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AUDITING 300 Semester 2 2012 - ASSIGNMENT 1 (Due Date: 20th August 2012)
Please answer all three questions
Question 1: The following are independent situations:
(i) Bob is an audit assistant currently undertaking university studies. While auditing the books of Club Casino, he comes across certain financial information that he believes will assist him in completing one of his university assignments. He copies the information and uses it in his assignment, carefully removing all reference to Club Casino in order to preserve the client’s confidentiality.
(ii) Wendy has been the engagement partner on the Ace Limited audit for a number of years. Some time ago, Ace’s long-standing company secretary retired and Ace took six months to find a replacement. At Ace’s request, Wendy performed company secretarial duties for this period of time.
Required:
For each of the above independent situations list any professional standards and regulatory requirements breached and discuss possible alternative courses of action the auditor should have taken in order to properly discharge their professional responsibilities. (Total 5 Marks)
Marks breakdown:
(i) Identification of breach(s) (1 Mark). Identification of alternative course of action: (1 Mark)
(ii) Identification of breach(s) (2 Marks). Identification of alternative course of action: (1 Mark)

Question 2:
Consider the following independent situations, all of which apply to audits of entities for the year ending 31 December 20X7:
(i) Slipway Limited, a listed company, has been experiencing declining sales over the last 2 years. Cost cutting has proved difficult due to the high level of imported machinery used in Slipway’s operations and consequently margins have been falling. While the bankers are presently happy to continue providing Slipway with loan facilities, they do expect to see improved results in the next…...

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