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ACCT601 Auditing and assurance services assignment help

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AUSTRALIAN CATHOLIC UNIVERSITY

FACULTY OF LAW AND BUSINESS Peter Faber Business School National (Brisbane, Melbourne, North Sydney, Strathfield) Semester 1, 2019

ACCT601 Auditing and Assurance Services

Assessment Task 2: Group Assignment

Question 1

(Total 20 marks)

Select a public company in a country of your choice.

Obtain the latest copy of the financial statements.

Imagine you are the audit partner in charge of the coming audit.

Required

Cc)

Justify your choice of the public company. (1 mark)

Discuss the audit risks that are applicable to ail the business entities generally in the industry.

(3 marks) Discuss the audit risks that are specific to the company you have selected.

(3 marks)

Select a line item from the income and expense portion of the Profit & Loss Statement, respectively.

Design the audit procedures that your staff would undertake to audit the line item. Explain briefly the auditing standards that are relevant to the designed audit procedures. (5 marks)

Select a line item from the asset and liability portion of the Statement of Financial Positions (Balance Sheet), respectively.

Design the audit procedures that your staff would undertake to audit the line item.

Page 1 of 3 Explain briefly the auditing standards that are relevant to the designed audit procedures. (5 marks) f) Assume that both the income and expenses were overstated by 10 million, respectively.

Discuss the impact of these two audit findings on your audit opinion, individually and collectively.

(3 marks)

Page 2 of 3 OACU

AUSTRALIAN CATHOLIC UNIVERSITY

FACULTY OF LAW AND BUSINESS Peter Faber Business School National (Brisbane, Melbourne, North Sydney, Strathfield) Semester 1, 2019 ACCT300 Auditing

Group Instructions

Please form a Group of 4 to 5 members and complete the following: i) the Group Leader (identified as (L) after the name) and the group members;

  1. the specific (not general) tasks allocated to each member of the Group, including the role of the Group Leader; and
  2. the percentage (%) of contribution of each member to the Group Project.

Group Name: Name Task(s) % of Initial / Contribution Date 1. 1, etc. Z, 3. etc. Total: 100%

The initial is the evidence of members’ concurrence with the contents of the “contract” as well as the commitment to fulfil their obligations.

Group member(s) who do(es) not complete ALL the tasks as committed would be considered as not having submitted the Group Assignment; ZERO mark would be awarded.

Other group members are not expected to make up for the task(s) not having completed; no marks would be deducted and the Group as a whole would not be penalised accordingly.

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