BUACC 5935 AUDITING AND ASSURANCE SERVICES This is an individual assignment. Word limit: 2000 words limit (excluding references). Students must fully reference the sources of all materials (i.e., textbooks, journals, newspapers, internet, etc), even if you have re-expressed the ideas, facts or descriptions; acknowledge all direct quotations; and not submit their work that has been researched and written by another person. Plagiarism is heavily penalised. Format of the Assignment: Title Page student names and student IDs. Part A Answer References Appendix ASSIGNMENT Part A: Based on the 31 December 2019 Annual Report for Woodside Petroleum Limited (available on Moodle), prepare a planning memorandum for the audit partner which includes the following: Required: 1. Identify four major business risks of Woodside and provide a detailed explanation of why each factor is identified as a risk to the business. 2. Results of analytical procedures. It is recommended that you prepare a trend analysis and prepare key ratios (Examples of a trend analysis and ratio analysis are available on Moodle). Identify and explain which changes in the trend analysis and ratio analysis would trigger further investigation in the audit for Woodside. (Please include your workings in the Appendix). 3. Identify four inherent risks that you identify from business risks and analytical procedures in parts 1 and 2. (Note: business risks are not the same as inherent risks). 4. Identify a key account and a key related assertion at risk of material misstatement based on the inherent risks you identify in part 3. (Note: Identify a key account and a key assertion for each of the four inherent risks identified in part 3). 5. Calculate planning materiality in a $ amount. You must include a breakdown of your calculation and a justification of your choice of base, the percentage used and your assessment of detection risk. Assume control risk is high. (1,800-2,000 words) (12 + 20 + 12 + 8 + 8 = 60 marks) - End of Document