Audit Assignment -
Detail Project Tasks: Developing an Audit Program for a selected listed Company
Company - Alto metal Company ASX: Ame is the topic company
1. Select a listed company from the current ASX List provided. This must be approved by the Lecturer.
2. Understand the nature of the entity and its industry, including the following items:
a. Business operations
b. Investments and investment activities
c. Financing and financing activities
d. financial reporting practices
3. Perform analytical procedures of the Statement of Financial Position and of Financial Performance over the last three years using appropriate ratios and metrics. Select four key ratios and provide a brief explanation in the report. This can be presented in a table format.
4. Discuss with your group members which account balances are considered "material". Explain how you calculated materiality for planning purposes and provide appropriate justification for your decision-making. (Note - Use a table format to structure your answers to questions 5, 6 and 7.)
5. Select up to ten different material account balances, at least five assets and five liabilities.
6. For each material account balance selected, list the relevant financial report assertions and explain why the selected assertions are applicable to each account.
7. Design a comprehensive set of audit work steps for each material account balance, which addresses the selected assertions and which will result in sufficient and appropriate audit evidence being collected for your selected client company. (Assume that a predominantly substantive approach is being adopted).
Report of 2000 words excluding references.
Format of the Report -
1. You should at least have the following details:
A. an Assignment Cover Page clearly stating all of your member's names and student numbers
b. Brief Introduction or Overview of what the report is about.
c. Main Body of the report with sections to answer the above sections and with appropriate section headings. Provide your responses in a table format.
d. Conclusion
e. List of References.
2. Ensure all diagrams and tables are clearly labelled and explained.
3. Ensure all materials used are correctly referenced.
4. Use page numbers at the bottom of each page of the assignment.
Attachment:- Assignment File.rar