Task: Report on Audit Related Issues
You have been allocated an Australian Listed company, please see the “Companies List” file. Your company remain same for this Assignment as allocated for Assignment 2.
Please critically review the company’s information from audit report, annual report, company website, news media, CSR report, regulatory authority websites such as ASIC, corporate governance statement, and any other relevant information channels. You are required to provide commentary on a number of audit related matters. In order to provide you guidance, the specific requirements and structure of the report are given below. Please understand these requirements carefully and respond in the best possible way.
In this section please explain the objective and scope of this report. Provide some introduction about your company and auditor.
Please explain factors affecting the perceived or actual independence of auditor. Any issues creating threats to auditor independence and situations where auditor may be compromising principles of ethics. For example, you may discuss audit fees, non-audit fees, audit firm tenure, audit partner tenure.
Planning and Risk Assessment:
One of the important sections of this report requires you to explain the following items about your chosen company:
As part of planning and risk assessment phase of audit identify and explain the factors increasing or decreasing the inherent and control risk. Commentary on the situations raising the risk of fraud and going concern risk with proper justification. Also, please identify and explain the key account balances and assertions likely at risk.
ACCT5015 Applied Corporate Governance & Auditing_Final Assignment_Semester 1 2021
Please select an appropriate audit strategy, materiality level and suggest detailed audit procedures you would have performed in response to the risks / assertions identified above in the planning and risk assessment phase.
Key Audit Matters:
Please refer to the audit report and identify key audit matters. Explain how these matters are material and relevant to the risk of material misstatements in financial statements.
Identify and comment on the subsequent events related to the financial statements which might have been identified in the audit report and financial statements notes. Explain how these matters impact the audit report for the current year or next years’ financial statements / audit report.
Identify the type of audit opinion and explain key issues impacting the audit report modification such as qualified opinion, any emphasis of matter paragraphs or any going concern opinion.
Conclusion and Recommendations:
Provide any overall conclusion and in relation to factors discussed above such as auditor independence, planning of audit and audit reporting. Provide any recommendations for the matters discussed above.
References and Appendices
Please provide appropriate references and appendices which may include snapshots / images of the sources from where you obtained information.
In addition, please note that, the assignment must be very well presented with font size 12 point, Times New Roman font, paragraphs
Type Of Service: Academic paper writing
Type of Assignment: Report
Pages / Words: 8/2000
Number of sources: N/A
Academic Level: Master’s
Paper Format: Chicago
Line Spacing: Double
Language Style: AU English