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1 ACC/ACF3600 Auditing and Assurance – Semester 1, 2020 Audit Practice - Audit Risk Assessment (25%) Due Date: 4 PM, Monday, 25 May Learning Objectives “For some time, regulators have referred to a lack of professional scepticism among auditors as a major issue in audit quality. Regulators argue that were auditors to be more sceptical, more misstatements in financial statements would be uncovered through the audit process. Despite increased awareness among auditors of the importance of professional scepticism in ensuring audit quality, regulators continue to refer to a lack of professional scepticism in their oversight reports.” (ACCA, 2017 p. 5). In this assignment, you will practice audit planning and risk assessment by applying the knowledge you learned in class to a real company. In addition, this assignment is designed to cultivate your professional scepticism and critical thinking. In the process of doing this assignment, you will also learn industry-wide knowledge of the targeted company and how to apply analytical procedures. As what auditors do in their working papers, you will learn how to justify and support your audit decisions with evidence. Targeted Company Please choose ONE of the following companies for your assignment. Your analysis should focus on the company you select, that is, do not cover all of the companies listed below. 1. Commonwealth Bank of Australia 2. Woolworths Group Ltd 3. Sonic Healthcare Ltd 4. Goodman Group 5. Telstra Corporation Ltd Tasks Assume that you are an auditor assigned to the audit of the company you choose and you are at the Risk Assessment Phase of the audit of 2020 Financial Report. You are required to complete the following audit planning tasks: (1) Provide a brief understanding of the entity and the industry. (2) Evaluate audit risk and going-concern risk. (3) Identify and justify two key audit matters. (4) Calculate the Planning Materiality for the 2020 audit. Explain and justify your assumptions, choices, and calculation. 2 (5) Identify two key accounts by analysing financial and non-financial information. Explain and justify your choices. (6) For each key account identified, identify one key assertion at risk of material misstatement. Explain and justify your decisions. Please search for related news, browse websites, read previous financial reports, read reports by journalists and analysts, collect information from different sources, and conduct empirical analyses. The 2020 annual report has not been released, so you need to rely on the financial and non-financial information available at this moment to do your analysis. Logical reasoning and corroborative evidence are critical in this assignment. 3 Instructions You need to support your decisions by your own analysis and other evidence. Both financial information and non-financial information are important. The assignment must include appropriate referencing, including relevant standards if applicable. Please ensure your work complies with the Q Manual requirements for structure, presentation and referencing. Information sources and references should be stated. There is no need for a summary of your report, introduction or conclusion. If these are provided, we will not read nor mark these. Please simply answer the questions denoted above within the specified word limits. No restriction on your style. However, the assignment submission has to be in an appropriate format and written well (i.e. logical as well as minimal grammar and syntax issues). Clear presentation and communication are expected. Do not cut and paste from the financial reports or audit reports or academic and professional references. Your answers must be in your own words. Remember that your marker would have read all the reports and references before marking your assignment and can easily detect plagiarism, which will be dealt with severely including mark penalisation. Where direct quotes are used to support your answer, please provide in-text references to the report. Please submit a softcopy of the assignment (in PDF) via Moodle by 4 PM, Monday, 25 May. We will use Turnitin to check the plagiarism percentage. Penalties will be applied for late submissions as outlined in your unit guide. Please indicate your name and ID clearly on top of each page. DO NOT include a coversheet for the softcopy submitted. You must attach a Summary Table and follow the Table Format (Template Example) as suggested. No words count for these tables. 1,500 words in total (10% allowance, not including references). 12 font size, Times New Roman, 1.5 space. The penalty for late lodgement is 10% per business day late with no assignment to be accepted five business days after the due date. 4 Marking Criteria Comprehensive, detailed, and rich information and evidence are provided. Reasonable and logical reasoning is provided. Corroborative evidence is provided. Adequate and robust analysis is conducted. Communication and presentation are of high quality. Component Marks Comment Company’s and industry description /4.0 □ Audit risk and going- concern risk /5.0 □ Key audit matters /4.0 □ Planning materiality /4.0 □ Key accounts and key audit assertions /5.0 □ Communication and presentation /3.0 □ Final Mark /25 Marks 5 Template Example- Summary of Table Key Facts of XXX Company May include… Basic information and industry Major products and major competitors Business model Other important information. Evaluation of Audit Risk and Going-Concern Risk Inherent risk Control risk Detection risk Going-concern risk Key Audit Matters Key audit matter 1 Key audit matter 2 Planning Materiality Materiality basis Percentage applied Dollar amount of planning materiality Key Accounts and Key Assertions Key account 1 and its key audit assertion Key account 2 and its key audit assertion