Reference no: EM132772304
ACC300 Auditing And Assurance Services - Kings Own Institute
Learning Outcome 1: Analyse various audit standards, procedures and audit environments
Learning Outcome 2: Critically evaluate internal controls, testing procedures and audit sampling techniques
Learning Outcome 3: Examine audit situations leading to a range of audit opinions
Learning Outcome 4: Critically review ethical issues in an audit environment.
Assessment
Assessment Type: Case Study Assignment
Purpose: The assignment is to be based on an ASX listed company.
This assignment is to be completed in teams of three to five students. All students in a team must be from the same tutorial.
The aim of the group assignment is to test students' ability to integrate skills learnt in Auditing and Assurance Services to analyse a real company from the auditor's perspective and within the framework of auditing standards. The successful completion of this assignment requires extensive research on a firm's internal and external environments, operations, strategies and analysis of financial information.
Students are expected to demonstrate their ability to critically evaluate various pieces of information and apply analytical skills to critically evaluate potential audit risks.
An important aspect of the assignment will be to demonstrate your ability to present written reports in a professional manner, addressing key formatting requirements as specified in Question 3 below. This assessment contributes to learning outcomes a, b and c.
Topic: Audit risk / Audit assertions / Audit evidence
Task details: As a team from the same tutorial, choose an ASX listed firm.
Each team must research on a unique company. Report to your tutor as soon as you have chosen the firm. Once the choice is locked in by your tutor, no other teams in the subject (not just from the same tutorial) are permitted to pick your chosen firm.
You are the team responsible for auditing the intangible assets of the firm for the year ending June 2019. You have been assigned to gather relevant background information and prepare a report for a meeting with your audit partner and audit managers. Your report must address the following issues.
1. To demonstrate your understanding of the firm, provide a detailed description of how it conducts its operations. Specific attention should be paid to the firm's accounting policies on the recognition, measurement and disclosure of its intangible assets. This must include a description of the firm's products and services, business processes, competitive environment, strategies, management and governance. The information presented should be reflective of your in-depth understanding of how the firm operates, not merely a summary of information from the annual report.
2. List and explain three audit assertions that are most related to the intangible assets. Provide three examples of audit evidence you will examine to support each of the three audit assertions (nine examples in total). You must use ASA 500 to substantiate your choices of audit evidence.
3. Your assignment submission should be presented in a format as if it were to be presented to a meeting of senior auditors at your accounting firm and should be designed and laid out so as to most effectively impart your key messages. It should be succinct, coherent; and consistency is expected throughout (e.g., formatting, language style, and linkages between the questions). Note that groups who split up the questions and work independently are likely to have more difficulty accomplishing this objective compared to groups who work on each of the parts collaboratively. Note, merely complying with the presentation guidelines will receive low marks for presentation. To gain full marks, students will need to present their assignment in a highly professional manner.
Attachment:- Auditing And Assurance Services.rar