Auditing

Assignment aims

This assignment is designed to consolidate your learning of the key skills and knowledge needed when facing a financial report audit of a company, and how to analyse, research and pinpoint facets of the company that require auditing attention.

Background

For the purposes of this assignment, you are to imagine that you work as an Audit Manager for a company called Amazing Accountants. Your new audit client is a listed company in Australian Stock Exchange (your choice). The client has asked you to perform their financial report audit for the financial year ended 31 December 2020. You will perform your audit for this client in all parts of the assignment. 

Part 4 Question

Design FIVE (5) substantive procedures for the transactions and balances discussed in Part 3 and justify why you select these substantive procedures for EACH of the following scenarios:

1. Your proposed tests of controls in Part 3 PASSED. 

2. Your proposed tests of controls in Part 3 FAILED.