2019 T3 ACFI3005 Assignment 3 - Case study.doc - FACULTY OF BUSINESS AND LAW ACFI3005 Auditing and Assurance Trimester 3 2019 Singapore Assessment 3 Due

2019 T3 ACFI3005 Assignment 3 - Case study.doc - FACULTY OF...

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ACFI3005 Auditing and Assurance Trimester 3, 2019 Singapore Assessment 3 Due: Week 9 – 11.59pm Thursday, November 7, 2019. Worth: 20% of final mark. Submission: via Turnitin. Part A - Discussion on the audit report The audit report is the key product of the auditing and assurance process. Using an essay format and the reading list provided in Blackboard, discuss the values, issues, and future of the audit report . You are required to cite at least three readings from the reading list. APA 6 th is required with an appropriate reference list. Note: You can find the readings under “Other References” in the document named “ACFI3005 HOMEWORK, WORKSHOP & READINGS PROGRAM”, under “Course Materials” Part B - Report Assume you are one of the audit team members who will conduct the financial report audit – year ending 30 June 2019 - for the a2 Milk Company Limited. Using the company’s 2018 annual report provided in BB (Week 1 material) and extra information given below, prepare a report dated July 15, 2019 for the audit manager outlining the audit plan. As it is the beginning of the audit do not prepare a final audit report/opinion. The report should cover the following areas under the suggested headings: 1. Risk Assessment From the annual report and extra information given: list potential significant risks, 1 FACULTY OF BUSINESS AND LAW
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for each risk listed, identify the type of risk (inherent risk or control risk) and its level (‘high’, ‘medium’, or ‘low’ in relation to the likelihood and materiality of the risk occurring), the associated financial accounts, and key assertions that would be affected, (A risk should be classified as ‘high’, ‘medium’, or ‘low’ if it is ‘highly likely’, ‘maybe’, or ‘unlikely’ respectively to be present and material.) Risk Assessment example : Sales growth Under pressure from the introduction of a new product, the company needs to generate sales to meet its budgeted targets. Therefore, there is a high inherent risk that sales accounts can be fictitious or overstated. The relevant assertion is ‘occurrence’ to ensure that sales are real and have not been overstated.
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