MAC005 - Issues in Auditing & Assurance - Key Audit Matters - Report Writing - Auditing Assignment Help

Assignment Task

Objective
MAC005 covers a range of important theory and practice of issues in Auditing & Assurance. The main purpose of this assessment is to provide students with the opportunity to extend their understanding and practical application of key audit skills (Analytical Review Procedures / Obtaining and understanding of the client) which are used throughout an audit and in practice and can be used to highlight potential earnings management issues. The assessment will allow students the opportunity to prepare audit workings with information typically contained in “Key Audit Matters” reports and current audit work paper folders. This will further enhance a student’s knowledge by applying the theory learnt to develop a practical document used in many audit engagements. You will acquire a range of excel skills such as writing formulae to perform accounting analytics and summarising your results using pivot tables, graphs and slicers. Those skills will enable you to prepare an accounting analytics dashboard which will enable reviewers to understand your approach, analysis and conclusions. You will be required to analyse the financial information of an Australian listed entity using Analytical Review techniques such as DuPont Analysis, Common Size, Trend Analysis and the Beneish M-Score models to identify:
• any potential earnings manipulation, and / or
• Accounts considered as having a higher audit risk.

Once you have completed the analytical procedures you are required to submit “Audit Work papers” outlining the key material accounts which will require further investigation and the audit approach / procedures / assertions you believe will be appropriate given your analysis. Students will be required to act as an Audit Senior involved in the Audit of the listed entity who is completing the Audit Planning and is responsible for the effective audit risk assessment. The results of your review will need to be summarised for your Audit Manager highlighting areas of concern and recommendations in terms of changes to the Audit Approach.

Assertions Covered
• This section summarises your risk assessment for each area of audit focus by identifying the account / area that is at risk, your assessment as to why it is at risk (your perspective based on the literature reviewed and ratio analysis conducted) and the audit work that is planned. It emphasises your

Conclusion
• Concludes on whether the account is fairly stated / materially correct or otherwise based on the work performed.

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