Discuss the impact and relationship of the auditing standard

Assignment Help Auditing

Reference no: EM132372280

INSTRUCTIONS FOR THE INDIVIDUAL CASE STUDY ASSIGNMENT

(WRITTEN REPORT)

Case study

You are member of an investigation team to research and report on the “true and fair” status of the financial statements of a high profile international company and to critique on the opinion given in the “Independent Audit report” and importantly focussing on the details given in “Key Audit Matters” by this company’s Auditor.

Required

You need to investigate the facts of the case study and using the risk-based auditing approach, auditing concepts, auditing standards and case laws and other information which you have learnt in this unit, such as:

ASA 315 - Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment

ASA 320 - Materiality in Planning and Performing an Audit

ASA 330 – The Auditor’s Responses to Assessed Risks

ASA 560 - Subsequent Events

ASA 570 - Going Concern

ASA 700 - Forming an Opinion and Reporting on a Financial Report

ASA 705 - Modifications to the Opinion in the Independent Auditor’s Report

ASA 706 – Emphasis of Matter Paragraph and Other Matter Paragraphs in the Independent Auditor’s Report

APES 110-Code of Ethics for Professional Accountants

The above list is only illustrative and your case study report is not required to address all the above mentioned topics. You can include other auditing standards covered in this unit, as related to this company.

You need to discuss the impact and relationship of the auditing standards so determined above, in the context of auditing theories, concepts, regulations, practices and other topics which you have learnt in this unit, such as:

Business risk

Corporate Governance

Ethics and culture

Whistle-blowing

Inherent and control risks

Action by creditors, shareholders and regulatory agencies

Internal control

Reporting obligation of auditors

Auditor’s negligence and contributory negligence

Auditors independence, duties and continuity

Aggressive accounting policies used in financial statement

Fraud and misappropriations

Regulatory bodies

The above list is again illustrative only and your case study report is not required to address all the above mentioned auditing standards. You can include other topics of this unit, as related to the company assigned to you for investigation.

And then derive your conclusions and recommendations.

Please use the Australian Standards of Auditing (ASA) even if they are NOT Australian companies, as they are based on International Standards of Auditing (ISA) in order to derive your conclusions and recommendations.

The length of this case study written report is 23 pages (+/- 2 pages) in PDF or Word format using Ariel 12pt font, 1.5 spacing, excluding any Appendices (for data, tables, graphs and diagrams) and references at the end in PDF or Word format.

Important:

Please ensure that the written report has the following six (6) main headings in its structure.

Executive Summary

Problem Statement

Methodology

Findings

Implications of findings

Conclusions and recommendations

Unit Learning Outcomes

At the end of this unit you will be able to:

1. Recommend/use audit concepts and techniques and apply relevant rules and regulations (including auditing standards) in addressing the problem/issue.

2. Examine cases/scenarios and identify problems/ issues (including ethical issues) involved.

3. Select relevant data and contextual factors to evaluate risks or impact on diverse stakeholders, where relevant.

4. Establish criteria/assumptions to be used to solve problems/issues or to make judgments.

5. Solve the problem by issuing the conclusion/judgment/decision, audit opinion, recommendations for action where appropriate.

Course Learning Outcomes

Your learning in this unit will contribute to the development (or demonstrate your attainment) of the following Course Learning Outcomes:

CLO2: Apply critical thinking and technical skills to solve authentic business problems [AQF S2, S3].

2.1. Conceptualise problems or situations (investigate, analyse, synthesize and evaluate);

2.2. Apply technical skills to authentic situations;

2.3. Solve complex problems;

2.4. Critically reflect on processes and assumptions.

Reference no: EM132372280

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