Subject Code : ACC6030
Assignment Task:

Case study
You are a 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 focussing on the details given in “Key Audit Matters” by this company’s Auditor.

Required
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 learned 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

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 learned 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 

 

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  • Posted on : June 06th, 2019

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