Case Scenario:
You are member of an investigation team to research and report on the "true and fair" status of the financial statements of a high profile international company and to critique on the opinion given in the "Independent Audit report" and importantly focusing on the details given in "Key Audit Matters" by this company's Auditor.
Company - Worsley Alumina
Assignment Requirement:
You need to investigate the facts of the case study and using the risk-based auditing approach, auditing concepts, auditing standards and case laws and other information which you have learnt in this unit, such as:
- ASA 315 - Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment
- ASA 320 - Materiality in Planning and Performing an Audit
- ASA 330 - The Auditor's Responses to Assessed Risks
- ASA 560 - Subsequent Events
- ASA 570 - Going Concern
- ASA 700 - Forming an Opinion and Reporting on a Financial Report
- ASA 705 - Modifications to the Opinion in the Independent Auditor's Report
- ASA 706 - Emphasis of Matter Paragraph and Other Matter Paragraphs in the Independent Auditor's Report
- APES 110-Code of Ethics for Professional Accountants
The above list is only illustrative and your case study report is not required to address all the above mentioned topics. You can include other auditing standards covered in this unit, as related to this company.
You need to discuss the impact and relationship of the auditing standards so determined above, in the context of auditing theories, concepts, regulations, practices and other topics which you have learnt in this unit, such as:
- Business risk
- Corporate Governance
- Ethics and culture
- Whistle-blowing
- Inherent and control risks
- Action by creditors, shareholders and regulatory agencies
- Internal control
- Reporting obligation of auditors
- Auditor's negligence and contributory negligence
- Auditors independence, duties and continuity
- Aggressive accounting policies used in financial statement
- Fraud and misappropriations
- Regulatory bodies
The above list is again illustrative only and your case study report is not required to address all the above mentioned auditing standards. You can include other topics of this unit, as related to the company assigned to you for investigation.
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