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ACCT3005 Auditing Theory And Practice

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Question:

Background

BHP is a large Multi-National company. For more company information and annual reports see:

https://www.bhp.com/investor-centre

You will be required to assess and analyse BHP from an auditing perspective, in the period leading up to the period ending on 30 September 2018 (although the reporting date for BHP is not the 30th of September, for the purposes of this assignment, we will be assuming that the reporting period for BHP encompasses 1/10/20XX-30/9/20XY and is based around the due date of the assignment). This will allow you to collect articles up to and including the 30th of September.

The Internet is a valuable source of information for obtaining background information on a client, as well as the UniSA Library databases (e.g. EBSCO/ProQuest) available on the UniSA library link on the Course Homepage. The link to the UniSA library HomePage is here: http://www.library.unisa.edu.au/. You are encouraged strongly to use the Internet and other media to assist you in collecting further information relating to BHP. To do well in the assignment, it is required that you will undertake research on the entity beyond merely the BHP homepage and their annual reports.

Required:

  1. Identify what you consider to be four ‘key’ events that could have an impact on the audit of the BHP Group for the year ended 30 September 2018 and/or future audits. (For the purposes of this assessment we are assuming the reporting date is the 30thof September, not a traditional balance date).

For each of the events identified above, describe the event clearly and state how and why you consider the event may create the risk of potential material misstatement in the financial statements of BHP for the year ended 30 September 2018. You are expected to identify four (4) critical events that have occurred within the relevant reporting period. It is expected that you will identify appropriate references to relevant Accounting Standard(s) (mandatory disclosure requirements or requirement for specific procedures related to the amounts to be shown in the financial reports) as part of your discussion of the potential misstatement. You must also identify an appropriate audit objective which you think is relevant to each of the risks you have identified and explain how you arrived at the identification of the audit objective (i.e. you must justify the identification of the audit objective).

  1. Using your understanding of the audit evidence mix, discuss briefly how each of the risks you identified will impact on the evidence mix for the planning of the audit of BHP. When referring to the evidence mix to use, reference should be made to the tests of balances, transactions and analytical procedures and the like (refer to the lectures for a complete list of types of evidence used by the auditor), indicate which specific areas in the accounting system would be critical and comment on the nature and extent of the testing require.
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