Audit Process and the Techniques used by Auditors - Specific Transactions and Account Balances - Accounting Assignment Help

Assignment Task :

Overview
Currently, auditors employ risk-based audit methodology in the conduct of audit assignments. Under this approach, auditors identify accounts most at risk of being materially misstated in order to better manage their audit assignments by allocate resources according to the assessed audit risk. Thus, the assignment’s objective is to provide students the opportunity to apply auditing and assurance standards, including audit theories and risk-based audit methodology into a real-life situation.

The purpose of this task is to: - assist students in learning key auditing concepts and to apply these concepts to a specified financial report of a real organisation

Assessment 2 is group assignment to be completed in groups of four. Each member of the group will need to contribute an equal amount of work to the report as all members of the same group will receive the same mark for the assignment. You can request for variation of number of members in a group by contacting the lecturer and providing reasons. Typical reasons include odd number of students in the block and students' employment conditions.

Learning Outcomes
LO1. Investigate the audit process and the techniques used by auditors including business risk analysis, internal control assessment, evidence collection and evaluation, use of computer assisted audit techniques and audit reporting
LO2. Investigate and develop an insight into the audit of specific transactions and account balances
LO3. Articulate the auditor's responsibility in completing an audit
LO4. Clarify and advocate other assurance engagements that can be offered by accounting firms

Instructions

1. Using the information on the organisation provided at the beginning of the block, download the annual report of the prescribed organisation;
2. Research the organisation at the economy, industry and entity levels;
3. Identify five accounts most at risk of being materially misstated by applying the analytical procedure - simple comparison to the income statement, balance sheet, statement of cash flows and statement of changes in equity.
4. Assess the audit risk of those accounts
5. Discuss your findings in a report
6. Submit your report via the designated dropbox on VU Collaborate.

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