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This case study is designed for undergraduate or postgraduate students in introductory auditing courses to critically apply their auditing knowledge and judgement as they work through the various stages of an audit process. The audit approach in the case study, which is consistent with international standards on auditing, is divided into four phases: 1. requires students to evaluate the client’s business and assess key business risks, 2. enables students to set materiality levels and make a combined risk assessment of significant accounts likely to be materially misstated, 3. allows students to respond to the combined risk assessment of the significant accounts identified by developing relevant substantive procedures, 4. involves students undertaking the following wrap-up procedures: • evaluate the findings from the substantive procedures, • prepare a summary of audit differences, and • determine the impact of misstatements on the audit opinion. The case is also designed to aid students in developing their research and communication skills while working in a team setting. |
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