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ACCT3005 Key Events In The Auditing Of BHP Group For Keen Analysis

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Questions:

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 30th of 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).

2. 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 required . HINT: You are only required to assess the evidence mix for each individual event identified and determine an appropriate evidence mix for that specific event. You are not required to identify an overall inherent risk and audit risk assessment for the entity. You are not required to determine an overall evidence mix for the entity. Focus only on the impact of each individual risk on the evidence mix required to assess the impact on each risk you have identified.

 
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