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ACCT 3005 : Auditing Theory And Practice

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Question: 

1. 
read audit standard ASA315 focusing on audit responsibility with respect to client governance,
read the web page on the ASIC report on the Commonwealth bank which details the governance issues raised by ASIC (http://www.apra.gov.au/MediaReleases/Pages/18_17.aspx), and prepare a report that:
 
summarises and justifies the auditor’s responsibility to review the governance of an audit client, and
Includes a table for use in the audit which explains the impact of each of the ASIC identified Commonwealth Bank governance issues on audit risk.  The table should further explain why each of the ASIC recommendations would reduce audit risk. The template below should be used.
 
2. Outline the ethical issues and your decision using the American Accounting Association decision model. Use the following template to guide your answer:

American Accounting Association Model

Decision making process

1. Determine the facts

The facts are ...

2. Define the ethical issues

 

3. Identify the major principles, rules and values

 

4. Specify the alternatives

 

5. Compare values and alternatives

 

6. Assess the consequences

 

7. Make your decision

 
 
3. Explain the role that incorporation of auditors and a statutory cap on auditors’ liability have on the limitation of auditors’ liability.
4. This assessment task will work towards assessing the following learning outcome/s:
  • be able to explain and critically evaluate influences on audit and assurance services including: Australian and international professional standards, statutory and common laws, regulatory bodies, and public expectations within a global market.
  • be able to exercise critical and reflective judgement and appreciate the value of ethical practice.
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