HA3032: Auditing- HOLMES Institute- Beacon Lighting Group Limited- Auditing Assignment Help

Internal Code: 1HEEG

Auditing Assignment Help:

Task: Company name is: Beacon Lighting Group Limited Developing an Audit Program for a selected listed Company The objective of this group assignment is to provide you with an opportunity to design an audit program  for a real world company and focus on the “Substantive tests of balances”, which involves substantiating the ending balance of an account(s), which is comprised of multiple transactions, as at a certain year-end date 1. Select a listed company from the current ASX List. 2. Understand the nature of the entity and its industry, including the following items: a. Business operations b. Investments and investment activities c. Financing and financing activities d. Financial reporting practices 3. Perform analytical procedures of the Statement of Financial Position and of Financial Performance over the last three years using appropriate ratios and metrics. Select four key ratios and provide a  brief explanation in the report. This can be presented in a table format. 4. Discuss with your group members which account balances are considered “material”. Explain how  you calculated materiality for planning purposes and provide appropriate justification for your  decision-making.(Note - Use a table format to structure your answers to questions 5, 6 and 7.) 5. Select up to ten different material account balances, at least five assets and five liabilities. 6. For each material account balance selected, list the relevant financial report assertions and explain  why the selected assertions are applicable to each account. 7. Design a comprehensive set of audit worksteps for each material account balance, which addresses  the selected assertions and which will result in sufficient and appropriate audit evidence being collected for your selected client company. (Assume that a predominantly substantive approach is being adopted)