1
The couple can also allow their friends and families to stay at the motel free of charge without accepting any actual money from them.
Control procedure addressing concern 1
Digital key system should be implemented in the model. The system should be such that each of the new customer will have to sign in before accessing the room and has to sign out while leaving the room. This will automatically create a trail for the room rents of the motel and later the result can be tallied to find out if the couple is hiding any transaction or any of the customer has not actually paid.
b)    Concern 2
The...
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