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HA3032 Auditing

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Question:

Format of the Report

  1. You should at least have the following details:
  2. An Assignment Cover Page clearly stating all of your members names and student numbers
  3. Brief Introduction or Overview of what the report is about.
  4. Main Body of the report with sections to answer the above sections and with appropriate section headings. Provide your responses in a table format.
  5. Conclusion
  6. Ensure all diagrams and tables are clearly labelled and explained.
  7. Ensure all materials used are correctly referenced.
  8. Use page numbers at the bottom of each page of the assignment.
  9. Use the correct in-text referencing, appropriate expression, correct grammar, spelling and punctuation, 10-12pt font, appropriate word length and normal margins.

Plagiarism will be severely penalised.

Identify and distinguish between tests of controls, substantive tests of transactions and substantive tests of balances.

Identify and understand when the auditor will undertake substantive audit procedures in response to specific assessed risks of material misstatement.

Understand how assertions relate to account balances

Understand how to select the most efficient and effective combination of audit procedures that allows them to achieve the audit objective

Active participation in an “audit team context” with professional group discussions

Co-operation with fellow students to produce a joint deliverable on time and to a high standard.

  1. Select a listed company from the current ASX List or this will be allocated to your group.
  2. Gain an understanding of the nature of the entity and its industry and then identify key business risks. After this is completed, assess where the risks of material mis-statements could be in the financial report. Consider the factors affecting both Inherent Risk and Control Risk. Finally, apply the Audit Risk Model [AR = f (IR x CR X DR)] to the selected company. Which risk rating would you apply (Low, Medium or High) to the company’s inherent risk assessment and control risk assessment? How does this affect your assessment of Detection Risk and Audit Risk?
  3. Perform analytical procedures of the Statement of Financial Position and of Financial Performance over the last three years using appropriate ratios and metrics. Select four key ratios and provide a brief explanation in the report. This can be presented in a table format.
  4. Discuss with your group members which account balances are considered “material”. Explain how you calculated materiality for planning purposes and provide appropriate justification for your decision-making. (Note - Use a table format to structure your answers to questions 5, 6 and 7.)
  5. Select up to ten different material account balances, at least five assets and five liabilities.
  6. For each material account balance selected, list the relevant financial report assertions and explain why the selected assertions are applicable to each account.
  7. Design a comprehensive set of audit work steps for each material account balance, which addresses the selected assertions and which will result in sufficient and appropriate audit evidence being collected for your selected client company. (Assume that a predominantly substantive approach is being adopted)
  8. Include a sampling plan, which details how you will use sampling for each material account balance to be tested. How many items will be tested for each test?
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My Assignment Help (2021) Auditing [Online]. Available from: https://myassignmenthelp.com/free-samples/ha3032-auditing/company-auditors-complicit-in-financial.html
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My Assignment Help. Auditing [Internet]. My Assignment Help. 2021 [cited 19 April 2021]. Available from: https://myassignmenthelp.com/free-samples/ha3032-auditing/company-auditors-complicit-in-financial.html.


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