ACC300 Key Audit Risk Of ASX Listed Firm Assessment 3 Answer

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Assessment 3

Assessment Type: Case Study Assignment – group assignment. Maximum word limit of 2,500 words Assessment purpose: The assignment is to be based on an ASX listed company.

This assignment is to be completed in teams of two to four students. All students in a team must be from the same tutorial.

The aim of the group assignment is to test students’ ability to integrate skills learnt in Auditing and Assurance Services to analyse a real company from the auditor’s perspective and within the framework of auditing standards. The successful completion of this assignment requires extensive research on a firm’s internal and external environments, operations, strategies and analysis of financial information.

Students are expected to demonstrate their ability to critically evaluate various pieces of information and apply analytical skills to critically evaluate potential audit risks.

An important aspect of the assignment will be to demonstrate your ability to present written reports in a professional manner, addressing key formatting requirements as specified in Question 3 below. This assessment contributes to learning outcomes a, b and c.

This assignment is worth 20% of the total marks in the subject and is a group assessment. Individual assignments will not be accepted. There are three inter-related requirements in this assignment.

The group members will receive the marks based on their contribution, that should be recorded and signed by all group members on the coversheet. Please note the penalties applied for late/missing deadlines – these marks will be deducted from the final mark of the assessment.

Assessment topic: Client evaluation / Key Audit Risks

Task details: As a team from the same tutorial, choose an ASX listed firm. Task details: As a team from the same tutorial, choose an ASX listed firm.

Each team must research on a unique company. Report to your tutor as soon as you have chosen the firm.

Once the choice is locked in by your tutor, no other teams in the same tutorial are permitted to pick your chosen firm.

You are the team responsible for auditing the inventory for the year ending June 2020. You have been assigned to gather relevant background information and prepare a report for a meeting with your audit partner and audit managers. Your report must address the following issues.

  1. To demonstrate your understanding of the firm, provide a detailed description of how it conducts its operations. This must include a description of its revenue streams, products and services, business processes, competitive environment, strategies, management and governance. The appendix to ASA 315 will help guide your response. The information presented should be reflective of your in-depth understanding of how the company operates, not merely a summary of information from the annual report.
  2. List and explain three key audit risks which would impact on the audit of the firm. Include the account and assertion most affected by the risks identified. Be sure to link audit risks to their applicable business risks (from your research in sections 1 and/or other applicable research).[8 marks]
  3. Your assignment submission should be presented in a format as if it was to be presented to a meeting of senior auditors at your accounting firm and should be designed and laid out so as to most effectively impart your key messages. It should be succinct, and extensive use of diagrams, tables and graphs is encouraged. The report should also be coherent and consistency is expected throughout (e.g., formatting, language style, and linkages between the questions). Note that groups who split up the questions and work independently are likely to have more difficulty accomplishing this objective compared to groups who work on each of the parts collaboratively. Note, merely complying with the presentation guidelines will receive low marks for presentation. To gain full marks, student will need to present their assignment in a highly
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