Discuss how the identified reporting issue affects

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Reference no: EM133825764

Task details:

Question 1. Students are required to select one company from ASX 200. You need to download your chosen company's latest financial report.

Question 2. Your report must address the following:

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

b. 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.

c. Discuss how the identified financial reporting issue might require the exercise of significant management judgement.

d. 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. Need Help for Assessment: Get Now!!

e. 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.

The key audit and professional standards covered by this assessment include ASA 200 ASA 220 ASA 315 ASA320 ASA 330 ASA 500 ASA 520 ASA 570 ASA 240 ASA 260 ASA 610 ASA 260 ASA 450 ASA 560 ASA 570 ASA 700 ASA 701 ASA 705 and ASA 706.

Your report should include a title page, executive summary, table of contents, appropriate headings and subheadings, a reference list and necessary appendices. You are not required to attach the entire financial report, but relevant snippets of the financial report will be useful to support your discussion. The report should be single-spaced and uses Times New Roman with a font size of 12.

Reference no: EM133825764

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