Assessment Task – Tutorial Questions Assignment 1Unit Code: HA3021Unit Name: Corporations Law Assignment:

This assignment is designed to assess your level of knowledge of the key topics covered in this unit Unit Learning Outcomes Assessed:1. Discuss the foundations of Australian Corporations Law and constitutional aspects and administration.2. Apply legal principles to real case situations in the context of different types of business organizations and the legal issues that arise in day to day business.3. Analyse the incorporation process and characteristics of corporate legal personality.4. Demonstrate the legal principles for managing a company in particular the company’s relationship with others.5. Critically analyse the concept of corporate internal rules and management.6. Analyse the role and responsibility of directors and members in the management of thecompany.7. Analyse the interaction between members’ rights, directors’ duties and corporategovernance.8. Analyse the procedures regarding external administration and winding up.9. Identify and analyse legal issues arising from the administration of a company. Description: Each week students were provided with three tutorial questions of varying degrees of difficulty. These tutorial questions are available in the Tutorial Folder for each week on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task is to answer a selection of tutorial questions from weeks 1 to 5 inclusive and submit these answers in a single document.1
The questions to be answered are: Week 1 Question (10 marks)Differentiate between a sole trader, company and a partnership. Support your answer to this by citing the advantages and disadvantages of using each business structure. (10 marks) Week 2 Question (10 marks) Teresa and Alison operate a partnership making and selling jam. A reduced supply of fruit has resulted in a fall in sales. Alison purchased a large supply of glass jars that must be paid for within 30 days. The funds are not available to meet this expense. Teresa was not consulted when Alison bought the jars and insists that Alison pay for them out of her personal savings. What do you think will be the legal consequences here resulting from Teresa’s decision not to consult Alison? (10 marks)Week 3 Question (10 marks) Provide a case summary of the case “Salomon v Salomon & Co Ltd [1897]” using the IRAC method. What was the significance of this case law in relation to the legal concept of separate legal entity? (10 marks)Week 4 Question (10 marks) When can the corporate veil be lifted under the Corporations Act to make directors liable for corporate debts? (10 marks)Week 5 Question (10 marks)Provide a case summary of the case “Lee v Lee’s Air Farming Ltd [1960] UKPC 33” using the IRAC method. What legal principle came out of this case in relation to why the court lifted the corporate veil in this case? (10 marks)Submission Directions: The assignment has to be submitted via Blackboard. Each student will be permitted one submission to Blackboard only. Each student needs to ensure that the document submitted is the correct one.2
Academic Integrity Academic honesty is highly valued at Holmes Institute. Students must always submit work that represents their original words or ideas. If any words or ideas used in a class posting or assignment submission do not represent the student’s original words or ideas, the student must cite all relevant sources and make clear the extent to which such sources were used. Written assignments that include material similar to course reading materials or other sources should include a citation including source, author, and page number. In addition, written assignments that are similar or identical to those of another student in the class is also a violation of the Holmes Institute’s Academic Conduct and Integrity Policy. The consequence for a violation of this policy can incur a range of penalties varying from a 50% penalty through to suspension of enrolment. The penalty would be dependent on the extent of academic misconduct and the student’s history of academic misconduct issues. All assessments will be automatically submitted to Safe-Assign to assess their originality. Further Information: For further information and additional learning resources, students should refer to their Discussion Board for the unit.3
Q68
BAO3306 : AUDITING – “Document to Assist the Audit Manager in Planning an Audit.” – Auditing Assignment – Victoria University
On successful completion of this unit, students should be able to:
– Develop an appreciation of the reasons for the existence of a societal demand for audit and assurance services, and an understanding of the current environment in which auditors operate, including legal, ethical and professional aspects.
– Demonstrate an understanding of the key auditing principles, concepts and practices used by auditors to gather evidence and make judgments in order to form an audit opinion on the fair presentation of financial reports
– Develop an insight into the audit of specific transactions and account balances
– Be aware of the auditor’s responsibility in completing an audit
– Obtain basis understanding of other types of assurance engagement

Q69
You are the audit manager of Overseas Explorer Ltd (OEL), which acquired the small proprietary company Local Pty Ltd (Local) on 30 June 2018. The price of the acquisition was agreed at $5 million, on the condition that OEL is satisfied with the financial records of Local. As Local is a small proprietary company, it has not prepared statutory financial reports or undergone an audit since its incorporation in 2016. However, Local has agreed to allow your firm, which is the auditor of OEL, to access its books and records. The CEO of OEL, Wendy Champion, has requested that your firm provide assurance on the following three items: • The management accounts for the year ended 30 June 2017 • All transactions occurring from the date negotiations commenced until the settlement date, to ensure that all transactions were within the normal course of operations • The financial report prepared at the acquisition date of 30 June 2018 In order to clarify your responsibilities, you requested that OEL indicate the level of assurance that they require for each item. Wendy replied that the financial report as at acquisition date is very important, as are the transactions since negotiations commenced, but that she is willing to have less work done on the previous year’s management accounts. Required: Indicate the type of engagement that will most likely be undertaken for each of the three tasks and the level of assurance to be provided. Explain your selections. (220 words)
Q70
You are the audit manager of Overseas Explorer Ltd (OEL), which acquired the small proprietary
company Local Pty Ltd (Local) on 30 June 2018. The price of the acquisition was agreed at $5 million,
on the condition that OEL is satisfied with the financial records of Local. As Local is a small
proprietary company, it has not prepared statutory financial reports or undergone an audit since its
incorporation in 2016. However, Local has agreed to allow your firm, which is the auditor of OEL, to
access its books and records. The CEO of OEL, Wendy Champion, has requested that your firm
provide assurance on the following three items:
• The management accounts for the year ended 30 June 2017
• All transactions occurring from the date negotiations commenced until the settlement date, to
ensure that all transactions were within the normal course of operations
• The financial report prepared at the acquisition date of 30 June 2018
In order to clarify your responsibilities, you requested that OEL indicate the level of assurance that
they require for each item. Wendy replied that the financial report as at acquisition date is very
important, as are the transactions since negotiations commenced, but that she is willing to have less
work done on the previous year’s management accounts.
Required:
Indicate the type of engagement that will most likely be undertaken for each of the three tasks and
the level of assurance to be provided. Explain your selections. (10 marks)
Q71
You are required to develop a report to the CEO and Board of the company, identifying the internal control procedures required within the organisation.
You will be required to submit the report following organisational formatting procedures and recommendations to address the internal control requirements for the company.
Your answers are required to be grammatically correct and where there is a report to present it should be completed as a business report.
Q72
1. On August 20,2013, Bella Andres, CPA and partner, was offered and accepted the engagement to audit the annual financial statements of Japee Corporation for the fiscal and calendar years ended December 31, 2018. The audit began on September 15,2018, and ended on March 7, 2019. Japee Corporation is regulated by the SEC. Bella served as controller of Japee Corporation from November 5, 20014 until January 10, 2018, at which time she terminated her employment with Japee. Bella owned a material amount of Japee Corporation’s common stock from November 5, 2004 until August 15, 2018, at which time she sold the stock. Violation of Codes of Ethics? Why? 2. Tan and Canada, a firm of certified public accountants, audited the accounts of Sterling Skins, Inc., a corporation that imports and deals in fine furs. Upon completion of the examination, the auditors supplied Sterling Skins with twenty copies of the certified statement of financial statement. The firm knew in a general way that Sterling wanted that number of copies of the auditor’s report to furnish to banks and other potential lenders. The statement of financial position I question was in error by approximately P800,000. Instead of having a P600,000 net worth, the corporation was insolvent. The management of Sterling Skins had doctored the books to avoid bankruptcy. The assets had been overstated by P500,000 of fictitious and nonexisting accounts receivable and P300,000 of nonexisting skins listed as inventory when in fact Sterling Skins had only empty boxes. The audit failed to detect these fraudulent entries. JC, relying on the certified statement of financial position loaned Sterling Skins P200,000. They seek to recover their loss from Tan and Canada. Required: State whether each of the following is true or false and give your reasons: a. If JC alleges and proves negligence on the part of Tan and Canada he will be able to recover his loss. b. If JC alleges and proves constructive fraud (that is, gross negligence on the part of Tan and Canada) he will be able to recover his loss. c. JC does not have a contract with Tan and Canada. d. Unless actual fraud on the part of Tan and Canada could be shown, JC could not recover. e. JC is a third-party beneficiary of the contract Tan and Canada made with Sterling Skins.
Q73
Unit Learning Outcomes Assessed:
1. Demonstrate a thorough understanding of the reporting requirements of auditing
standards relating to auditors’ reports.
2. Explain how the audit planning process directs the auditor to obtain adequate evidence to
support audit findings and address the importance of materiality in an audit.
3. Explaintheprocessofauditplanningtodetermineriskassessmentsandanoverallauditstrategy.
4. Explain the auditors’ obligations with regards to understanding the client’s business and
internal controls and assessing business risks.
Description: Each week students were provided with three tutorial questions of varying degrees of
difficulty. These tutorial questions are available in the Tutorial Folder for each week on Blackboard.
The Interactive Tutorials are designed to assist students with the process, skills and knowledge to
answer the provided tutorial questions. Your task is to answer a selection of tutorial questions from
weeks 1 to 5 inclusive and submit these answers in a single document.

Q74
You are the audit manager of Overseas Explorer Ltd (OEL), which acquired the small proprietary company Local Pty Ltd (Local) on 30 June 2018. The price of the acquisition was agreed at $5 million, on the condition that OEL is satisfied with the financial records of Local. As Local is a small proprietary company, it has not prepared statutory financial reports or undergone an audit since its incorporation in 2016. However, Local has agreed to allow your firm, which is the auditor of OEL, to access its books and records. The CEO of OEL, Wendy Champion, has requested that your firm provide assurance on the following three items: • The management accounts for the year ended 30 June 2017 • All transactions occurring from the date negotiations commenced until the settlement date, to ensure that all transactions were within the normal course of operations • The financial report prepared at the acquisition date of 30 June 2018 In order to clarify your responsibilities, you requested that OEL indicate the level of assurance that they require for each item. Wendy replied that the financial report as at acquisition date is very important, as are the transactions since negotiations commenced, but that she is willing to have less work done on the previous year’s management accounts. Required: Indicate the type of engagement that will most likely be undertaken for each of the three tasks and the level of assurance to be provided. Explain your selections. (220 words)
Q75
Using the information provided about Noyers Ltd and appropriate research regarding the
industry and other economic factors:
a. Assess the key business risks of Noyers Ltd from the information available to you (at
least six (6) need to be identified);
b. Explain the implications of each risk identified on the financial statements;
c. Identify the related financial statement accounts at risk.
d. Identify the related management assertion (refer to ASA 315) most at risk for each
financial statement account identified as being at risk.
e. Justify your identification of the management assertion at risk.
Use the spreadsheet template tab Task 1 in order to complete this task.
Task 2
Materiality assessment requires an auditor to make judgements about the size of
misstatements that would be considered ‘material’ to the users of the financial statements.
The auditor will design procedures in order to identify and correct errors or irregularities that
would have a material effect on the financial report and affect the decision making of the
users of the financial report. Materiality is used in determining audit procedures, sample
selections, and evaluating differences from client records to audit results. It is the maximum
amount of misstatement, individually or in aggregate, that can be accepted in the financial
report.
In selecting the base figure to be used to calculate materiality, an auditor should consider the
key drivers of the business. They should ask, ‘What are the end users (i.e. shareholders, banks
etc.) of the accounts going to be looking at?’ For example, will shareholders be interested in
profit figures that can be used to pay dividends and increase share price?
S & A Partners’ audit methodology dictates that one planning materiality (PM) amount is to
be used for the financial report as a whole (that is, rather than separate PMs for the income
statement and the balance sheet). The basis selected is the one determined to be the key
driver of the business.

Q76
Learning Objective Understand and perform a purchasing process cycle
Scenario In order to process a complete purchasing process you will take on different roles within the GBI company, e.g. purchasing agent, warehouse worker, accounting clerk. Overall, you will be working in the Materials Management (MM) and the Financial Accounting (FI) departments.

Q77
1. On August 20, 2013, Bella Andres, CPA and partner, was offered and accepted the engagement to audit the annual financial statements of Japee Corporation for the fiscal and calendar years ended December 31, 2018. The audit began on September 15, 2018, and ended on March 7, 2019. Japee Corporation is regulated by the SEC. Bella served as controller of Japee Corporation from November 5, 20014 until January 10, 2018, at which time she terminated her employment with Japee. Bella owned a material amount of Japee Corporation’s common stock from November 5, 2004 until August 15, 2018, at which time she sold the stock. Violation of Codes of Ethics? Why? 2. Tan and Canada, a firm of certified public accountants, audited the accounts of Sterling Skins, Inc., a corporation that imports and deals in fine furs. Upon completion of the examination, the auditors supplied Sterling Skins with twenty copies of the certified statement of financial statement. The firm knew in a general way that Sterling wanted that number of copies of the auditor’s report to furnish to banks and other potential lenders. The statement of financial position I question was in error by approximately P800,000. Instead of having a P600,000 net worth, the corporation was insolvent. The management of Sterling Skins had doctored the books to avoid bankruptcy. The assets had been overstated by P500,000 of fictitious and nonexisting accounts receivable and P300,000 of nonexisting skins listed as inventory when in fact Sterling Skins had only empty boxes. The audit failed to detect these fraudulent entries. JC, relying on the certified statement of financial position loaned Sterling Skins P200,000. They seek to recover their loss from Tan and Canada. Required: State whether each of the following is true or false and give your reasons: a. If JC alleges and proves negligence on the part of Tan and Canada he will be able to recover his loss. b. If JC alleges and proves constructive fraud (that is, gross negligence on the part of Tan and Canada) he will be able to recover his loss. c. JC does not have a contract with Tan and Canada. d. Unless actual fraud on the part of Tan and Canada could be shown, JC could not recover. e. JC is a third-party beneficiary of the contract Tan and Canada made with Sterling Skins.

Q78
You are required to summarise, IN YOUR OWN WORDS, the requirements and the key highlights
of ANY ONE of the following pronouncements published by AUASB:
• Framework for Assurance Engagements
• ASQC 1: Auditing Standard ASQC 1 Quality Control for Firms that Perform Audits and
Reviews of Financial Reports and Other Financial Information, Other Assurance
Engagements and Related Services Engagements
• ASA 220: Quality Control for an Audit of a Financial Report and Other Historical
Financial Information
• ASA 315: Identifying and Assessing the Risks of Material Misstatement through
Understanding the Entity and Its Environment
The maximum length for the essay is 1,000 words. You should address all the key requirements in the essay, followed by a Reference List.

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