Auditing and Assurance Team Assignment - Research and Presentation
Learning Outcomes:
- Apply the different phases of the audit to practical scenarios, working in teams in some instances.
- Evaluate the different audit opinions that could be expressed following the completion of an audit as they apply to different audit scenarios, working in teams in some instances.
Objective: The objective of this assignment is to effectively work in teams to formulate and recommend possible solutions to given practical scenarios.
The assignment is designed to test the following skills:
1. Your knowledge and your ability to research the issues and then apply the information appropriately using judgement.
2. Your teamwork and communication skills.
Review the audited annual reports including financial statements presented to the shareholders in respect of the two companies noted below and answer the questions. Please note that if the weblink fails to open you may need to "right click" on it and use "open hyperlink" to access it.
(A) ANZ Bank Ltd: Financial year ended 30September 2016: Annual Report
(B) Wesfarmers Ltd: Financial Year ended 30 June 2016: Annual Report
Questions to be answered by the team or group:
Assume that your audit team is responsible for planning the audits for both ANZ Bank Limited (year ended 30 September 2016) and Wesfarmers Ltd (year ended 30 June 2016) discuss your strategies in relation to the questions noted below -
1. (A) Identify at least three (3) inherent risks that you would have to consider for each company in the audit planning phase and justify your answer.
(B) Which audit procedures and/or tasks would you have planned to carry out in response to the inherent risks identified by you in (A) above?
Need to complete Question 1A and 1B of Part 1.
Attachment:- Assignment File.rar