ACC201: SML’s current strategy is to downsize its Paediatrics department and build up its Dentistry and Aesthetics practices: Financial Accounting Assignment, SUSS

Question 1

SML’s current strategy is to downsize its Paediatrics department and build up its Dentistry and Aesthetics practices.

(a) Demonstrate the impacts of this strategy, and the company’s related activities, on transactions and/or balances in the revenue, asset management, human resource management, and financial management processes.

(b) Refer to the financial information provided in Exhibit A to assess whether the impacts demonstrated in (a) above are reflected, and evaluate three (3) risks of material misstatement

(c) For each RMM in (b) above, analyze one (1) key internal control that SML should have implemented, and relate the relevant test of control for each control.

(d) Assess the general impact on the substantive audit procedures if the results of the tests of controls indicate that the key controls are ineffective.

Question 2

The patient databases and health records information system are integral to both patient care and SML’s accounting information system.

(a) Analyse two (2) IT-related inherent and/or control risks that would affect the confidentiality, integrity, and/or availability of SML’s patient database and health records information system, with a material impact on SML’s financial statements.

(b) For each risk analyzed in (a) above, discuss one (1) related governance, general, OR application control that SML can implement.

(c) For each control discussed in (b) above, discuss one (1) way EJS Associates could use a computer-assisted audit tool or technique (CAATT) to test that the control is operating effectively.

Question 3

In relation to the DermaClear acquisition and the company issues described above:

(a) Assess the significance of each matter to SML’s financial statements, and the appropriate adjustments and/or disclosures that should be made in the 20×9 financial statements.

(b) Evaluate the procedures that EJS Associates should perform for each of these matters, either during the fieldwork or completion review phases of the audit.

(c) Assess any information that should be provided in the audit report, and any potential effect on the audit opinion on SML’s financial statements.

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