Assessment topic: Client evaluation / Key Audit RisksTask details: {Woolworths supermarket, Australia}

Choose an ASX listed firm. {Woolworths supermarket, Australia}

1. To demonstrate your understanding of the firm, provide a detailed description of how it conducts its operations. This must include a description of its revenue streams, products and services, business processes, competitive environment, strategies, management and governance. The appendix to ASA 315 will help guide your response. The information presented should be reflective of your in-depth understanding of how the company operates, not merely a summary of information from the annual report.

2. List and explain three key audit risks which would impact on the audit of the firm. Include the account and assertion most affected by the risks identified. Be sure to link audit risks to their applicable business risks (from your research in sections 1 and/or other applicable research).

3. Submission should be presented in a format as if it was to be presented to a meeting of senior auditors at your accounting firm and should be designed and laid out so as to most effectively impart your key messages. It should be succinct, and extensive use of diagrams, tables and graphs is encouraged. The report should also be coherent and consistency is expected throughout (e.g., formatting, language style, and linkages between the questions). Note that groups who split up the questions and work independently are likely to have more difficulty accomplishing this objective compared to groups who work on each of the parts collaboratively. Note, merely complying with the presentation guidelines will receive low marks for presentation. To gain full marks, student will need to present their assignment in a highly professional manner.