ACC7005 Case Study: Independent Audit Report Analysis of Elders Ltd (ELD)
- Subject Code :
ACC7005
- University :
University of New south Wales Exam Question Bank is not sponsored or endorsed by this college or university.
- Country :
Australia
Individual Case Study
Word Limit: 3500-4000 words, Font: Arial 12 & 1.5 spacing, excluding any Appendices (for data, tables, graphs, and diagrams) and references at the end.
Case study
The Chief Executive Officer of Australian Stock Exchange (ASE) has appointed you to critically examine the Auditors opinion in the Independent Audit report and importantly focus on the Key Audit Matters of a high-profile international companys latest Annual Report.
Company Name (ASX Code) |
Elders Ltd (ELD) |
Required:
You need to use Risk-based auditing approach, auditing concepts and auditing methods to conduct this investigation and report on the major issues reported, particularly in the Key Audit Matters by the Auditor, such as:
- Valuations
- Goodwill
- Inventory
- Capital assets
- Financial instruments
- Estimations
- Leases
- Going concern
- Internal control
- Corporate governance
- Business risks
- Corporate strategy
- Risk management systems
The above list is illustrative only and your case study report is NOT required to address all the above-mentioned topics. You can include other topics of this unit, as related to the company assigned to you for investigation and then derive your conclusions and recommendations.
For this purpose, you need to use Australian Auditing standards and case laws and other information, 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 Auditors 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 Auditors Report
- ASA 706 Emphasis of Matter Paragraph and Other Matter Paragraphs in the Independent Auditors Report
- APES 110-Code of Ethics for Professional Accountants
Important:
The above list again is ILLUSTRATIVE only, and your case study report is not required to address all the above-mentioned auditing standards. You can include other auditing standards covered in this unit, as applicable to this company. Please use the Australian Standards of Auditing (ASA) even if they are NOT Australian companies, as they are based on International Standards of Auditing (ISA) to derive your conclusions and recommendations.
Report structure:
Please ensure that the individual written report of your allocated company has the following six (6) main headings in its structure. Marks will be given specific to these main headings as per the Marking Criteria below:
- Executive Summary (2.5 Marks)
- Introduction (2.5 Marks)
- Methodology (5 Marks)
- Findings (5 Marks)
- Implications of findings (2.5 Marks)
- Conclusions and recommendations (2.5 Marks)
Total: (20 Marks)
Resources:
Significant readings and journals and Important websites for references:
- Company annual reports, Websites
- Professional & business magazines, textbooks; academic papers, newspapers and video clips.
- Australian Auditing Standards Auditing & Assurance Standards Board Australian Government: https://auasb.gov.au/standards-guidance/auasb-standards/auditing-standards/
https://auasb.gov.au/standards-guidance/framework-pronouncements/
