Individual Assignment
Find an example of a 2017 annual report issued by a company listed in ASX. You can refer to the ASX website Australia to search for a listed company. Based on your chosen example, answer the following questions.
Required
1. Explain the difference between the (1) auditor's responsibility and (2) management's responsibility for this financial report being audited.
2. An assurance engagement involves evaluation or measurement of subject matter against criteria. What criteria are used in this financial report audit?
3. What type of audit opinion is being issued - unmodified, qualified, adverse or disclaimer? Explain your answer with reference to relevant auditing standards.
4. Refer to the disclosures explaining the amounts paid to the auditor. How much was the auditor paid for the audit and non-audit, or other, services? Explain arguments for and against the provision of non-audit service for enhancing audit quality.
5. Which two types of non-audit services would you advise the auditor to avoid providing to the company? Explain your answer with reference to the Code of Ethics for Professional Accountants.
Note
1) You need to include a copy of the audit report as an appendix.
2) You also need to include in the references the website of your chosen company where you download the annual report.