Discuss how the identified financial reporting issue

Assignment Help Auditing

Reference no: EM133804963

Auditing and assurance

Choose - Air New Zealand

Learning Outcome 1: Apply the various auditing standards and procedures taking into consideration the professional, legal and ethical standards relevant to audits by the application of these to the conduct of an audit

Learning Outcome 2: Apply the concepts of risk analysis and internal controls, audit testing procedures and audit sampling techniques as they apply to audit practice

Learning Outcome 3: Evaluate information of audit practice and audit reports with reference to current auditing standards.

Assessment 1

Assessment Type: Formative Assessment

Purpose: This assessment is designed to reinforce subject content taught each week allowing students to apply accounting principles to analyse and evaluate student comprehension, learning needs, and academic progress. The purpose of this assessment is to promote learning by considering the progress of each individual student at the early stage of trimester. This contributes to learning outcomes a, b and c.

Assessment 2 Tutorial Exercises

Assessment Type: Participation through collection of class assignment questions

Assessment purpose: This assessment contributes to learning outcomes a, b, and c, including the concept of professional scepticism.

Task Details: This individual tutorial class participation work covers topics from weeks 1 to 10, including the concept of professional scepticism. Each student must submit tutorial work based on selected tutorial questions in tutorial class as determined by his/her tutor.

Assessment 3

Assessment Type: Mid-trimester test - individual assessment - invigilated open book. Students should bring a non-programmable calculator to the exam. No other electronic or other aids will be permitted.

Purpose: To revise and reinforce subject content taught up to and including week 5. This assessment contributes to learning outcomes a, b, and c.

Task Details: Students will be expected to answer short and/or long answer questions applying the subject theory and models to given situations, analysing the issues, identifying the problems and developing supported solutions/recommendations.

* Assessment 4
Purpose: The individual research report requires students research real-life auditing issues using a case study approach based on a listed company's financial report. This assessment relates to the learning outcomes a, b and c. Real experts, zero AI-Get authentic assignment help!

Task details:

Students are required to select one company from ASX 200. You need to download your chosen company's latest financial report.
Your report must address the following:

Provide a brief summary about your chosen company's key operation.

Question 1: Identify at least one financial reporting issue based on your reading of the financial and audit report, and especially the key audit matter section of the audit report.

Question 2: Discuss how the identified financial reporting issue might require the exercise of significant management judgement.

Question 3: Discuss how the identified reporting issue affects the audit risk i.e., increase or decrease the audit risk and why. It will be useful if you relate your discussion to the components of the audit risk model.

Question 4: Discuss the potential audit responses. In this part you need to discuss how you, as an auditor, formulate your own audit strategy, i.e., control reliance or predominant substantive approach or a mix of both.

Reference no: EM133804963

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