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MAA705 Corporate Auditing

tag 0 Download 9 Pages / 2,218 Words tag 21-08-2021
  • Course Code: MAA705
  • University: Deakin University
    icon is not sponsored or endorsed by this college or university

  • Country: Australia


Question 1

  1. Explain four different assurance services an auditor can provide.
  2. From a client’s perspective, explain one advantage and one disadvantage of engaging the same accounting firm to perform non-audit services in addition to the audit service. (Note: do not discuss this from the auditor’s perspective).

Question 2

  1. Identify and explain four inherent risks in BNL.
  2. For each of the inherent risks you identified in part a), list one account in BNL that might be at risk of material misstatement.
  3. For each of the accounts you identified at risk of material misstatement in part b), identify one audit assertion that is at risk of material misstatement as a result of the inherent risk.

Question 3

  1. Identify and explain four control risks in Assistance Pty Ltd.
  2. Discuss the strengths and weakness in corporate governance in Assistance Pty Ltd.

Question 4

  1. Explain to Joyce the relationship between audit risk, inherent risk, control risk and detection risk.
  2. Advise Joyce of your assessment of detection risk. Explain why you made this assessment.
  3. Calculate materiality. (This should be expressed as a dollar amount). Show and explain your workings.

Question 5

  1. Explain the role of the audit committee and the attributes required by the ASX Corporate Governance Principles and Recommendations (3rd edition) for audit committees of listed companies.
  2. What is the percentage of independent members in your company’s audit committee?
  3. What is (i) the name of the company, (ii) the company’s financial year end, and (iii) the name of the firm which provided the external audit service?
  4. What was (i) the name of the audit partner who signed the Auditor’s Report, (ii) the date the Auditor’s Report was signed, and (iii) the audit opinion?
  5. Which standards and regulations does the external auditor refer to in the Auditor’s Report?
  6. fExplain the audit expectation gap. What can be done by auditors, companies or regulators to reduce the audit expectation gap?
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