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7156AFE Advanced Auditing And Assurance

tag 0 Download 3 Pages / 586 Words tag 20-10-2021
  • Course Code: 7156AFE
  • University: Griffith University
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  • Country: Australia

Questions:

Choose the most recent annual report of a listed company and assume that you are part the audit engagement team. Also assume the annual report is the draft annual report and proceed to answer the following questions.

Q1.

Determine the level of materiality to be used for the audit of the group accounts for the year ending in 2015. Your answer should include a discussion of the nature of materiality, and a description of what materiality represents in terms of the audit of a set of financial statements, and should discuss the different bases and considerations employed in arriving at materiality. Explain the rationale behind your choice of a certain levels of materiality. Provide a quantitative estimated of materiality for your company.

Q2.

The audit partner has requested you to prepare a preliminary analytical review on the information provided by your company. The partner suggests that as a minimum you address key ratios in the statement of comprehensive income and statement of financial position over the 2012 to 2015. Based on the results and the nature of your company’s business and its markets, outline the apparent trends and changes in these ratios, the key areas for the audit and the matters that will have to be addressed in the audit plan. Give examples of relevant assertions and at least one audit procedure for each assertion.

Q3.

Review the various draft notes and disclosures in the annual reports. Highlight those that may have significance to the audit, e.g. contingencies, and outline the audit procedures that you will need to perform.

Q4.

Review the statement of cash flows. Which category of cash flows provided the majority of cash inflows? Which category had the greatest outflows?

Identify the primary cash receipts and cash payments during the year.

What are the main non-cash financing and investing activities?

Using the results of questions 2 and 4, evaluate the going concern risk of this company.

What audit procedures would you recommend to address this risk.

Q5.

Review the audit report for 2015 financial report. What type of opinion was expressed?

Are there any additional sections or paragraphs indicating any auditing issues? If any, describe the nature of these issues in detail. Also explain how would you incorporate it in the audit report?

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