ACC 302 Auditing And Assurance

Assume that your audit team is responsible for planning the audit for the Woolworths Group for the year ended 30 June 2018. Discuss your strategies in relation to the questions noted below –

1. (A). Identify at least three (3) inherent risks that you would have considered for the company in the audit planning phase and justify your answer.

(B). What audit procedures and/or tasks would you have planned to carry out in response to the inherent risks identified by you in (A) above? 

2. (A). Carry out an analytical review on the financial statements of this company in the planning phase and identify areas of concern (high risk or problem areas) or comfort. Identify at least three (3) points for the company and justify your answer.

(B). What audit procedures and/or tasks would you have planned to carry out in response to the high risks or problem areas identified by you in (A) above? Alternatively, in relation to which area would you have minimised your evidence gathering procedure?