Ask Question, Ask an Expert

+61-413 786 465

Ask Auditing Expert

Audit, Assurance and Compliance Assignment -

Topic: How is Enhanced Auditor Reporting being embraced in Australia?

Background and Context:

Since 2016, there has been a strong push to improve the quality of audit reporting. Listed entities now have to report on "key audit matters" and improve the way material information is communicated using "plain English". As mentioned in the CPA Australia podcast "How is Enhanced Auditor Reporting being Embraced around the Globe?" (Available at CPA Australia website).

"The IAASB's new auditor reporting requirements commenced in December 2016. Standard setters in many jurisdictions, including Australia and New Zealand, have issued the new requirements with the same effective date, whilst others have committed to issue the standards but have not yet done so. The UK have had similar requirements in place since 2013 and some firms in other countries have early adopted the IAASB's requirements. Jim Sylph, Cochairman of the IAASB's Auditor Reporting Implementation Working Group, and Merran Kelsall, IAASB member and AUASB Chairman spoke to CPA Australia about the uptake and impact of enhanced auditor reporting around the globe."

Research Assessment:

Download an annual report of an ASX listed company that is in the S&P/ASX 300 list. Review all the sections within the selected company's annual report, which relate to the Auditor's role in providing assurance over the entity's financial statements and control environment. Students will need to review and analyse the following key areas included in the company's Annual Report:

  • Auditor's Independence Declaration.
  • Independent auditor's report.
  • Non-Audit services performed by the Auditor.
  • Auditors' remuneration.
  • Role, functions and composition of the Audit Committee.
  • Independent Auditors report to the members (shareholders).
  • Review all Key Audit Matters noted and the associated audit procedures.


Based on your analysis of the auditors' sections and other areas pertaining to the auditor, as included within the Annual Report, submit a report which summarises and evaluates the auditor's assurance services performed for the client company. As part of your review of the assurance services provided, consider the following:

  • Has the auditor complied with Independence requirements?
  • If there were non-audit services provided, what was the nature of such services?
  • Provide an analysis of the Auditor's remuneration in a table with prior year comparisons. Include percentage changes and explanations of the remuneration.
  • In relation to the key audit matters, which audit procedures were performed to provide assurance over each matter? Summarise and paraphrase each key audit matter. Correctly classify each audit procedure listed as: tests of controls, substantive tests of detail, substantive test of balances or analytical procedures.
  • Is there an Audit committee? Are there any non-executive directors on the audit committee? Is there an Audit Committee Charter? If so, summarise the main points of the charter including: the structure, function and responsibilities of the Audit Committee.
  • What type of Audit Opinion was expressed?
  • How do the Directors' and Management's responsibilities differ from the Auditor's responsibilities in relation to the financial report?
  • Were there any material subsequent events? If so, briefly outline them and paraphrase and summarise how they were treated.
  • As an interested third party stakeholder, make an assessment of the effectiveness of the material information reported by the Auditor in your conclusion.
  • Consider whether there is any material information which could be missing, under-reported and/or not fully explained or disclosed in an effective way for the intended users?
  • What follow-up questions would you ask the Auditor at the company's Annual General Meeting?

Report Structure:

1. Executive Summary

  • The Executive summary should be concise and not involve too much detail.
  • It should make commentary on the main points only and follow the sequence of the report.
  • Write the Executive Summary after the report is completed, and once you have an overview of the whole text.
  • The Executive Summary appears on the first page of the report.

2. Contents Page - This needs to show a logical listing of all the sub-headings of the report's contents.

3. Introduction - A short paragraph which includes background, scope and the main points raised in order of importance. There should be a brief conclusion statement at the end of the Introduction.

4. Main Body Paragraphs with numbered sub-headings - Detailed information which elaborates on the main points raised in the Introduction. Each paragraph should begin with a clear topic sentence, then supporting sentences with facts and evidence obtained from research and finish with a concluding sentence at the end.

5. Conclusion - A logical and coherent evaluation based on a thorough and an objective assessment of the facts. Key information has been appraised from an analysis of the company's annual report and supplementary research to support the final evaluation of the Auditor's findings in the Annual report.

6. Appendices - Include any additional explanatory information which is supplementary and/ or graphical to help communicate the main ideas made in the report. Refer to the appendices in the main body paragraphs, as and where appropriate.

Attachment:- Assignment File.rar

Auditing, Accounting

  • Category:- Auditing
  • Reference No.:- M93101651
  • Price:- $50

Priced at Now at $50, Verified Solution

Have any Question? 

Related Questions in Auditing

Assignment total quality management -question 1 -a a

Assignment total quality management - QUESTION 1 - A. A defense contractor, manufacturers rifles for the military. The military has exerting quality standards that the contractor must meet. The military is very much plea ...

Questionit has been recommended that lsquoaudit working

Question It has been recommended that ‘Audit working papers should always be sufficiently complete and detailed to enable an experienced auditor with no previous connection with the audit subsequently to ascertain from t ...

Question -1 before accepting the audit engagement the

Question - 1. Before accepting the audit engagement, the auditor has evaluated the client management. Why is this so? 2. At present there is no legal definition of the term "accountant" as a result, any person or firm ca ...

Rofessional auditing assignmentyou are required toa draft

ROFESSIONAL AUDITING ASSIGNMENT You are required to: a) Draft an audit planning memorandum highlighting: i) the legal and other considerations that need to be considered by your firm as the new auditor of SBL; ii) the ma ...

Auditing research essay assignment -for decades audit

Auditing Research Essay Assignment - For decades, audit quality has been placed on the regulatory agenda in many countries such as The U.S., UK, and Australia, etc. In particular, Australia's Federal Treasury has release ...

Case - target energyin this assignment you are assumed to

Case - Target energy In this assignment you are assumed to be an auditor who has just been appointed by your auditing firm to perform the audit at a particular client. You are in the process of understanding the client a ...

Group assignment themedeveloping an audit program for a

Group Assignment Theme: "Developing an Audit Program for a selected ASX listed Company" The objective of this group assignment is to provide you with an opportunity to design a "risk-based" audit program for a real world ...

Question - individual audit and digital presence on a

Question - Individual Audit and digital presence on a company of your choice. You must include an overview of the tools used to complete the audit, your findings of the audit and a recommendation on how to improve the on ...

Auditing assignment - learning outcomes -a explain and

Auditing Assignment - Learning Outcomes - a. Explain and apply the principles, practice and process of auditing to practical situations. b. Research, critique, interpret and communicate current and future auditing issues ...

Auditing assignment -learning outcomes - explain and apply

Auditing Assignment - Learning Outcomes - Explain and apply the principles, practice and process of auditing to practical situations. Research, critique, interpret and communicate current and future auditing issues to sp ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As