ACCT6003 Professional Auditing : Audit Risk Model

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ACCT6003 Professional Auditing

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Task

To complete this assessment task, you will need to select a company listed on the ASX (Australian Stock Exchange).

You have recently started a graduate placement at MPA Partnership, a large Auditing firm with head office located in Robina, Gold Coast. Your manager has asked you to be involved with a client to provide assurance engagement regarding risk assessment of the client during the audit.

The client is a company listed on the ASX (Australian Stock Exchange). Note: you will need to select a listed company as your client. Assume your auditing firm has won the tender to prepare 2020/2021 auditor’s report for this client.

Part A:

After reviewing 2019/2020 annual report including the auditor’s report, you should address following questions:
1) Your company’s name and the website of the annual report
2) Reporting date
3) Date of the auditor’s report
4) Name of the audit firm and audit partner signing the report
5) To whom is the auditor’s report addressed?
6) Type of audit opinion expressed in the auditor’s report, and details
7) Identify two Key Audit Matters with reference to the Auditor’s Report (name and $ is sufficient)
8) Which ASAs or other regulations do the auditor’s report comply with?
9) Total assurance fees charged
10) Details of any non-assurance fees charged

Part B:

In February 2021, during a review of half-year financial report for the client, the manager has asked you to conduct risk assessment of the client.
Answer following questions:
1) Identify and explain factors (at least three factors) that potentially impact on the inherent risk of the chosen company. Refer to ASAs 240, 315 or other relevant regulation.
2) For each inherent risk factor identified in questions 1), explain how the risk factor will impact on the approach to the audit of the chosen company.
3) Determine the components of the audit risk model and comment on the risk model of the chosen company. Refer to ASAs 200 or 315, or other relevant regulation.
4) Comment and provide recommendations regarding overall audit strategy for the chosen company. Refer to ASA 300 or other relevant regulation.
5) Comment on strengths (minimum 2 items) and weaknesses (minimum 2 items) of the client’s internal controls. Refer to ASAs 260, 315 or other references.

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