Assessment task 2 : Description
Scenario: You are a senior auditor in the firm of EA Partners. The firm has decided to take on a new client and has requested you to compile a risk assessment report on the firm, as part of the initial stage of the audit plan and preparation.
Important: You may not approach any employee or manager of any business and speak to them. You may not represent to an employee or manager that you are undertaking research for any institution, including James Cook University.
The assessment has two (2) parts:
Part A Report – case
- You are to undertake the analysis because you are familiar with the industry in which the firm is situated and your fellow seniors believe this will give you an advantage when uncovering the inherent risks of the new client. Your fellow seniors look forward to reading your report. After you have given your report to the other seniors, they decide that your team will be handling the audit.
- Remember to describe your industry and the firm to which the report relates. All sections should refer to the appropriate standards, and standard paragraphs. The standards should be integrated into the document in a cohesive way.
- You should use an appropriate format for the report. A letter of transmittal is not required. Although no word limit has been set, the case asks for a concise report. Therefore, other things being equal, the more concisely you can present your results the higher will be your mark.
Part B Presentation – in-class
- Give a briefing (Oral presentation) to your team about the new client. Students should give a professional, but short précis of the report and respond to any questions given by the lecturer and fellow students, who are playing the role of your audit team.