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ACC300 Auditing And Assurance Services

Question

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Task

Topic: Client evaluation / Key Audit Risks

Task details:

As a team from the same tutorial, choose an ASX listed firm. Each team must research on a unique company. Report to your tutor as soon as you have chosen the firm. Once the choice is locked in by your tutor, no other teams in the subject (not just from the same tutorial) are permitted to pick your chosen firm.

You are the team responsible for planning the forthcoming audit engagement for the year ending June 2019. You have been assigned to gather relevant background information and prepare a report for a meeting with your audit partner and audit managers.

Your report must address the following issues:

1. To demonstrate your understanding of the firrn, provide a detailed description of how it conducts its operations. This must include a description of its revenue streams, products and services, business processes, competitive environment, srategies, management and governance. The appendix to ASA 315 will help guide your response. The information presented should be reflective of your in-depth understanding of how the company operates not merely a summary of information from the annual report. [8 marks]
 
2. List and explain three key audit risks which would irnpact on the audit of the firm. Include the account and assertion most affected by the risks identified. Be sure to link audit risks to their applicable business risks (from your research in sections 1 and/or other applicable research). [8 marks]
 
3. Your assignment submission should be present. in a format as if it were to be presented to a meeting of senior auditors at your accounting firrn and should be designed and laid out so as to most effectively impart your key rnessactes. It should be succinct, and the use of diagrams, tables and graphs is encouraged.
 
The report should also be coherent and consistency is expected throughout (e.g., formatting, language style, and linkages between the questions). Note that groups who split up the questions and work independently are likely to have more difficulty accomplishing this objective compared to groups who work on each of the parts collaboratively.
 
Note, merely complying with the presentation guidelines will receive low marks for presentation. To gain full marks, student will need to present their assignment in a highly professional manner. [4 marks]

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More ACC300 ACC300 Auditing And Assurance Services: Questions & Answers

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Auditing and Assurance

Required:  1. What are the areas in which MRG conducts its operations? (6 marks) 2. Identify and describe THREE business risks that your team will consider for the MRG  engagement. (9 marks) 3. Based on your business risk analysis and understanding of MRG and its environment,  li ...

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Management Assertion

Page 1 of 4 BBAC601 Auditing and Assurance Term.…, 20 21 Mock Mid -term Examination – solution (This is NOT a real exam paper) (60 minutes - NO reading time) Total MARKS available 20 (worth 20 % of total subject assessment) QUESTION POSSIBLE ACTUAL ...

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Assertion Principles

Audit Name of the Student: Name of the University: Authors Note: 1 Answer 1: Part A: Generally materiality levels are determined by setting a percentage of profit after tax. Here segment of account receivable, the amount that is mentioned in the financial statement is around $20 million. Co ...

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ACC30003 Forensic Accounting

Questions: Topic background: A critical component of any investigation is the ability of fraud investigators to obtain accurate and reliable information from victims, witnesses, the suspect, or indeed anyone. “Interviewing is by far the most common technique used to investigate and resolve f ...

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