HI6026 - Business Risk, Key Assertions, Revised Auditing Standards and Audit Committee - Assignment Help

Purpose

This assignment aims to enhance students’ critical thinking skills and higher order application abilities through research and analyses of business risks including analytical procedure, assessment of audit risk, revised audit standards relevant to the audit quality, and audit committee role and governance practices.

Students will have to research relevant academic literature, including related organization websites and write in- text citations in this assignment. Additionally, they will demonstrate understanding and critical evaluation of the Australian conceptual framework for financial reporting and corporate governance mechanism including regulatory framework, and recommend future directions to Australian financial reporting regulators in relation to corporate governance principles and best practices including the newly revised audit standards.

Assignment Requirements – Questions

Each group has been allocated a subject company for completing this assignment. In the excel file “Find Your Company” located under “Assessments” on Blackboard, you will find the listed company that you have been allocated for this assignment.

Important note: You are NOT allowed to select your own companies. As a group you must complete this assignment with the subject company that your group have been allocated. Your assignment will not be marked if you use a different company to the one that you have been allocated, or you will be asked to resubmit your assignment using the correct company. Students are not allowed to complete the assignment using the same company as used by another group.

Go to the website of your subject company. Then go to the Investor Relations section of the website. This section may be called: “Investors”, “Shareholder Information” or similar titles. In this section, find the company’s annual report and other related reports. Download the firm’s latest annual report and other related information and reports and save it to your computer. For example, these reports may be dated 30 June 2020 or 30 June 2021.

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As a group assume that you have been appointed as the external auditors for your allocated company for the financial year ending June 2020 or 2021, prepare a report to adequately address questions one, (1) to four (3) below which are deemed to be important for the audit of your client.

• Critically discuss and evaluate in details the requirements of the revised You need to critically discuss the new requirements of the standard and explain the benefits of the revised ASA315 requirements if any and its impact on the audit quality. (15 marks)

• Gain an understanding of the nature and the business model of your allocated company, its industry and the environment in which it operates, then identify key business risks and the related implications. After this is performed, critically assess where the risks of material mis-statements could be in the financial report of your allocated You need to consider the factors affecting both Inherent Risk and Control Risk. (10 marks)
• Critically evaluate the nature and structure of the audit committee of your allocated company. You need to discuss the importance of the audit committee and what value if any does it add to the overall performance of your allocated (10 marks)

The assignment structure must be as follows:

1. Holmes Institute Assignment Cover Sheet – Full Name, Student , Contribution.

2.    Executive Summary

• The Executive summary should be concise and not involve too much
• It should make commentary on the main points only and follow the sequence of the
• Write the Executive Summary after the report is completed, and once you have an overview of the whole
• The Executive Summary appears on the first page of the

3. Contents Page – This needs to show a logical listing of all the sub-headings of the report’s contents. Note this is excluded from the total word
4. Introduction – A short paragraph which includes background, scope and the main points raised in order of There should be a brief conclusion statement at the end of the Introduction.
5. Main Body Paragraphs with numbered sub-headings – Detailed information which elaborates on the main points raised in the Introduction. Each paragraph should begin with a clear topic sentence, then supporting sentences with facts and evidence obtained from research and finish with a concluding sentence at the
6. Conclusion – A logical and coherent evaluation based on a thorough and an objective assessment of the research
7. Appendices – Include any additional explanatory information which is supplementary and/ or graphical to help communicate the main ideas made in the Refer to the appendices in the main body paragraphs,as and where appropriate. (Note this is excluded from the total word count.