Ask Auditing Expert

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 to specialist and non-specialist audiences.

Assessment Task Description -

Preamble - The assignment is to be completed by groups of four students. The submission into the campus specific assignment drop box (Melbourne Campus or Sydney Campus) is to made by ONLY one group member. For the purposes of this Assignment [Group], assume that you are a member of the audit team responsible for the audit engagement of one of the following Australian Stock Exchange (ASX) listed companies.

Your choice of company must be approved by your lecturer such that each group is the only audit team for one of the listed ASX companies.

Requirements -

For your approved company, having, as a minimum (see below), obtained the last two annual reports from your company's website, complete the following requirements;

1. Results of Analytical Procedures

Apply analytical procedures (simple comparisons and ratio analysis) to the financial report information of your company for the last three financial years. Explain how the results of your analytical procedures would influence your audit planning decisions for the audit for the last financial year.

2. Risk of Material Misstatement (Inherent Risk) at the Financial Report Level

Discuss fully your company's inherent risk at the financial report level for the five factors discussed in Gay and Simnett (2015, page 253-254); (a) Integrity of management (directors), (b) Management (Director) experience, knowledge and changes during the period, (c) Unusual pressure on management (directors), (d) Nature of the entity's business, and (e) Factors affecting the industry in which the entity operates.

3. Risk of Material Misstatement (Inherent Risk) at the Assertion Level

From your risk assessment (i.e., Requirements 1 and 2), identify three (3) specific account balances (not account classifications!) that you consider at significant risk of material misstatement. For each of the three account balances you identify:

a) Explain why the account balance is at significant risk of material misstatement.

b) Explain the key assertion at risk of not being valid.

c) Detail one (1) relevant substantive audit procedure to address the assertion at risk as identified in b) above.

d) Detail one (1) relevant practical internal control that would mitigate the risk in relation to the assertion at risk as identified in b) above.

4. Presentation Quality

Your assignment should be presented in a Report Format and as if it were to be presented to your audit team's audit partner.

At the end of each Requirement, including a Conclusion paragraph that sums up the key findings/issues. Hint; these Conclusion paragraphs may become the basis of your Executive Summary!

Begin the Executive Summary and each Requirement on new page.

The report should be coherent and so consistency is expected throughout (e.g., formatting, language style, linkages between the requirements (to obtain 70 percent or more), page numbering).

Note, groups who split up the requirements and work independently are likely to have more difficulty accomplishing this objective compared to groups who work on each of the parts collaboratively (i.e., as an 'audit team'). An assignment that has been put together last minute will be obvious to the marker and, therefore, will earn little, if any, marks for this requirement.

Note - Just need help with only Results of Analytical Procedures part of it not the entire assignment and there are calculations as well.

Attachment:- Assignment File.rar

Auditing, Accounting

  • Category:- Auditing
  • Reference No.:- M93103440

Have any Question?


Related Questions in Auditing

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 1while assessing the risk of material misstatement

Question 1 While assessing the risk of material misstatement and determining the appropriate response with regard to the inventory of Computing Solutions Limited (Computing Solutions) for the 30 June 2018 audit, you beco ...

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 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 ...

Audit current file -mighty mining ltdaudit tasks1

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 ve ...

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 ...

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 ...

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 ...

  • 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