Ask Auditing Expert

AUDIT CURRENT FILE -MIGHTY MINING LTD

AUDIT TASKS:

1. ACCEPTANCE DECISION - AUDIT OF MIGHTY MINING LTD 2018
- Assess whether it is ethical for BMS to accept the audit engagement of MML for 2018. Refer to APES110 (2017 version) and determine the implications and make appropriate recommendations in relation to the audit acceptance decision for BMS in the Audit Current File - MMLprovided on Blackboard under assessment>Group Project. The two workpapers to complete for this task are:

AE1 - Engagement Issues (Review) Workpaper to report your findings to the BMS partners
AE1.1- Engagement Ethical Issues Worksheet critically analysing the key ethical issues and making recommendations for resolution

2. PLANNING THE AUDIT OF MIGHTY MINING LTD 2018
Based on the implementation of your group's analysis and ethical recommendations, BMS agree to accept the audit of the financial statements as at 30 June 2018. Bruce(Audit Engagement Manager)starts planning the audit by completing a detailed analysis of the final MML trial balance, performing an initial analytical review, and preparing for the team planning meeting.

Your project group has been assigned to work withBruce's audit team. Bruce,together with Isabella, Hudson and your group (3 new graduates) are about to start work on the audit of MML for the year ending 30 June 2018.This is a new audit for this firm, however, the previous firm has provided their workpapers and have issued an unmodified opinion for each year. The new Corporate Secretary of MML is the previous audit senior of BMS now working at MML.

Bruce, Isabella and the Audit Engagement Partner Thomas Moore have had an initial meetingwith the Chief Executive Officer (CEO) and Chief Financial Officer (CFO) of MMLand have provided the audit team with the following information from their meeting:

- Mighty MiningLtd Comparative Trial Balance
- Meeting notes taken at discussions with Mighty Mining Ltd Senior Management
The Audit Engagement Manager has invited the entire audit team to a planning brainstorming meeting in two weeks to discuss:

- The potential audit risk areas for the audit engagement for 2018
- Determining an agreed overall audit materiality assessment

Attachment:- Project Instructions.rar

Auditing, Accounting

  • Category:- Auditing
  • Reference No.:- M93099416
  • Price:- $80

Guranteed 48 Hours Delivery, In Price:- $80

Have any Question?


Related Questions in Auditing

Audit assurance and compliance assignment -topic how is

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 reportin ...

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 ...

Assignment -background you are an intermediate member of

Assignment - Background: You are an intermediate member of your firm's audit team and the audit partner has asked you to assist with the planning stage of the audit for a small client. You have access to the preliminary ...

Audit assurance and compliance assignment -topic how is

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 reportin ...

Topic how is enhanced auditor reporting being embraced in

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 ...

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 - research paper on the knowledge of auditing

Question - Research Paper on the knowledge of Auditing Concepts, you can choose any one of the following two titles: Title: AUDITING ENVIRONMENT Identify the risk and liability factors in financial statement audits. Rela ...

Audit assurance and compliance assignment -topic how is

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 reportin ...

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 ...

Yancoal australia ltdassume you are the audit senior

Yancoal Australia Ltd Assume you are the audit senior assigned to the audit of Yancoal Australia Ltd., a public listed company, for the year ended 30 June 2018. As an audit senior, you have been assigned the task of gain ...

  • 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