Hi I would like to find out if this assignment could be completed as I need help and it should be in report format APA referencing.Introduction body and conclusion.Pls go through the file which I had uploaded to get a glimpse of the presentation of the assignment.
ACFI3050 Audit and Assurance Principles ACFI3005 Auditing and Assurance Trimester 2, 2018 PSB Academy Assignment Assignment Due: Lecture 9: July 12, 2018 Weighting: 20% of final mark. Submission: Turnitin by 9am and a printed copy is to be handed in at the Tutorial Required Your audit firm Greenaudits, is conducting the audit of Dozer Constructions Ltd, a civil engineering business for the year ending 30 June 2018. Mrs Teresa Tracker the financial controller, has documented the purchase and payments cycle of the business. She has also compiled a list of misstatements in the accounting records of the payroll cycle she discovered, when preparing the financial statements for the year ended 30 June 2018. She has requested that you prepare a report using her documentation of the purchases and payments cycle; identifying the existing internal controls, purpose and the related audit objective/assertion in the purchases/payments cycle; any weaknesses in the purchases/payments cycle with recommendations to address the weaknesses identified; and in respect of the misstatements identified in the payroll cycle, recommendations of internal control procedures to prevent further misstatements occurring. Mrs Tracker has also requested that you provide them with some assistance in preparing their taxation information and the presentation of their financial statements. In the report you are also required to advise her of the firm’s eligibility to provide the non-assurance services, identifying any potential independence issues with reference to APES110: Code of Ethics for Professional Accountants. The body of your report should contain the following headings: · Purchases and Payments – Existing Controls and Related Audit Objective · Purchases and Payments – Weaknesses and Recommended Internal Control Procedure · Payroll – Recommended Internal Control Procedure · Independence Issues You may use a table format to present the above information. The audit objectives/assertions are: occurrence, completeness, accuracy, cut-off and classification. Additional Information Purchases and Payments Cycle Narrative description of the purchases and payments system of Dozer Constructions Ltd: 1. The site supervisor orders all the materials required on site for construction by completing a purchase order which has to be authorised by the site manager. The order is sent to the supplier. 2. The materials ordered are delivered to the construction site and the stores clerk checks the goods delivered, to the delivery docket and a copy of the purchase order. He initials these documents to indicate that he has checked that the delivery docket and purchase order and that the goods listed on the delivery docket have been received. 3. The delivery docket and purchase order are forwarded to the head office for payment. 4. The accounts payable clerk (AP) will not pay any invoices that do not have a matching delivery docket and purchase order. 5. The AP is also responsible for purchasing the office supplies and other items for the business as required. On receiving the invoice she checks it for reasonableness and raises a query with the supplier if there are any invoices for office supplies or other items she cannot remember ordering. 6. All mail is opened by the administrative assistant and all invoices are passed on to the AP. 7. All invoices are given an account classification, entered into the accounts payable system and stamped as entered. 8. Invoices are filed in due date order. 9. Cheques for payments due are manually drawn by the AP. The procedures manual requires two cheque signatories. 10. Invoices are stamped as paid and the date and cheque number are recorded on them. 11. Payments are recorded on a standard payments journal and entered into the accounts payable system by the AP. The journal is stamped as entered. 12. The AP leaves the cheques with the chief executive officer, who signs them and then returns them to the AP. A remittance advice is attached by the AP and sent to the secretary for mailing. 13. At month end, the assistant accountant obtains an accounts payable listing from the AP and prepares the bank reconciliation, which is reviewed by financial controller. Payroll Cycle The following errors were discovered in the payroll system. Recommend an internal control procedure to prevent the error from occurring. 1. Duplicate pay deposits into employee bank accounts were prepared for all employees on the construction site for the week ended March 15, 2018. This occurred because the data processing department processed employee time cards twice. 2. An employee consistently misstated his time card by returning at night and punching out then, rather than when his shift was over at 4pm. Instead of being paid for 40 hours per week, he was paid, on average for over 46 hours per week for almost one year. When accused of the error, he denied any wrongdoing and quit. Non-Assurance Services 1. Dozer Constructions Ltd has requested that your firm prepares their income tax return and the calculations in respect of current and deferred tax liabilities/assets. 2. Dozer Constructions Ltd wishes to prepare its financial statements in accordance with the accounting standards. Due to the lack of technical expertise of the accounting staff, they have requested advice regarding the presentation of the notes to the accounts. Learning Criteria Identify and assess the internal controls of a business and to communicate the analysis using a report format. To categorise and communicate in a report format the factors to consider in assessing independence issues and the application of APES110. General Requirements Your report should adopt the format illustrated in the “Gold Guide” available at http://www.newcastle.edu.au/__data/assets/pdf_file/0005/149918/Gold-Guide-NBS-APA-Referencing-Resource.pdf Note: you are not required to include a separate section in the report containing recommendations Use one side only of A4 paper; number every page. Font size: 11 or 12. Attach a completed Newcastle Business School cover sheet with the Turnitin submission and hard copy. Refer to the attached marking criteria for further information. The assignment must be attempted and completed individually and submitted by 9am to Turnitin on the due date with a hard copy to be submitted in the tutorial. Turnitin reports can be used as evidence by the lecturer in the event that plagiarism is suspected in an assignment. Suspected acts of plagiarism will be forwarded to the Student Academic Conduct Officer (SACO). Any assignment submitted late will be penalised at a rate of 10% per day of the possible maximum mark for the assignment for each day or part day that the assessment is late. Any assignment submitted more than five days after the due date will be awarded zero marks. ACFI3005 Auditing and Assurance: 2018 Marking Criteria for Assignment Does Not Meet Expectations Meets Expectations Exceeds Expectations Mark No Executive summary Satisfactory Executive summary (100- 150 words) Good Executive summary (150-200 words) 0 0-2 3 /3 No introduction Satisfactory introduction. (75-100 words) Good introduction. (100-150 words) 0 1 2 /2 Limited identification, purpose of the controls, audit objectives in the purch/payments cycle. Satisfactory identification, purpose of 2-3 controls in the purchases/payments cycle. Extensive identification, purpose of 4-5 controls and audit objectives in the purch/ payments cycle 0-3 4-6 8-10 /10 Limited identification of the weaknesses and recommendations in the purch/ payments cycle. Satisfactory identification of 2-3 weaknesses and recommendations in the purch/payments cycle. Extensive identification, of 4 - 5 weaknesses and recommendations in the purch/payments cycle. 0-3 4-6 8-10 /10 Identification of one internal control procedure and audit objectives in the payroll cycle Satisfactory identification of 2-3 internal control procedure and audit objectives in the payroll cycle. Extensive identification of 3-4 internal control procedures and audit objectives in the payroll cycle 0-2 4-6 6-8 /8 Limited discussion of independence issues Satisfactory discussion of independence issues, code reference-200words Extensive discussion of independence issues code reference- 300 words /15 Does not express ideas coherently and logically- uses poor sentence structure Ideas expressed logically and coherently with effective sentence structures Ideas expressed logically and coherently with good sentence structure 0-1 2-3 4 /4 No conclusion. Satisfactory conclusion. (75-100 words) Good conclusion. (100-150 words) 0 1-2 3 /3 · Frequent grammar/spelling errors · No title page · No table of contents · No reference list · No presentation requirements o · Minor grammar/spelling errors · Incomplete title page · Incomplete table of contents · Incomplete reference list · Some presentation requirements adhered to · Correct grammar/ spelling · Satisfactory title page · Satisfactory table of contents · Appropriate reference list · All presentation requirements adhered to x 0 = x 0.5 = x 1 = /5 /60 Faculty of Business and Law 4