NSTRUCTIONS:

A. You are required to watch the “FALSE ASSURANCE” film which is approximately 30 minutes long, and

B. Answer the following SIX questions. In doing so, please cite relevant sections of the Auditing standards and/or related regulations where appropriate.

• Your answer should be maximum 2,000 words.

• This individual assignment is worth 20 marks and comprises 20% of the total marks allocated in this course.

• Late submission will be deducted 2 marks (10%) per calendar day. Submission is not accepted after being late 10 days.

no more than 2000 words

Questions:

 

Please answer ALL Questions after fully viewing the False Assurance case video.

  1. State the responsibilities of TYSL Accountants in relation to prevention and detection of frauds and errors in D-MERTON (2 marks).
  1. Identify and briefly describe TWO inherent risks, and TWO control risks of D-MERTON and explain how TYSL Accountants have responded to each risk, in planning the audit of D-MERTON (4 marks).
  1. Identify and explain THREE ethical issues which may affect the independence of TYSL Accountants’ audit of D-MERTON and for EACH issue explain how it might be reduced to an acceptable level. (3 marks)
  1. How would the cancellation of the product, S1D system affect D-MERTON’s financial position and the year end audit plan of D-Merton? How will it affect the value of the company’s technology? (3 marks)
  1. Do you believe that Sarah Hancock has exercised her duty of care as the audit partner?

If your answer is YES, please explain your reasons.

If your answer is NO, please explain reasons and what should she have done differently?

(5 marks)

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Identify and briefly describe TWO inherent risks, and TWO control risks of D-MERTON and explain how TYSL Accountants have responded to each risk, in planning the audit of D-MERTON
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