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MA611 Auditing

tag 0 Download 10 Pages / 2,280 Words tag 07-07-2021

Questions

You are a member of the audit team responsible for the Woolworths Ltd financial report audit engagement. You have been assigned to gather relevant background information and prepare audit work papers in relation to the following specified planning issues.

1. a) Prepare a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis for Woolworths. In conducting this analysis your research should include, but not be limited to, the nature of revenue sources, conduct of operations, market conditions and competition, etc.
 
b) Fully discuss the potential impact of your analysis on the Woolworths audit.
 
2. From your risk analysis (Part 1), identify three (3) specific account balances (not account classifications) that you consider at significant risk of material misstatement for Woolworths Ltd. For each of the account balances you identify:
 
a) Explain why the account balance is at significant risk of material misstatement
b) Explain the key assertion at risk of not being valid.
c) Detail one relevant substantive audit procedure to address the assertion at risk as identified in b) above and
d) Detail one relevant practical internal control that would mitigate the risk in relation to the assertion at risk as identified in b) above.

Provide your answer to Part 2 in the following table format.

 

Specific account balance

(i)

(ii)

(iii

(a) Explain why the account balance is at significant risk of material misstatement.

 

 

 

(b) Explain the key assertion at risk of not being valid.

 

 

 

(c) Detail one (1) relevant substantive audit procedure to address the assertion at risk as identified in b) above.

 

 

 

(d) Detail one (1) relevant practical internal control that would mitigate the risk in relation to the assertion at risk as identified in b) above.

 

 

 

 
3. Presentation; your assignment should be presented in a format as if it were to be presented to the full audit team. A key aspect in your group’s choice of format/layout should be to ensure you impart your key messages effectively. It should be succinct, and use of tables, graphs and other types of presentation formats/layout is encouraged. The report should also be coherent and so consistency is expected throughout (e.g., formatting, language style, and linkages between the questions). Note that groups who split up the tasks and work independently are likely to have more difficulty accomplishing this objective compared to groups who work on each of the parts collaboratively. A merely typed assignment will not earn any marks for this requirement.
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Total 10 pages

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My Assignment Help (2021) MA611 Auditing [Online]. Available from: https://myassignmenthelp.com/free-samples/ma611-auditing/woolworths-audit.html
[Accessed 28 January 2023].

My Assignment Help. 'MA611 Auditing' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/ma611-auditing/woolworths-audit.html> accessed 28 January 2023.

My Assignment Help. MA611 Auditing [Internet]. My Assignment Help. 2021 [cited 28 January 2023]. Available from: https://myassignmenthelp.com/free-samples/ma611-auditing/woolworths-audit.html.


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