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CASE  1-1

Preparing audit plans

Source: This case was developed by the authors, based on various module examinations of Chartered Accountants (CA) Program of the Institute of Chartered Accountants in Australia (ICAA) and modified for current auditing standards (ASA).

Consider each of the following situations, which are independent of each other:

Your audit plan for revenues places extensive reliance on internal controls and the use of substantive analytical procedures. Your testing of the internal controls for revenues has found a significant number of instances where clients’ credit ratings have not been checked and abnormally larger discounts have been given. The sales manger states that these changes have been the result of difficulties in maintaining current sales levels.

You are planning the annual audit engagement of a farm machinery retailer. You are aware of significant problems in the rural industry over the past six months and little improvement is in sight.

Since the last audit your client has introduced a new management compensation scheme with the top manger’s salaries being closely tied to the company’s profitability

Management informs you that during the year the internal auditors discovered that a substantial amount of inventory disappeared from a small branch of your client. A number of local manager have subsequently resigned although there were no prosecutions. The losses equaled 1% of the company’s profit before income tax expense.

Since your last audit the client has introduced a new IT system for inventory. Management has indicated that the big advantage of the new system over the old one is that it provides information on inventory levels and gross margins for both product lines and geographical area.

A new competitor of your client entered the market two months before year end and, since that time, selling prices have fallen significantly. The industry expects heavy discounting to continue for the whole of next year.

There were no major disposals or additions to plant and equipment during the financial year. Plant and equipment is not a material account and consists mainly of furniture and fitting.

Required

Assume you are responsible for preparation of an audit plan in each of the situation discussed above. In each case, describe how the situation posed would affect you audit plan. Include reference to any potential risk and the nature and/or extent of audit evidence to be collected.