BAO3306: AUDITING - Victoria University - Management Assessment Answer

Subject Code: BAO3306

Management Assessment Answer

Assignment Task: This assignment requires you to prepare a document to assist the Audit Manager in planning an audit. You must refer to the relevant chapters of the textbook for information relating to audit planning. Your submission for this assignment must not exceed 3000 words in length. You must attach a signed and dated assessment declaration sheet to the front of your assignment. You must ensure the clarity of your answer and the overall presentation of your assignment. The presentation includes grammar, spelling and compliance with the word limit. You must complete your assignment in a group of two Assignment must be submitted electronically AND in hardcopy.  Submission instruction Electronic submission: must be submitted via VU Collaborate. An originality report is available to students upon submission. Note: VU Collaborate may take up to 24 hours to produce a report. Assignment with originality report level of more than 30% may indicate that the contents have more than 30% in similarity with the assignment submitted by other students OR assignment has not been properly referenced. Assignment with originality report level exceeding 30% will be penalised by four (4) marks. Students can re-submit assignment on VU Collaborate as many times as necessary but the final submission both in electronic and in the manual format must be made by the due date. Hardcopy submission: must be submitted by the due date. A signed declaration form must be attached to the front of the assignment. Students must submit the assignment on VU Collaborate on the due date. Learning outcomes On successful completion of this unit, students should be able to:

• - Develop an appreciation of the reasons for the existence of a societal demand for audit and assurance services, and an understanding of the current environment in which auditors operate, including legal, ethical and professional aspects
• - Demonstrate an understanding of the key auditing principles, concepts and practices used by auditors to gather evidence and make judgments in order to form an audit opinion on the fair presentation of financial reports
• - Develop an insight into the audit of specific transactions and account balances
• - Be aware of the auditor’s responsibility in completing an audit
• - Obtain a basic understanding of other types of assurance engagement

Background The rationale for BAO3306 Auditing as per Unit of Study Outline is that on completion of this unit students should have a sound understanding of the underlying concepts of auditing and in particular of financial auditing. By adopting a logical, structured approach they should have the capacity to analyse the salient audit issues and apply relevant auditing theories and succinctly communicate their professional, ethical decision. One of the unit outcomes requires students to be familiar with key tools used by auditors for collecting and evaluating evidence, in both manual and computerised accounting information systems, which will enable them to express an opinion on the fair presentation of financial reports. To ensure the audit is carried out efficiently and in a timely manner, the auditor develops an audit plan for the conduct and scope of the audit. ASA300 states that the auditor shall plan the audit so that the engagement will be performed in an effective manner.

1. For the purpose of the assignment, you assume the role of an auditor and your firm has recently been appointed as external auditor of an entity. As required by Auditing Standard ASA300, you are assisting your Audit Manager in preparing an audit plan for the audit of the entity’s financial statements.
2. The audit fee is $130,000 and had been communicated to the client in the Engagement Letter.
3. You are required to download the 2018 annual report published by the following entity:- Kazia Therapeutics Limited
4. Using the information in the relevant chapters of the textbook, the company annual report and other relevant information, preparing a document for your Audit Manager to assist him in planning the audit. Note that quoting directly from the textbook does not meet the objective of the assignment.

Required With reference to relevant chapters of the textbook prepares a document for your Audit Manager. Your document must include the followings:

1. Executive summary
2. Introduction
3. Key information:
4. a) Gain an understanding of the client
5. b) Identify five (5) significant accounts most at risk of being Background

The rationale for BAO3306 Auditing as per Unit of Study Outline is that on completion of this unit students should have a sound understanding of the underlying concepts of auditing and in particular

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