1 ACW3041Auditing and Assurance Assignment Semester 2, 2018 GROUP SUBMISSION – 15 percent PART A “The way in which auditors report on listed entity audit reports is currently undergoing one of the most significant changes in recent times, which has culminated in the creation of the new auditing standard ASA/ISA 701” (Moroney et al. 2017, p. 422). According to the new reporting requirements, audit reports have to present greater information about the audit work conducted by the auditors than in the past. Auditors are required to use this expanded audit report format for all listed clients from December 15, 2016 onwards. INSTRUCTIONS 1. Each group will be assigned twenty(20)Main Board public listed companies (PLCs) in Bursa Malaysia. The group size should not exceed 4. The formation of the group will be as follows: First, find a friend/pal to partner with for the group assessment Second, other group member/s will be allocated to you before Week 3 and your Group will assigned with a Group ID. 2. Each group is to download 20 annual reports (ARs) for the last 3 years, i.e. 2015, 2016 and 2017 to extract the required information in the given Excel template. 3. Each group will print the Auditors Report section from the ARs from 2015, 2016 and 2017 for the pre- and post-review of the enhanced Auditors’ Report. REQUIRED Your task is to collate the information from the ARs that you have downloaded in (2) and (3) above and conduct an analysis of the following: (a)Prepare a schedule of the descriptives of the companies for each year that you have downloaded. The template for the description schedule is provided. (Total 2 marks) (b)Across the portfolio of the listed companies, what are the common‘Key Audit Matters’ (KAM) disclosed in the audit report? You need to create a table to summarise the common KAM using available information collected in (a) above. Appraise and explain why these KAMS are common (i.e. why do you think they are connected in nature or type).
2 Maximum 500 words. (Total 2 marks)
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- Spring '19
- Financial Accounting, Auditor's report, audit reports