Assignment Problem: Auditing
1. For the purpose of the assignment, you assume the role of an auditor and your firm has recently been appointed as external auditor of an entity. As required by Auditing Standard ASA300, you are assisting your Audit Manager in preparing an audit plan for the audit of the entity's financial statements.
2. The audit fee is $700,000 and had been communicated to the client in the Engagement Letter.
3. You are required to download the 2018 annual report published by the following entity:
- Reece Group Limited
4. Using information in the relevant chapters of the textbook, the company annual report and other relevant information, preparing a document for your Audit Manager to assist him in planning the audit. Note that quoting directly from textbook does not meet the objective of the assignment.
Assignment Requirement:
With reference to the relevant chapters of the textbook prepare a document for your Audit Manager. Your document must include the followings:
1. Executive summary
2. Introduction
3. Key information:
a) Gain an understanding the client
b) Identify five (5) significant accounts most at risk of being materially misstated
c) Set planning materiality level
d) Identify what can go wrong (audit risk assessment) for each of the five (5) accounts selected in (b)
4. Conclusion
5. Appendix
6. References
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Attachment:- Auditing.rar