Identify inherent risks that consider for each company

Reference no: EM131505853 , Length: word count:1000

Auditing and Assurance Team Assignment - Research and Presentation

Learning Outcomes:

Apply the different phases of the audit to practical scenarios, working in teams in some instances.
Evaluate the different audit opinions that could be expressed following the completion of an audit as they apply to different audit scenarios, working in teams in some instances.

Objective: The objective of this assignment is to effectively work in teams to formulate and recommend possible solutions to given practical scenarios.

The assignment is designed to test the following skills:

1. Your knowledge and your ability to research the issues and then apply the information appropriately using judgement.

2. Your teamwork and communication skills.

Review the audited annual reports including financial statements presented to the shareholders in respect of the two companies noted below and answer the questions. Please note that if the weblink fails to open you may need to "right click" on it and use "open hyperlink" to access it.

(A) ANZ Bank Ltd: Financial year ended 30September 2016: Annual Report

(B) Wesfarmers Ltd: Financial Year ended 30 June 2016: Annual Report

Questions to be answered by the team or group:

Assume that your audit team is responsible for planning the audits for both ANZ Bank Limited (year ended 30 September 2016) and Wesfarmers Ltd (year ended 30 June 2016) discuss your strategies in relation to the questions noted below -

1. (A) Identify at least three (3) inherent risks that you would have to consider for each company in the audit planning phase and justify your answer.

(B) Which audit procedures and/or tasks would you have planned to carry out in response to the inherent risks identified by you in (A) above?

Need to complete Question 1A and 1B of Part 1.

Attachment:- Assignment File.rar

Reference no: EM131505853

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Reviews

len1505853

5/24/2017 3:33:14 AM

Just need to complete Question 1A and 1B of Part 1 in 1000 words. You have to mention inherent risk i.e., Credit Rick, Markt Risk and Compliaince or other risk ,, give justification for that , Use proper assertion (e.g., Existence, Occurence, Cut-off, or etc) then next explain Audit procedures (e.g., Test of Controls, Substantive Procedures etc).

len1505853

5/24/2017 3:33:09 AM

You are required to complete the assignment working in teams of 3 – 4 members. You need to obtain your lecturer’s approval as to the size and members of your team. Your team presentation will be limited to 10 minutes per group of 3 team (13 minutes for 4 team), and each member of the team must present a part of it demonstrating an understanding of the technical aspects being tested and individual oral presentation skills. A separate mark will be given to the team for the collective presentation. Minutes of team meetings must also by maintained and submitted with the assignment. Your team’s work must not be copied directly from any source; any work copied will result in a mark of zero. Submission details will be found in this assignment under “Team Cover Sheet Instructions”.

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