MAA705: Audit Planning Memorandum-Essay Writing - Management Assignment Help

Assignment Task

Learning Outcomes:

This task allows you to demonstrate achievement towards the unit learning outcomes. The ULOs are aligned with specific graduate learning outcomes – that is, the skills and knowledge graduates are expected to have upon completion of their studies – and this assessment task is an important tool in determining the achievement of those outcomes.

If you do not demonstrate achievement of the unit learning outcomes, you will not be successful in this unit. It is good practice to familiarise yourself with the ULOs and GLOs as they provide guidance on the knowledge, understanding and skills you’re expected to demonstrate upon completion of the unit. In this way, they can be used to guide your study.

Description:

Part A: Planning memorandum

You are required to prepare a planning memorandum based on the FY2021 Annual Report for Bega Cheese Limited (Bega). The suggested outline of the planning memorandum is available on CloudDeakin.

The planning memorandum must include the following:

1. Define business risk. Identify three (3) major business risks of the company and an explanation of why each factor identified is a risk to the business.
2. Define inherent risk. Identify and explain three (3) inherent risks that you ascertain from the business risks you identified (in part i).
3. For each of the three (3) inherent risks (in part ii), identify one (1) key account and one (1) key related assertion at risk of material misstatement.
4. An assessment of the overall inherent risk including an explanation of the factors that lead to this assessment.

Part B: Analysing trends in sales

In a fictitious scenario without COVID 19, you are the audit associate with the team auditing Bega for FY2022. You learnt that Bega opened its first retail outlet at Melbourne Central Shopping Centre at the start of the fiscal year, specifically the first weekend in July. The store focused on expanding Bega’s business to include a storefront that sells desserts based on the products in Bega’s portfolio. The products include, among others, cheesecake mousse and vegemite ice cream. These bite-sized cold treats also come with simple recipe cards that encourage customers to try to make them at home. The store has been a hit with customers, especially on the weekends when the shopping centre is full of people.

Your audit senior has asked you to perform an analysis of the sales data of the retail outlet as part of the planning stage to identify unusual data points. As this is the first year of operation, there is no data from prior years to compare to. In one of the planning meetings, one of the managers suggested that the sales should closely align with the weather. Given that the retail outlet sells cold desserts, the manager noted that the store should sell more desserts during warmer days. Hence, your audit senior noted that you should plot a graph comparing daily sales against daily temperature. Your client has provided you with daily sales data to aid your analysis. The suggested outline of the sales trend is available on CloudDeakin.

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