ACCT5015 Applied Corporate Governance & Auditing_Final Assignment_Semester 1 2020
Assignment 3_ACCT5015_Semester 1 2020
Value: This assessment task accounts for 50% of the final mark.
Due Date: Tuesday 23 June, 2020 – 5:00pm (Note: Due date extension is not available and late submission penalty will be strictly applicable). Hence, please work on report being proactive.
Words Limit: There is no words limit, as a hint, it may range between 1500–4000 words and exceeding the word limit is allowed. This words count is inclusive of in-text references but exclusive of end-of-text references and appendices.
Marking: Assignment will be marked based on identification of issues, evidence based analysis, application of disciplinary knowledge, critical analysis, quality of communication and presentation and referencing. Please refer to the rubrics available on Blackboard.
Task: Report on Audit Related Issues
You have been allocated an Australian Listed company, please see the “Companies List” file. Your company remain same for this Assignment as allocated for Assignment 2.
Otto energy limited
Please critically review the company’s information from audit report, annual report, company website, news media, CSR report, regulatory authority websites such as ASIC, corporate governance statement, and any other relevant information channels. You are required to provide commentary on a number of audit related matters. In order to provide you guidance, the specific requirements and structure of the report are given below. Please understand these requirements carefully and respond in the best possible way.
Introduction and Summary:
In this section please explain the objective and scope of this report. Provide some introduction about your company and auditor. Summarise key findings and contents from your analysis.
Auditor Independence:
Please explain factors affecting the perceived or actual independence of auditor. Any issues creating threats to auditor independence and situations where auditor may be compromising principles of ethics.
Planning and Risk Assessment:
One of the important sections of this report requires you to explain the following items about your chosen company:
As part of planning and risk assessment phase of audit identify and explain the factors increasing or decreasing the inherent and control risk. Commentary on the situations raising the risk of fraud and going concern risk with proper justification. Also, please identify and explain the key account balances and assertions likely at risk.
ACCT5015 Applied Corporate Governance & Auditing_Final Assignment_Semester 1 2020
Audit Strategy:
Please comment on the appropriate audit strategy, materiality level and suggest detailed audit procedures you would have performed in response to the risks / assertions identified above.
Key Audit Matters:
Please refer to the audit report and identify key audit matters. Explain how these matters are material and relevant to the risk of material misstatements in financial statements.
Subsequent Events:
Identify and comment on the subsequent events related to the financial statements which might have been identified in the audit report and financial statements notes. Explain how these matters impact the audit report for the current year or next years’ financial statements / audit report.
Audit Reporting:
Identify the type of audit opinion and explain key issues impacting the audit report modification such as qualified opinion, any emphasis of matter paragraphs or any going concern opinion.
Conclusion and Recommendations:
Provide any overall conclusion and in relation to factors discussed above such as auditor independence, planning of audit and audit reporting. Provide any recommendations for the matters discussed above.
References and Appendices
In addition, please note that, the assignment must be very well presented with font size 12 point, Times New Roman font, paragraphs (not dot points), File Format and File Name .MS Word with a file name “Student ID_ACC5015_S1_2020_Tutor name.
Plagiarism is a serious academic offence. Students should become familiar with Curtin policy on plagiarism to avoid committing the offence. Student Guidelines for Avoiding Plagiarism and Student Checklist to Prevent Plagiarism can be downloaded from http://academicintegrity.curtin.edu.au/global/studentbook.cfm.
The soft copy of your work must be submitted via Turnitin on Blackboard. (You can refer to http://www.youtube.com/watch?v=PcbGIAcNXjs for how to submit your Turnitin assignment.
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