Exec Summary2




A. Products on hand balances and purchases transactions5

B. Trade receivables and credit product sales system5

C. Property, Plant and tools (PPE)6

G. Trade payables transactions and balances6


A. Products on hand balances and purchases transactions8

B. Transact receivables and credit revenue system. 10

C. Real estate, Plant and equipment (PPE)12

D. Operate payables deals and balances15

Conclusion The following conclusions have been drawn out in relation to each segment19 A. Products on hand balances and purchases transactions19

B. Transact receivables and credit product sales system. nineteen

C. House, Plant and equipment (PPE)19

D. Operate payables orders and balances19


A. Inventory balances and purchases transactions21

N. Trade receivables and credit rating sales program. 21

C. Property, Plant and gear (PPE)21

D. Trade payables transactions and balances21

Execution Plan25

Exec Summary

This report is perfect for Wendig Ltd for 12 months ended July 2010. The report is targeted on highlighting significant review risks, Key assertions and relevant interior controls concerning various sectors of the organization namely Inventory balances and purchases deals, Trade Receivables and Credit rating Sale System, Property Flower and tools, Trade payables transactions and balances. The report in the end suggests relevant recommendations for each of the following.

The business has reasonably voluminous obtain transactions. The organization overcomes the inherent complications of obsolescence and overstocking by limited inventory control. However , The inventory can be vulnerable to theft thereby reducing the overall stability of interior control with regards to faithful portrayal and undermines quality of operations. Also unrestricted entry to warehouse additional increases risk.

The company provides numerous sales transactions. The corporation is facing fierce intercontinental competition and on top of this poor economical conditions offers caused many customers to demand expansion to their credit. This jewelry warning alarms over the company to work out and strengthen their very own policies and procedures on giving and recovering credit.

The company produces Property, Plant and Tools (PPE) under one building. Also, there have been a significant decrease in PPE fixes and repair expenses seeing that past 2 yrs. This indicates misappropriation of vehicle repairs and routine service expenses. This reflects weak internal control. This may lead to not merely unreliable financial records but as well compliance issues.

The company has high amount of trade payables and the method to pay out is to record them in a ask for form pay off them by money disbursement program. There are excessive chances of omitting payables therefore causing extreme consequences at a later date. Also, The Company hired a fresh employee who will be unfamiliar with the procedures and policies therefore increasing the danger.


In fulfilling the case study, the group depended on MANGO standards relevant, namely MANUBRIO 315/ISA 315 Identifying and Assessing Risks of Material Misstatement Through Learning the Entity and its Environment, particularly the key statements (ASA 315. A111)

The group also used the textbooks Auditing and Confidence Services nationwide by Homosexual and Simnett and Basics of Auditing, Assurance Companies and Ethics in Australia by simply Arens, ainsi que al. while valuable causes of information.

This situatio study is limited only to Wendig Limited and focuses it is discussion around the information given about conclusions in Case Research in Auditing and Guarantee by Roebuck and Martinov-Bennie.


In this Case Study, we all as a team of senior auditors are given a responsibility of giving an audit opinion about Wendig Limited. Following the Audit process model, we have commenced planning for the 2010 taxation report.

During the planning level, we have run into information...


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