BBAC601: Audit Strategy - The Clients Business Structure, Environment - Management Assignment Help

Assignment Task:

Task:

INTRODUCTIONS
In this assignment you are assumed to be an auditor who has just been appointed by your auditing firm to perform the audit at a particular client. Your team is in the process of understanding the client and produce part of an audit strategy to help plan the audit for the 2020 financial year (1/7/2019 to 30/6/2020), in accordance with the Australian Standard on Auditing (ASA) 315 Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment, and guidance (paragraph A25 to A49). You are required to prepare an internal report that contains part of the Audit Strategy and send this report to your audit manager.

A unit?s intended learning outcomes (ILOs) are one of three inter-related components of a constructively aligned unit, the others being the assessment tasks and the teaching and learning activities. Upon completion of this assessment task you will achieve the ILOs for a unit that you are expected to achieve.
 

This assessment task directly relates to the following unit intended learning outcome.
- Analyse the client?s business structure, environment and assess the related business risks for a given financial audit (ILO c as per the Unit Outline).

This assessment task directly relates to the following graduate attributes.
- GA1 - Discipline Knowledge and Skills: Students are expected to demonstrate their understanding and application of audit planning, including acquiring an understanding of the company?s business structure and environment, assessing the related business risks to prepare an audit strategy that auditors produce in their conduct of the audit.
- GA4 - Information literacy and analysis and problem-solving skills: Students are expected to develop their capacity to be critical in their way of thinking, and to demonstrate their skills that help them identify and define problems, develop processes to address and eventually solve the problem within the discipline.

Preliminary analytical procedures
- Provide at least 8 comparisons or ratios (using formulas provided by the text book or lecture notes) for the current and the prior year.
- Comments on the ratios and any anticipated impact on the future audit work.
- Comments on the client?s ability to operate as a going concern.
 

Measurement and review of financial performance
- Identify the measurement and review of financial performance (e.g. Director?s remuneration, employees? performance measure and incentives, loans with conditions such as maintaining a specific liquidity ratios, etc.).
- Discuss the potential impact of those identified on the future audit work.
 

Objectives, strategies and related business risks
- Identify the objectives or strategies (any plan to develop new products or services, or to expand the business locations, use of information technology)
- Identify the related business risks (the risk that that an entity?s business objectives will not be attained as a result of external and internal forces brought to bear on an entity).
- Discuss the potential impact of those identified on the future audit work.

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