Finance and Accounting

The heightened audit risks areas of Accsys Technologies PLC and carry out the audit procedures to reduce audit risk to an acceptable level of one area

Project description
This case study should include two parts. 
A. From the Accsys Technologies PLC Report 2013, the management commentary in the annual report and other sources, and using appropriate auditing procedures,identify FIVE areas of heightened audit risk relating to the audit of this company. Explain why you consider these to be areas of increased audit risk. (50%) (Tips: These areas could be chosen from Revenue, Inventory, Going concern consideration, Property plant and equipments, Trade and other payables, Raw material and employee benefit cost, Profit, Financial derivative instruments and so on.) 
B. In relation to ONE of the areas selected in Part A identify, and explain the reasons for, the detailed audit procedures you would carry out in attempting to reduce audit risk to an acceptably low level. (50%) 
You are advised to allocate the word count equally between Parts A and B. Workings for any computations carried out in relation to the assignment should be included as an Appendix and need not be included in the word count.You are reminded that your references and bibliography should include,inter alia, details of all internet resources used and consulted in the course of your assignment. 
 
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Referencing Requirements: 
Accsys Technologies PLC Annual Report 2013
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