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MA611 Auditing

Question

Answered

Question:

Part 1: Understanding a Client to Plan a Financial Report Audit

You have recently completed your Bachelor of Business Degree – Accounting Stream at MIT and now working as a graduate auditor for a major accounting firm, Ernie and Youngster (EYS). EYS has just won the tenders for the financial report audits of the following ASX listed top 500 companies (as at 1 May 2019).

Team

Company Name

ASX Code

Sector

1

Bass Metals Ltd

BSM

Materials

2

Beacon Lighting Group Ltd

BLX

Retailing

3

Bega Cheese Ltd

BGA

Food and Beverages

4

Bingo Industries Ltd

BIN

Commercial and Prof. Services

5

Bioxyne Ltd

BXN

Household Products

6

Bir Financial Ltd

BIR

Diversified Financials

7

Black Cat Syndicate Ltd

BC8

Materials

8

Black Rock Mining Ltd

BKT

Materials

9

Boral Ltd

BLD

Materials

10

Bougainville Copper Ltd

BOC

Materials

11

Bph Energy Ltd

BPH

Pharmaceuticals etc.

12

Brainchip Holdings Ltd

BRN

Software and Services

13

Brambles Ltd

BXB

Commercial and Professional Services

14

Cimic Group Ltd

CIM

Capital goods

15

Class Ltd

CL1

Software and Services

16

Candy Club Holdings Ltd

CLB

Food and Staples Retailing

17

Capitol Health Ltd

CAJ

Health care equipment and services

18

Cardiex Ltd

CDX

Health care equipment and services

19

Carsales Com Ltd

CAR

Media and Entertainment

20

Chorus Ltd

CNU

Telecommunication services

21

Cleanaway Waste Management Ltd

CWY

Commercial and professional services

22

Clean Seas Seafood Ltd

CSS

Food and Beverages

23

Clearview Wealth Ltd

CVW

Diversified financials

24

Cochlear Ltd

COH

Healthcare equipment & Services

25

Computershare Ltd

CPU

Software and services

26

Core Lithium Ltd

CXO

Materials

27

Coventry Group Ltd

CYG

Capital Goods

28

Crowd Media Holdings Ltd

CM*

Media and entertainment

Having formed the audit team (i.e., assignment group), and assigned to the financial report audit of one of the above clients, (by your lecturer), your primary task is as follows.

As a part of the risk assessment phase for the financial report audit of your new client and in accordance with auditing standards (i.e., ASAs), your audit team (group) is required to gain an understanding of the structure and the business environment. By understanding the client’s business, the audit team can identify potential risks that may have a significant effect on the financial report. This will assist the audit team to complete the financial report audit and fulfil a key responsibility.

Required

For your audit team’s (group’s) chosen client (as approved by your lecturer), address the following six areas.

  1. General and industry-specific economic trends and conditions
  2. Competitive environment
  3. Product, customer and supplier information
  4. Technological advances and the effect of the internet
  5. Laws and regulatory requirements.
  6. Other area 

Your task is to research your client’s sector and report back to your audit team leader. Your report will form part of the overall understanding of client’s structure and its environment, which will help you plan for the financial report audit of this client.

You should concentrate your research on providing findings from those areas that have a financial reporting impact and are considered probable given your client’s operations. In conducting your research, you should consider the following key market forces, as they relate to your client’s operations.

Part 2: Risk of Material Misstatement (Inherent Risk) at the Financial Report Level

From your Understanding of the Client (i.e., Part 1), identify one (1) specific account balance (not account classifications!) that you consider at significant risk of material misstatement. For your chosen account balance:

  1. Explainwhy the account balance is at significant risk of material misstatement
  2. Explain one, key assertionat risk of not being valid
  3. Detailone (1) relevant substantive audit procedureto address the assertion at risk as identified in b) above
  4. Detailone (1) relevant practical internal control that would mitigate the risk in relation to the assertion at risk as identified in b) above.

MA611 Auditing

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The Financial Statements

Running Head: AUDIT ASSIGNMENT AUDIT ASSIGNMENT Name of the S tudent: Name of the U niversity: Author Note: 1 AUDIT ASSIGNMENT Answer 1 The steps involved in conducting an audit have been outlined as follows: 1. At first the auditor receives the va ...

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Task: Questions: Q1: Discuss how the SEC has influence (if any) over the audit of Smackey Dog Foods, Inc.   Q2: Discuss the essential activities involved in the initial planning of an audit. How do these all specifically to the Smackey Dog Food client?   Q3: Discuss the 4 stages of t ...

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Task Topic: Client evaluation / Key Audit Risks 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 sub ...

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MANM398 International Auditing And Assurance

Task Scenario It is now 30 November 2021 and you are part of your firm’s team engaged on the audit of the financial statements of Plush Limited (Plush) for the year ended 30 September 2021.The company is a new client of your firm and the following points are pertinent to the audit. 1) Plu ...

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