Case Study on Auditing and Assurance

Assignment Background

In the unit, we cover a wide range of Auditing and Professional Practice issues including numerous case studies in varying depth.

There is obviously not enough time to cover everything in depth.

This assignment enables students to examine more detail Auditing and Professional Practice in companies that are of particular interest to them.

It can also be started from Day 1 of the semester and will enable students to explore the wonderful world of Auditing and Professional Practice by doing their own research on how it is practiced in an organization that is of interest to them.

Your Mission

Each student will select an Australian-listed public company from the ASX200.

You will identify the major audit risk areas (at least 2) for your selected company.

For each audit risk, your assignment should:

• explain the potential impact of the audit risk on the company's financial statements and
• detail the auditing procedures to verify the account balances impacted by the risk

Note: While you can do background research etc. you shouldn't start writing this assignment until after week 2. By this time you should have a better understanding of what auditing is based on what you have learned from the lectures and text (and other) reading/research. In doing this assignment you should use the concepts you have learned from this subject and your own research.

>Important: you are the independent or external auditors of the company and your job is to express an opinion on the truth and fairness of the accounts.

Some business risks are material and relevant to the external audit but others e.g. shoplifting in a retail environment whilst important (to the business) would not be material from an external audit perspective. Remember to link the risks back to the account balances you are expressing an opinion on.

The structure and citation of sourced work with references are to comply with scholarly conventions. Harvard system is preferred.

IMC has a Quick Guide to Referencing (Harvard Style) for your reference. This guide is available online and students can also get a copy from the library.

Please also see:

1. Library Guide: Referencing in Business
2. Moodle: Study Skills and Academic English Module (all students are enrolled in this course and have access to numerous resources helping to reference using the Harvard System
3. Students are welcome to book a consultation with Caroline Thornton, IMCs English Language, and Academic Skills Coordinator. She can give you help and support with referencing for assignments

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