Analyse key audit matters in the independent auditors report

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Reference no: EM131992438

Research Question

Auditor's Report
The new auditing standard ASA701 Communicating Key Audit Matters in the Independent Auditor's Report is developed in the wake of the global financial crisis. This development is in response to calls from shareholders to know more about the companies they invest in. Further, investors have also requested earlier warnings of potential Issues that may exist with respect to an entity's ability to continue as a Going Concern which resulted in the revision of ASA 570 (ISA 570) Going Concern.

Students are required to research Into the rationale for the new auditing standard ASA 701, explain clearly what it is and select an industry, eg. banking, mining, etc and analyse Key Audit Matters in the Independent Auditors reports of all companies in that industry in ASX Top 100 listed companies as part of your evaluation of this new standard.

Required
Using reference materials available on the Internet, research the topic and prepare a report, fully referenced (including the Annual Reports of companies selected for your assignment) and up to 2,500 words (assignment in excess of 2,500 words will be penalized). Minimum of 8 academic references is required.

The report should include title page, executive summary, table of contents, appropriate headings and sub headings, recommendations, reference list (Harvard-Anglia style), attachments if relevant, single spaced, font Times New Roman 12pt

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The paper is in relation to the introduction of the new standard ASA 701 which requires the auditors to have the key matters and information reported in their independent audit report and their impact on the consumer discretionary industry have been analyzed.

Reference no: EM131992438

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Reviews

len1992438

5/22/2018 8:10:36 AM

Presentation Value 10% Mark awarded Referencing is absent / not systematic / incorrect Acceptable presentation – obvious errors demonstrating lack of attention to detail. Some attempt at referencing but obvious errors Good presentation overall but some obvious errors. Referencing is mainly accurate Professional presentation – minor errors in some elements. Correct referencing throughout Highly professional presentation – satisfies all presentation elements. Correct referencing throughout

len1992438

5/22/2018 8:10:30 AM

Recommendations / conclusions Value 30% Mark awarded Few or no recommendations made / no justification. Any recommendations made are not supported or are inaccurate. Some recommendations made/not well linked to ASA 701 Communicating Key Audit Matters in respect of the selected top 100 company. Good recommendations and evaluation made, linked to ASA 701 Communicating Key Audit Matters in respect of the selected top 100 company. Very good recommendations and evaluation made, linked to ASA 701 Communicating Key Audit Matters in respect of the selected top 100 company. Excellent recommendations and evaluation made, linked to ASA 701 Communicating Key Audit Matters in respect of the selected top 100 company.

len1992438

5/22/2018 8:10:24 AM

Analysis Value 30% Mark awarded Poor evaluation. Significant gaps in knowledge of the theory and lack of understanding of the Key Audit Matters. No analysis provided. Disjointed or no discussion. Simple discussion of Key Audit Matters. Not all aspects of task completed in sufficient detail. Most aspects of the task completed but assessment lacks cohesion. Identifies and discusses Key Audit Matters. All aspects of the task completed – some cohesion. Identifies and clearly explains Key Audit Matters. All aspects of the task completed with minimal errors in cohesion Identifies and insightfully discusses Key Audit Matters. All aspects of the task completed in a comprehensive and cohesive manner

len1992438

5/22/2018 8:10:14 AM

Its another assignment, I am attaching instructions for this assignment with marking rubric. Every thing is provided in the attached files, please have a look in it and let me know if any issues.Marking rubric for T317: ACC707 Auditing and Assurance Assessment 2 Criteria Fail (0- 49%) Pass (50 – 59%) Credit (60 – 69%) Distinction (70 – 79%) High Distinction Research – extent and application Value 30% Mark awarded Inaccurate, inappropriate or no use of literature. Analysis not developed. No original explanations provided. Minimum number of sources, not all current or relevant. Paraphrasing used throughout but not always accompanied by original explanations. Theory relevant but not always linked to analysis. Good selection of theory from a range of sources to build and adequately justifies analysis. Paraphrasing used throughout but accompanied by original explanations Insightful and appropriate selection of theory from a good range of current and relevant sources to systematically build and justify analysis. Minimum paraphrasing Integration and originality in the selection and handling of relevant theory to build and justify analysis.

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