MAA705: Corporate Auditing - Assurance Services - Report Writing Auditing Assignment Help

Assignment Task:

Part A (15 marks) 

Part A requires you to research and form an opinion on a contemporary auditing issue. 

Background At present, the Australian Auditing Standards are mandated for all audits conducted under the Corporations Act (2001). The standards are a “one size fits all”. Recently, in many jurisdictions, there has been discussion on the value of applying the Auditing Standards in small and non-complex entity audits. 

Required: Write a Business Report addressed to the Australian Auditing Standards Board in which you: 

• List the types of companies currently subject to an audit which require compliance with the Australian Auditing Standards under the Corporations Act (2001) 

• Discuss two advantages to society of all company audits being subject to the one set of Auditing Standards 

• Discuss two disadvantages to society of all company audits being subject to the one set of Auditing Standards 

• Conclude by stating your informed opinion on whether all company audits should be subject to the one set of Australian Auditing Standards or whether a differential set of Auditing Standards should be prepared for use on audits of small and non-complex audits. Justify your argument by referring to evidence sourced from relevant academic and professional articles. 

You must submit a properly referenced report that complies with Harvard referencing style. 

Part A of your assignment is addressed to the Australian Auditing Standards Board, therefore it must be written in a professional tone. 

Part B (20 marks) 

This task requires you to complete many of the audit procedures undertaken by the audit team in the planning stage of the audit. Your response to Part B will be marked by an audit practitioner from one of the Big 4 audit firms. 

Required: 

Based on the 30 June 2020 unaudited draft financial reports for Contessotto Agriculture Limited (attached in the appendix) prepare a planning memorandum for the audit partner which includes the following: 

a. Identification of four (4) major business risks of the company and an explanation of why each 

factor identified is a risk to the business. 

b. Results of analytical procedures. (Please include your workings in an appendix). You should prepare a horizontal analysis, a vertical analysis and calculate key ratios. Identify and explain which changes in the horizontal and vertical analyses and which ratio results would trigger further investigation in the audit. 

c. Your identification and explanation of four (4) inherent risks that you identify from the business risks (part a) and analytical procedures (part b). (Note: inherent risks relate to risks to the financial statements). Four inherent risks in total are required. 

d. Identification of the key account and the key related assertion at risk of material misstatement based on each of the inherent risks you identify in part (c). (Identify only the most relevant assertion, do not identify more than one).

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