Reference no: EM132334086

Auditing and Assurance Assignment -

Learning Outcome:

1. Explain the role of the auditor, the audit function and the scope of assurance services.

2. Explain auditing and assurance services in the context of the professional, ethical and legal environment of an audit.

3. Apply the different phases of the audit to practical scenarios.

Required: Answer the questions below, in a maximum of 1,500 words.

PART A - You will be assigned with the audit of one of the three companies listed on the ASX: JB HI FI Limited and for the year ended 30 June 2018.

Review the audited annual reports including financial statements presented to the shareholders for your respective company and answer the questions

JB HI FI Limited:

1) Conduct an analytical review on the financial statements of your respective company in the planning phase and identify areas of concern and how relevant accounts and assertions are impacted. Justify your answer. All calculations should be included as an appendix to the written report.

2) You are now required to formulate the relevant audit procedures to respond to the areas of concern identified in Part (1).

PART B - In relation to corporate governance research and justify your answer to the following questions:

1) Does your respective company have any process relating to corporate governance? Under which section of the annual report would you expect to find information on it?

2) Does your respective company have an audit committee and does the audit committee have the correct composition?

3) In your opinion, are audit committees of benefit to the auditor, the company, the auditing profession and/or society as a whole? Why or why not?

Assessment Description Required: All questions must be attempted. Please make sure you follow the usual assignment presentation guidelines especially those relating to presentation of written work, late policy and academic integrity.

Attachment:- Auditing and Assurance Assignment File.rar