Posted: September 13th, 2017
Auditing Practice
Paper, Order, or Assignment Requirements
Assignment 2
| Description | Marks out of | Wtg (%) | Due Date |
| Assignment 2 | 100 | 10 | 20 December 2011 |
This assignment consists of TWO parts.
Part 1 (20 marks)
The audit risk model provides a framework for auditors to follow in responding to assessed risks through their choice of audit procedures. The model expresses the relationship among the audit risk components.
Required:
Define the audit risk model and explain each element of the model.
Part 2 (80 marks)
Below are six situations that involve the audit risk model as it is used for planning audit evidence requirements.
| Situation | ||||||
| Risk | 1 | 2 | 3 | 4 | 5 | 6 |
| Acceptable audit risk | 5% | 5% | 5% | 5% | 1% | 1% |
| Inherent risk | 100% | 40% | 60% | 20% | 100% | 40% |
| Control risk | 100% | 60% | 40% | 30% | 100% | 60% |
| Planned Detection risk | — | — | — | — | — | — |
Required:
- for each of the above situations calculate planned detection risk, and
- which situation requires the greatest amount of evidence and which requires the least?
ACC3118 Auditing
ACC5218 Auditing Practice
Semester 3, 2014
Assignment 2 Marking Criteria
DUE 29 December 2014
| Total Marks | ||
| Part A Defining the audit risk model and explain each element | ||
| Four (4) elements – each worth 5 marks each | Excellent ( 17 – 20 marks)
Commendable (15 -16.5 marks) Satisfactory (13 – 14.5 marks) Adequate (10 – 12.5 marks) Unsatisfactory (0 – 10 marks) |
/20 |
| Part 2: (i) Calculate planned detection risk
Six (6) situations each worth 10 marks each |
Excellent ( 50 – 60 marks)
Commendable (40 -49.5 marks) Satisfactory (30 – 39.5 marks) Adequate (20 – 29.5 marks) Unsatisfactory (0 – 19.5 marks) |
/60 |
| Part 2: (ii) Greatest amount of evidence
Least amount of evidence Six (2) situations worth 10 marks each |
Excellent (20 marks)
Adequate (10 -15 marks) Unsatisfactory (0 – 9 marks) |
/20 |
|
TOTAL MARKS |
/100 marks |
Weighting 10%
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