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BUACC3741 Auditing

Task:

Assignment

It would be a good idea that before your first meeting, each team members reads "Myer Holdings Limited 2020 Annual Report" (Available on Moodle) so that you are able to present your point view about the assessment task for Part A. It is recommended that each group member is allocated a question, you should then allocate a different group member to provide feedback on the answers given for each question. (This is a suggestion only. Students can allocate the work differently and please keep in mind that every member in your team MUST participate and answer questions as well as provide feedback to others).

Please use "Action Plan Template Form" (Available on Moodle) to record details of your group meetings such as who attended for each meeting, set deadlines that group members agree to have their questions and feedback completed, etc. Every time you meet you should document the meeting somehow, so you can go back and look at this when you write your team evaluation. Please provide a copy to each team member to ensure they all agree on what was said.

Myer Holdings Limited 2020 annual report is provided in a separate file.

Based on the 2020 Annual Report for Myer Holdings Limited, prepare a planning memorandum for the audit partner which includes the following:

Required:

1. Identify Four major business risks of Myer Holdings Limited and provide a detailed explanation of why each factor is identified as a risk to the business.

2. Results of analytical procedures. It is recommended that you prepare a horizonal analysis, vertical analysis, and prepare key ratios. (Examples of analytical procedure analysis are available on Moodle). Identify and explain which changes in the Horizonal analysis, vertical analysis, and ratio analysis would trigger further investigation in the audit for Myer. (Note: Need to include your workings in the Appendix).

3. Identify Four inherent risks that you identify from business risk and analytical procedures in points 1 and 2. (Note: Business risks are not the same as inherent risks).

4. Identify a key account and a key related auditor's assertion at risk of material misstatement based on the inherent risk you identify in point 3. (Note: Identify a key account and a key assertion for each of the four inherent risks identified in point 3).

5. Calculate planning materially in a dollar ($) amount. You must include a breakdown of your calculation and a justification of your choice of base, the percentage used and your assessment of detection risk. Assume the company's control risk is high.

6. Determine a number of methods the company can implement to overcome the high control risk. Assume the company's control risk is high.

Part B: Task to be completed individually

All group members are required to complete and submit a peer review individually. You will be assessed on the response you give in this section so simply giving a "yes the team worked well together" or "no it did not work well" is not enough. This will involve evaluating and describing your own learning experience in this assignment.

Required:

This part of the assessment requires you to critique your own performance and how you worked in the team. You will be assessed under THREE areas: team communication, team commitment and constructive teamwork. When developing your evaluation, please include some of the questions below but please note it is not limited to these questions.

1. Team Communication:
• What kind of communication did you use to contact the group? How often did you communicate with the group? You must provide evidence of this (e.g., emails, phone records or room bookings for meetings).
• When communicating to your group did you communicate effectively? Did you have any troubles understanding what other group members thought were important issues?
• Did your group members engage in useful discussion about the assessment and collaborate with each other? Or did you feel you were the only one making discussion.

2. Team Commitment:
• When did the group first form?
• When did the group have its first meeting?
• Was I supportive of my group and did I behave in a professional manner?
• Did you turn up to meetings and were you on time and prepared? Keep a record of who turned up to meetings and what was discussed as this can form part of your evidence
• Did you complete your work as per the action plan? If not, did you tell the group you needed longer?
• Did your group members conduct themselves in a professional manner?
• Did your group have any problems or issues that you helped to resolve?
• What role did you play, were you the team leader?

3. Constructive Teamwork:
• Did your group's members provide useful feedback to each other in a timely manner?
If yes attach evidence of this.
• What was the level of work provided to the group, did it need multiple revisions?
• Did you feel you all worked well as a team or did each group member go off on their own?
• If you did provide feedback to the group, did they take this into consideration or did you feel they just answer the question regardless of what you said?
• How did your actions help the group in completing the tasks on time?

Attachment:- Auditing.rar