ACC3118: Analyse and Apply the Regulatory Framework - Accounting and Finance Assignment Help

Assignment Task:

Task:

This Assignment is designed to give students an opportunity to:
1. develop problem solving, critical thinking, teamwork and judgement skills in relation to the practice of auditing in contemporary business organisations
2. analyse and apply the regulatory framework that applies to auditing practice
3. effectively communicate results from the application of the auditing process.

This assignment provides students the opportunity to:
1. explore how financial statement audits are conducted in a computer-based environment
2. demonstrate authentic workplace processes or responsibilities in the auditing profession relating to team-based projects e.g. skills in communication, negotiation, interpersonal, conflict management , leadership, time management, etc.

CASE STUDY INFORMATION
Aaron Kweskia is the owner of the Hangout chain of restaurants (Hangout Restaurant Company), which provides full bar services as well as restaurant services. The company, which originally commenced business in Australia, and which is registered as a business in Australia, expanded its operations to the eastern cities of the USA, namely Boston and New York. The company recently opened two restaurants in the Californian area of the country, namely, Seal Beach and California 2. Seal Beach opened approximately 18 months ago, while California 2 is a recent opening.

Part A:
The business in the USA has been very profitable for Aaron. As part of his decision to open a restaurant in Seal Beach, Aaron entered into an agreement with a Californian grocery business whereby he agreed to pay the grocery business to advertise his Seal Beach restaurant on the back the receipts distributed by the grocery store. Such types of marketing strategies are common and are best described as coupon advertising. Typically, coupons come on the back of a receipt and

This assignment is drawn from a television episode of “Mystery Diners”, a program produced by TG Productions. The case study in this assignment has expanded on this episode by the including matters relating to payroll as developed by Dr Bonnie Hampson.

include discounts offered by advertised businesses for future purchase of their particular product or services. Companies continue to use these techniques to attract consumers for their business. Customers of the grocery store may use their grocery store receipt to “redeem” the coupon that is printed on the back of the receipt and receive a discount on their Seal Beach restaurant bill. Aaron has found this form of advertising to be a very cost-effective marketing strategy. Sales at the Seal Beach restaurant have grown at a fairly rapid rate over the first 12 months. However, over the last few months, Aaron has noticed a significant fall in sales at the Seal Beach restaurant, which has caused him great concern. He became so concerned that he hired Charles, an Undercover Operative, to conduct covert surveillance of the operations at the restaurant (You may assume, for the purposes of this assignment that such covert operations are not subject to any legal impediments either in the USA or in Australia).

Maxwell has requested that you provide a report to him that deals with the following issues at the Seal Beach restaurant:

a. the auditor’s responsibility in relation to fraud and what the auditor must do in response to the issues identified at the Seal Beach restaurant;
b. whether it is possible for the audit team to use the video supplied by Aaron as the basis for the audit of sales in order to reduce the audit costs to the client;
c. the importance of the control environment or “setting the tone from the top”, in establishing
a culture of honesty and integrity in the Hangout Restaurant Company;
d. the current process that Seal Beach uses for accepting and dealing with coupons as well as the current internal controls over its sales and cash receipts that are in place at the restaurant;
e. any weaknesses that you identified in the internal controls over sales and cash receipts;
f. the factors that should be recognized by the auditor in this case as having an effect on the risk of fraud; and

g. recommend improvements in internal controls over sales and cash receipts that will reduce the incidence of fraud.

Part B:
The company has more than 30 employees across the five (5) restaurants. Susan Kweskia, who is married to Aaron, maintains the employee and payroll records and calculates the fortnightly pays. All employees are paid at a standard wage for the hours that they work to a maximum of 80 hours per fortnight. As there are only a small number of employees at each Restaurant, the Restaurant Manager records all employee hours per day and emails them to Susan at the end of each fortnight. Each Manager has a secure password to send employee information to Susan’s email account.

This ACC3118 Accounting Assignment has been solved by our Accounting Experts at My Uni Paper. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.

Be it a used or new solution, the quality of the work submitted by our assignment Experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.