Selected ASX company is AusNet Services.
 

6. Design a comprehensive set of audit work steps 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) 7. Include a sampling plan, which details how you will use sampling for each material account balance to be tested. How many items will be tested for eachtest? 8. Refer to some or all of the following websites for further information and research processes: http://www.auasb.gov.au/Home, http://www.asic.gov.au/, www.cpaaustralia.com.au, http://www.ifrs.org, Group Assignment Report - Marking Criteria Key Business Risk Identification Audit Risk Model - Assessment of Inherent Risk, Control Risk, Detection Risk Analytical Review of the selected company, including ratio analysis in a table Material Account Balance Identification (Minimum 5 x Assets and 5 x Liabilities) Assertions identified - Correct Assertions are stated and explanations are noted Audit Program - Audit work steps / procedures are clearly stated and listed. Sampling Plan for each material account balance with samples sizes. Weight Weighting % 4 4 4 10 4 10 4 40 Marks 10% 10% 10% 25% 10% 25% 10% 100%