Auditing Principle

Assignment Question(s):

1.Ahad Abdullah is a staff accountant and has been assigned to the audit of Worldwide Enterprises, Inc. Subsequent to the completion of fieldwork, Ahad was assigned to draft the audit report. The content of one of the paragraphs he has drafted reads as follows:

As explained in Note 2 to the financial statements, Worldwide Enterprises has charged goodwill and certain other intangible assets acquired in two separate acquisitions directly to shareholders’ equity. Under generally accepted accounting principles, these intangibles should have been recorded as assets and amortized to income over future periods. Had these intangibles been capitalized, total assets would have increased by $400,000 as of December 31, 2011 and net income and earnings per share would be increased by $380,000 and $2.25, respectively (assuming a 20-year amortization period) .

a. Based on the contents of the paragraph above, which condition requiring a departure from a standard unqualified/unmodified opinion exists in the engagement?
b. Assuming that the engagement partner agrees with the paragraph Ahad has prepared above, where in the auditor’s report should the paragraph be placed?
c. How would the materiality of the condition above affect the final choice of opinion? (4 Marks)

2 You are auditing cash for Moonbeam, Inc. In meeting with the CFO during the planning stages of the audit, she indicated that there was a high risk of misstatement due to fraud in the cash account, given the lack of proper segregation of duties. As the auditor, what tests could you perform to detect fraudulent activities in the cash account? 
(4 Marks) 

3. Identify the types of transactions that occur in the property management process. (3 Marks)

4 State the six functions that make up the inventory management process. For each function, identify the related documents and/or records that would be used by a manufacturing company. 


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