Accounting -Audit Budget - Accounting Assignment Help

Internal Code : 1AJCJH

Accounting Assignment Help

TASK The audit partner has suggested that the preliminary assessment of materiality for the financial report as a whole be set at $15,000. Comment on the appropriateness of this figure for your client. Provide evidence to support your view. Include a brief discussion of the effect that changing the preliminary assessment would have on the audit budget. Prepare an analytical review (in the form of a trend analysis) using the income statement items from the trial balance. Use the trend analysis to identify 4 income statement accounts that appear to be at risk ofmaterial misstatement. Provide justification for why these accounts should be subjected tosignificant audit testing. In your explanations, identify an assertion that is likely to be at-risk for each account (i.e. identify 1 assertion per account; 4 in total).