Since 2016, there has been a strong push to improve the quality of audit reporting. Listed entities now have to report on “key audit matters” and improve the way material information is communicated using “plain English”. As mentioned in the CPA Australia podcast “How is Enhanced Auditor Reporting being Embraced around the Globe?” (available at CPA Australia website):
“The IAASB’s new auditor reporting requirements commenced in December 2016. Standard setters in many jurisdictions, including Australia and New Zealand, have issued the new requirements with the same effective date, whilst others have committed to issue the standards but have not yet done so. The UK have had similar requirements in place since 2013 and some firms in other countries have early adopted the IAASB’s requirements. Jim Sylph, Co- chairman of the IAASB’s Auditor Reporting Implementation Working Group, and Merran Kelsall, IAASB member and AUASB Chairman spoke to CPA Australia about the uptake and impact of enhanced auditor reporting around the globe.”
Download an annual report of an ASX listed company that is in the S&P/ASX 300 list. Review all the sections within the selected company’s annual report, which relate to the Auditor’s role in providing assurance over the entity’s financial statements and control environment. Students will need to review and analyse the following key areas included in the company’s Annual Report:
Based on your analysis of the auditors’ sections and other areas pertaining to the auditor, as included within the Annual Report, submit a report which summarises and evaluates the auditor’s assurance services performed for the client company.
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Answer: The purpose of the project is to review and analyse the impact of the new provisions of Enhanced Auditor Reporting that has been commenced in the year 2016. The auditors are now required to fulfill additional requirements to bring about greater transparency in the reporting system. This will be achieved by evaluating the annual report of a company, which also contains auditor’s report. The purpose of imposing these standards is t...Read More
Answer: The present study is related to the Dick Smith Electronic Ltd, which was collapsed in the year 2016. In this study, the history of the company along with the reason for shutting down is evaluated. There are some factors which give an indication about the going concern capability of the organization are also stated. This study also provides the analysis about evidence which leads to the doubt on the going concern of the company based on...Read More
Answers: 1.Audit logs in IT security are the data in which the computer stores them so that in case of any security issue in the information system, these logs can be referenced. The information which are contained in the logs are files pertaining all the transactions being undertaken in the computer system. This logs can be attempts such as login success or failure or files access failure or success. They are able to show the threats which ar...Read More
Answer: Answer to case A: When it is noticed that the total fees from the audit client constitute a large portion of the total fees of the firm stating their audit opinion, the reliance on that client and concerns relating to losing the client results in self-interest or intimidation threat. The significance relating to such threat should be assessed and safeguarded when it becomes necessary to eliminate the threat at the acceptable level (Ha...Read More
Answer: 1. Research the history of audit exemption in the European Union and discuss the changes in audit exemption thresholds in the United Kingdom. As per the resolution passed by the European Parliament in June 2013, broadly entities apart from public interest entities (which is basically those entities whose securities are widely traded in the stock market, lending institutions, insurance providers and any other entity which has been spe...Read More
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well prepared project. got some minor editing and got the full marks. will use it again .
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received 72 marks this is first assignment which i have received above 70 i have given so many assignment after this i received a good marks. but expected is 75 above as i had paid too much money.