Developing appropriate audit procedures

Assignment Help Auditing

Reference no: EM133883376 , Length: word count:1800

Task

Part A:
You must complete a report detailing your findings and suggested audit procedures as stated in the Assessment question for an ASX-listed company.

Part B:
Summarise your findings and the suggested Audit procedures in a 5-6-minute video presentation.

Assessment Description

This assessment is designed to test your ability to apply the knowledge gained from ACCM4400 workshops during the trimester in identifying assertions at risk and developing appropriate audit procedures. This will be done by analysing available information of an Australian company (from now on referred to as "The Company") that is listed on the ASX.

Assessment Instructions

Learning Objectives:
After completing this assessment, you will be able to:

Research information about the selected company (using multiple sources)
Address particular areas of the audit process and develop appropriate audit procedures
Develop professional report-writing skills

Assessment Question:

You participated in a vacation program at a local audit firm during your semester break. During the vacation program, you assisted an audit senior with planning a medium-sized company, including developing appropriate substantive audit procedures. You have one more semester to complete your postgraduate course and have indicated to the audit manager that you would like to work full-time at the audit firm upon completing your course.

The audit manager has asked you to write a report to determine your suitability as a candidate for a permanent role in the audit firm. The manager wants to assess your ability to apply the knowledge you gained to the audit planning process, develop appropriate substantive procedures, and develop your report writing skills.

You are required to address the following in your report (refer to rubrics on pages 5 & 6 of this document for a breakdown of marks and achievement criteria by component):

Identify 4 business risks of The Company that will increase the risk of material misstatement (specifically inherent risk) at the assertion level for classes of transactions or account balances. For each business risk, identify only 1 class of transaction or account balance (income statement or balance sheet line item), and for each class of transaction/account balance, please identify the assertion most (only one) at risk of misstatement. You need to explain why each business risk will lead to a risk of misstatement to the specific class of transaction/account balance and assertion you have identified.

Describe, in detail, the appropriate substantive procedure that will address each class of transaction or account balance and assertion identified as at risk of material misstatement. The description of procedures must be detailed enough for someone with limited auditing knowledge to carry out the procedures correctly.

Reference no: EM133883376

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