Learning Outcome : Explain and apply the different phases of the audit to practical scenarios
Learning Outcome : Identify and evaluate the different audit opinions that could be expressed following the completion of an audit as they apply to different audit scenarios
Woolworths Group - 30 June 2017 (Annual Report)
1.
(A). Identify at least three (3) inherent risks that you would have considered for the company in the audit planning phase and justify your answer.
(B). What audit procedures and/or tasks would you have planned to carry out in response to the inherent risks identified by you in (A) above? See the required format for your answers below
2.
(A). Carry out an analytical review on the financial statements of this company in the planning phase and identify areas of concern (high risk or problem areas) or comfort. Identify at least three (3) points for the company and justify your answer.
(B). What audit procedures and/or tasks would you have planned to carry out in response to the high risks or problem areas identified by you in (A) above? Alternatively, in relation to which area would you have minimised your evidence gathering procedure? See the required format for your answers below
3. In relation to corporate governance research and justify your answer to the following questions-
(A) Does the above company have any process relating to corporate governance? Under which section of the annual report would you expect to find information on it?
(B) Does the company have an audit committee and does the audit committee have thecorrect composition?
(C) In your team's opinion, are audit committees of benefit to the auditor, the company, the auditing profession and/or society as a whole? Why or why not?
REQUIRED:
You are required to work as an audit team intending to present your findings to the Audit Manager:
1) Hand in a written version (one for the team) of your assignment - see instructions attached on Team Cover Sheet.
2) Assess the contribution of each member in your team - scoring each one out of a maximum of 5 marks. Complete the peer review forms (one for each team member) and submit it with the written assignment.
In Summary submit one assignment for the group. It should contain -
1) The group's written response to the questions above;
2) A copy of the minutes of the group meetings
3) Peer review forms completed by each team member for all the other members.