The case and relevant excel are provided in the attachment. Please based on the case study to answer the Question
1: Reflect on how a contemporary IT environment impacts the conduct of an audit. In this regard, describe key elements that an auditor needs to consider in relation to: – understanding the entity / assessing inherent risk, understanding and assessing internal controls, performing controls testing and performing substantive testing.
2: Detail one (1) audit procedure that you will perform in order to collect sufficient appropriate audit evidence for both the ‘existence’ and ‘accuracy, valuation and allocation’ of inventory. For each of the procedures, note ways in which the auditor could use excel functions and the data file discussed above to help perform the procedure.
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