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ACCT6006 Auditing Theory and Practices
Questions:
Instructions:
Review the Financial War 2021 audited annual reports including financial statements presented to the shareholders for the following organisations: Flight Centre Travel Group Ltd, Nansonics Ltd.
Assume that your audit team is responsible for planning the audits for both companies for the most recent financial year. Discuss your strategies addressing each of the tasks below) 1.Identify at least three inherent risks that you would have to consider for each company in the audit planning phase and justify your answer. Cite the relevant ASAs/ISAs to support your answer. (10 Marks)
2.Which audit procedures and/or tasks would you have planned to carryout in response to the inherent risks identified above? Cite the relevant ASAs/ISAs to support your answer. (13 Marks)
3.Carly out an analytical review on the financial statements of these companies in the planning phase and identify areas of concern )high risk, problem areas) or comfort. Identify at least three areas for each company and justify your answer. (10 Marks)
4.Which audit procedures and/or tasks would you have planned to carry out in response to the high risks or problem areas identified above? Alternatively, in relation to which area would you have minimised your evidence gathering procedure? (10 Marks)
5.Discuss ethical and legal responsibilities/liabilities of the auditors in case they would have givenan inappropriate audit opinion. Discuss safeguards available to the audkors. (6 Marks)
Effective communication, Presentation quality and peer review (6 Marks +3 Marks 4. 3 Marks)
The report should be expertly presented, persuasive, logical communication, coherent and consistency is expected throughout (e.g., formatting, language style, and linkages between the parts). Each group member is required to assess other members based on collaboration and contribution towards the assewment tasks. Please include the peer review commentary at the end of your assessment after the conclusion section. Peer review marks must be allocated in line withthe leaming rubric placed at the end of the assessment brief.
ACCT6006 Auditing Theory and Practices
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