AC6541 Auditing 2023/24 Semester BJava

Java Python AC6541 Auditing

2023/24 Semester B

Individual Assignment

Due Date: 3 March 2024

1. Please answer the questions concisely with a page limit of 10 pages (double-line spacing).

2. Please also check for grammatical accuracy.

3. Submission: Please upload the assignment to Canvas under “Assignment”

CASE: Aerospace Lighting, Inc (ALI): Linking business strategy to audit planning (see attached)

Requirements:

1. Provide a brief summary of the case. You goal is to inform. the audience who the auditor is, who the client is and the key points of the audit engagement. (Note: Do no AC6541 Auditing 2023/24 Semester BJava t be too detailed.)

2. Based on the information given by the case, identify risk factors that you (as the auditor) need to consider to make your audit plan. You should conduct your analysis based on the Risk Based Audit Model and organize your analysis from the perspectives of client’s inherent risk, client’s control risk, and auditor’s detection risk respectively.

3. Set an overall materiality level for the client. For the control risks you identified, what recommendation you would make to improve the client’s effectiveness of internal control.

Note: You do not need to cover all the potential audit issues related to ALI. Pick the issues that you think are most important. Sound and logical analysis is more important than giving the correct answer