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MAA705 Corporate Auditing

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You are required to prepare a planning memorandum based on the 30 June 2016 Annual Report for Myer Holdings Limited. The planning memorandum must include the following: Identification of four (4) major business risks of the company and an explanation of why each factor identified is a risk to the business. (Note: the chairman’s and CEO’s report and the management discussion at the beginning of the report will assist you to identify these risks). Results of analytical procedures. (Please include your workings in an appendix). You should prepare a horizontal analysis and calculate key ratios. It is recommended that you attempt to identify and explain which changes in the horizontal analyses and which ratio results would trigger further investigation in the audit.   Your identification and explanation of four (4) inherent risks that you identify from the business risks (part a) and analytical procedures (part b). (Note: inherent risks relate to risks to the financial statements). Four inherent risks in total are required. Identification of the key account and the key related assertion at risk of material misstatement based on each of the inherent risks you identify in part (c). (Identify only the most relevant assertion, do not identify more than one). An assessment of the overall inherent risk including an explanation of the factors that lead to this assessment. Planning materiality in a $ amount. Include a breakdown of your calculation and a justification of your choice of base, the percentage used and your assessment of detection risk. Assume control risk is high.          

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HA3032 Auditing

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