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Discuss important accounting and auditing issues

Assignment Help Auditing
Reference no: EM131671192

Assignment Question

Audit planning is one of the most demanding and important aspects of an external audit. Auditors summarise client and industry background information and discuss important accounting and auditing issues related to the client's financial statements. Your assignment is to find and document information for inclusion at the audit planning stage.

Obtain the necessary information by downloading one of the public company's most recent annual report from its website (you are to select one from the list below) or other sources of information.

i. Written Component

Address the following matters in your response:

Part 1 - you are to complete the information asked for in Attachment 1. A copy of the sample answer is provided to your Audit Manager.

Part 2 - you are to complete the information asked for in Attachment 2. Copies of a guide on how to answer this and a sample answer are provided to your Audit Manager.

ii. Presentation

Commencing

Group No.

Company

Week

 

 

9

1

JB Hi-Fi Limited (JBH)

 

2

Harvey Norman Holdings Limited (HVN)

9

3

Kathmandu Holdings Limited (KMD)

 

4

Billabong International Limited (BBG)

10

5

Nine Entertainment Co. (NEC)

 

6

Ten Network Holdings Limited (TEN)

10

7

Westfield Corporation (WFD)

 

8

Villa World Limited (VLW)

11

9

Huon Aquaculture Group Limited (HUO)

 

10

Tassal Group Limited (TGR)

11

11

Bellamy's Australia Limited (BAL)

 

12

The A2 Milk Company Limited (A2M)

12

13

Warrambool Cheese and Butter Factory (WCB)

 

14

Bega Cheese Limited (BGA)

12

15

Virgin Australia Holdings Limited (VAH)

 

16

Qantas Airways Limited (QAN)

Each member of the audit team will be required to present Part 1 and Part 2 at the start of an assigned seminar.

Part 1 Template - Information on Group's chosen company

With the most recent annual report of the chosen company complete the requested information in the following template.

Part 2 Template - Overall inherent risk assessment

With your team understanding of inherent risk in auditing (ASA200) complete the requested information in the table below. Information obtained from the annual reports and any other credible sources must be referenced.

Attachment:- Assignment and Presentation.rar

Verified Expert

This assignment has been prepared on a word doc. Proper analysis was done to understand the audit requirement of Nine Entertainment Co Ltd. AS 240 has been well understood and glimpses have been presented. The potential factors for such fraudulent acts has been depicted properly. It was an interesting assignment.

Reference no: EM131671192

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Reviews

inf1671192

1/9/2018 3:41:44 AM

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inf1671192

12/1/2017 4:56:35 AM

Our chosen company is Australia Nine Entertainment Co. (NEC) And the only part I need to finish is "Potential for fraudulent financial reporting &misappropriation of assets (fraud risk factors, see ASA 240) i have asample answer,do you need? this is the sample answer,guide andmarking criterias 254474967672_1Group Assignment Part 2 guide and marking criteria.docx sample answer 25447635_1???? 20171007095639.jpg yeah,this is sample answer 25447647_11.jpg the answer should not like a report,the expert should summary the answer and the form should be like the sample answer that I gave you I can offer you another sample answer,and i think you need to summary the answer form the NEC companys financial statement in 2017, 25447635_1PACC6002 Group Assignment and Presentation-3.docx

len1671192

10/7/2017 3:27:41 AM

Attachment 2 Part 2 Template – Overall inherent risk assessment With your team understanding of inherent risk in auditing (ASA200) complete the requested information in the table below. Information obtained from the annual reports and any other credible sources must be referenced. MAKE SURE you pay attention to and follow the instructions (and additional guidance) provided to your Audit Manager NAME of Company DISCUSSION FACTOR According to ASA200.13(n)(i) inherent risk (IR) is a measure of the susceptibility of material misstatement before considering any LOW MODERATE HIGH internal controls. Nature of client’s business Results of previous audits Initial versus repeat audits Quantity of non-routine transactions Quantity of estimates and judgement required for accounts Potential for fraudulent financial reporting & misappropriation of assets (fraud risk factors, see ASA 240)

len1671192

10/7/2017 3:27:32 AM

This is a group assignment,the only part I need to finish is "Potential for fraudulent financial reporting & misappropriation of assets (fraud risk factors, see ASA 240)" So,plesae help me Attachment 1 Part 1 Template – Information on Group’s chosen company With the most recent annual report of the chosen company complete the requested information in the following template. MAKE SURE you pay attention to and follow the instructions (and additional guidance) provided to your Audit Manager. Where the information comes from the Annual Report it must be referenced to the page where it is located.

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