HA3032 Developing Audit Program For Selected Publicly Listed Company Assessment Answer

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Question :

Assessment Details and Submission
Guidelines
Trimester
T2 2021
Unit Code
HA3032
Unit Title
Auditing
Assessment Type
Group Assignment
Assessment Title
“Developing an Audit Program for a selected publicly listed Company”
Purposeofthe assessment (with ULO Mapping)
Students are required to:1.1- Identify and distinguish between tests of controls, substantive tests of transactions and substantive tests of balances.
1.2- Identify and understand when the auditor will undertake substantive audit procedures in response to specific assessed risks of material misstatement.
1.3- Understand how assertions relate to account balances
1.4- Understand how to select the most efficient and effective combination of audit procedures that allows them to achieve the audit objective
1.5– Active participation in an “audit team context” with professional group discussionsThe following Unit Learning Outcomes are applicable:
  1. Demonstrate a thorough understanding of the reporting requirements of auditing standards relating to auditors’ reports.
  2. Explain how the audit planning process directs the auditor to obtain adequate evidence to support audit findings and address the importance of materiality in an audit;
  3. Explain the process of audit planning to determine risk assessments and an overall audit strategy;
  4. Explain the auditors’ obligations with regards to understanding the client’s business and internal controls, and assessing business risks.
  5. Achieve a high level of competence in applying prescribed auditing techniques in gathering evidence to satisfy audit assertions.
Weight
40% of the total assessment
Total Marks
40 Marks
Word limit
Maximum 3,000  3,500 words
Guidelines on Submission
  • All work must be submitted on Blackboard by the due date along with a completed Holmes Institute Assignment Cover Page.
  • The assignment must be in MS Word format, single spacing, 12-pt Arial font and 2 cm margins on all four sides of your page with appropriate section headings and page numbers.
  • Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using Adapted Harvard referencing style.
Adapted Harvard Referencing
  1. Reference sources in assignments are limited to sources which provide full text access to the source’s content for lecturers and markers.
  2. The Reference list should be located on a separate page at the end of the essay and titled: References.
  3. It should include the details of all the in-text citations, arranged alphabetically A-Z by author surname. In addition, it MUST include a hyperlink to the full text of the cited reference source.
Non - Adherence to Referencing GuidelinesWhere students do not follow the above guidelines:
  1. Students who submit assignments which do not comply with the guidelines may be required to resubmit their assignments or incur penalties for inadequate referencing.
  2. Late penalties will apply per day after a student or group has been notified of a resubmission requirements.
  3. Students whose citations are fake will be reported for academic misconduct

HA3032 Auditing  Group Assignment Specifications

Purpose:

The aim of this group assignment is to provide you with an opportunity to design a “risk- based” audit program for a real-world company and focus on the “Substantive tests of balances”, which involves substantiating the ending balance of an account(s), which is comprised of multiple transactions, as at a certain year-end date. Students are also required to research the applicable accounting and auditing standards depending on the material account balances selected and create a sampling plan.

Assignment Requirements and Structure

  1. Students are required to form groups of 4 students group members by completing the HA3032 Group Form details”.
  2. Each group of students group have been provided by unit coordinator, a unique ASX listed company to use for progressive analysis in this group assignment.
  3. Prepare a detailed audit program Report [3,000-3500 words] for the client/company in a group of 4 students. Students must use a Report Format with an Executive Summary and Table of Contents.
  4. Use publicly available online resources for research purposes, such as: the Accounting and Auditing standards, which are available from government-based websites.

Detail Assignment Tasks: Developing an Audit Program for a listed ASX Company

  1. Gain an understanding of the nature of the entity and its industry and then identify key business risks. After this is completed, assess where the risks of material mis- statements could be in the financial report. Consider the factors affecting both Inherent Risk and Control Risk. Finally, apply the Audit Risk Model [AR = (IR, CR, DR)] to the selected company. Which risk rating would you apply (Low, Medium or High) to the company’s inherent risk assessment and control risk assessment? How does this affect your assessment of Detection Risk and Audit Risk?
  2. Perform analytical procedures of the Statement of Financial Position and of Financial Performance over the last three years using appropriate ratios and/or metrics. Select four 
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Answer :

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