Audit Risk on The Company Financial Statement

Audit Risk on The Company Financial Statement

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TACC608 Auditing and Assurance

Task:

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 in 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 organisation that is of interest to them.

Your Mission

Students are to form groups of 4 students to perform this analysis. Your group 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 3. By this time you should have a better understanding of what auditing is based on what you have learnt from the lectures and text (and other) reading/research. In doing this assignment you should use the concepts you have learnt 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. Full details including assignment length (15 pages) is on the unit’s Moodle site. The assessment will contribute 20% to your final mark in this unit and is due in week 9.  For the assignment please assure a thorough edit and spell check using English (Australian). Minor errors, typographical mistakes and poor spelling detract from the quality of any report will be penalized. 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.

Instructions / Rules

1. The report should have appropriate headings and subheadings.  

2. In your report include references to other websites and articles.  

3. Ensure you have an appropriate Executive Summary.   

4. This work should be in one document such as Microsoft Word.  This assignment should be typed using Times New Roman font size 12, single spacing with appropriate headings and attention to spelling and grammar.  The report should not exceed fifteen (15) pages (excluding the list of references).

5. You should read additional material which should be included your sources in a list of references at the end of your assignment.

6. You are able to use any e.g. graphics you want. Feel free to be creative.

7. Whilst the assignment should follow academic standards in relation to non-plagiarism, recognition of sources etc.; the report presented should be of a professional (business) standard in terms of content and layout. It should include:

A Table of Contents

An Executive Summary

Appropriate use of headings, sub headings etc.

Single spacing and no ‘widows and orphans’ (paragraphs that go over a page)

8. The assignment is due at the start of the Week 9 lecture. Late submission – it is IMC policy that assignments cannot be submitted late without prior approval of the unit coordinator and only in extenuating circumstances supported by evidence. Assignments submitted late without prior approval will not be graded. 

9. You should physically hand your lecturer a hard (printed) copy of the assignment prior to the commencement of the lecture in week 9.

10. Your assignment must have the correct IMC sheet as its first page.

TACC608 Auditing and Assurance

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