Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Assignment - Auditing case study
Topic: Research, critically analyse and evaluate key audit matters in independent auditor's report Auditor's report.
The new auditing standard ASA 701 communicating key audit matters in the independent auditor's report was developed in the wake of the global financial crisis (note: following the demise of Lehman Brothers shortly after it received an unqualified audit report, i.e. no prior warning of its demise). This development is in response to calls from shareholders to know more about the companies they invest in (students would need to explain what happened in Lehman Brothers which would evidently be a key audit matter if such an auditing standard had existed then). 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 (to include a going concern uncertainty paragraph. Note: during the global financial crisis there was an increase in emphasis of matter paragraph mainly relating to going concern uncertainty now replaced by a "material uncertainty related to going concern" paragraph).
Required: Students are required to research into the rationale for the new auditing standard ASA 701 and explain clearly what it is. Each student is to select an industry, eg. banking, mining, etc and analyse key audit matters in the independent auditor's reports of all companies in that industry in ASX top 100 listed companies so as to evaluate the efficiency of reporting key audit matters in the independent auditor's report (i.e. does key audit matters disclosure provide more information to users).
The report is to be fully referenced (including the annual reports of companies selected for your assignment) and up to 2,500 words. There should be a minimum of 8 academic references.
Word Count – 2500 words. Please do as per the requirements. Assessment Type: Auditing case study – 2500 + 10% word report - individual assessment. Value: 30%. The report is to be 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 penalised 10% of the marks). There should be a minimum of 8 academic references. Submission: Upload soft copy of Word .doc or .docx to Turnitin and Moodle via KOI’s Moodle subject homepage.
Use one of the Internet browsers to search for the following terms: Audit evidence, Electronic data interchange and image processing systems. Tell us what each means and give us an example.
Which is more important to effective corporate governance: an audit committee or a compensation committee? Why? Explain your answer.
New Phone Inc., a diversified manufacturer, has five divisions that operated throughout the United States and Costa Rico. New Phone Inc. has historically allowed its divisions to operate autonomously. Corporate intervention occurred only when planned..
If the auditor finds one receivable that is overstated by $55,000, what should the auditor do?
HI6026 Audit, Assurance and Compliance Assignment, Holmes Institute Australia. Provide an analysis of the Auditor's remuneration
Why is this paper important to auditors, and what are the implications of this paper for the auditing profession? Describe the research methodology used as a basis for the conclusions.
financial statement audit is finding out if the financial statements are materially correct. How exactly do you assess audit risk?
Define actual and perceived independence, and explain the importance of each. For each of the above independent situations list any professional standards and regulatory requirements breached and discusspossible alternative courses of action the aud..
MAA705 - Corporate Auditing What is the size of the audit and risk committee and Is the audit and risk committee independent - Why does the ASX recommend audit committees be independent?
How would you rate the control environment at Tyco at this time? How should the external auditor have responded?
Securitization has allowed banks to originate more loans than they can ultimately finance on their balance sheets.
Prepare a schedule of expected cash collections from sales and a schedule of expected cash disbursements for merchandise purchases.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd