The effect on the audit of significant events

Assignment Help Other Subject

Reference no: EM133002560

Purpose: The individual research project requires student's assessment of real-life auditing issues through a case study that links auditing theory, auditing practice and auditing performance. This assessment relates to learning outcomes a, b and c.

1) Select industry Ex: Tele communication
→ TPG
→ Telstra
2) Look at TPG + Telstra ‘KAM' identify issues 2020 FY
3) Academic journals - literature review on ‘KAM' in the selected industry

Topic: Research Individual Assignment

Task details: The new auditing standard ASA701 Communicating Key Audit Matters in the Independent Auditor's Report is developed in the wake of the global financial crisis. This development is in response to calls from shareholders to know more about the companies they Invest in. Further, investors have also requested earlier warnings of potential issues that may exist with respect to an entity's ability to continue as a Going Concern which resulted in the revision of ASA 570 (ISA 570) Going Concern.

Students are required to select one industry in the Australian ASX Top 200 listed corporation and assess the "areas of higher assessed risk of material misstatement, or significant risks identified in accordance with ASA 315", "significant auditor judgements relating to areas in the financial report that involved significant management judgement" as well as "the effect on the audit of significant events or transactions that occurred during the period" (Para 9 ASA 701).

The summary report should include data extracted from the General-Purpose Financial Report relevant to the material analysed. The industry can be banking. mining, retail, telecommunications, manufacturing or other industry available on ASX Top 100.

Required: Students must include at least twelve references including applicable academic journals, newspaper. professional accounting, auditing articles. auditing standard(s). Code of Ethics for Professional Accountants. Word Limit: 2500 words + 10%.

The report should include title page. executive summary. table of contents, appropriate headings and sub headings. recommendations. reference list (Harvard-Anglia style). attachments if relevant. single spaced, font Times New Roman 12pt.

Reference no: EM133002560

Questions Cloud

What is the firms wacc under a classical tax system : Dampier Diamond Mines Ltd has a target capital structure of 75% ordinary shares, What is the firms WACC under a classical tax system?

How could aig have avoided its infamous debacle : How could AIG have avoided its infamous debacle?

What is the value of the company : At t=O company X has a book value of equity equal to 100. The cost of equity is 15%. The ROE from 0 to 1 is 25% and the ROE from 1 to 2 is 20%. Beyond that, the

What are the components of the investment process : What are some of the differences between in investments in 'financial assets' versus investments in 'real assets'? Give specific details.

The effect on the audit of significant events : select one industry in the Australian ASX Top 200 listed corporation and assess the "areas of higher assessed risk of material misstatement, or significant risk

Conduct a brief porter five competitive forces analysis : Assume you currently work as an equity analyst for an investment company.Your primary responsibility is to conduct industry analyses, which will influence your

What owner equity being the sum of paid-in capital was : Profit reported for the year was $12. Owner's equity being the sum of Paid-in Capital and Retained Earnings, at the end of the year was

What is the value of the assets required : The market value of the assets of a corporation is currently $290.0 million but the owners wish to only use as collateral a value that will result in an interes

What is the firm market value debt-equity ratio : Q1. A company is considering a project with an initial cost of $27,000. The project will produce a cash inflows of $16,000 at the end of the first year and $5,0

User Account

All Pages