For the purposes of this assignment, you are to imagine that you work as Audit Manager for a company called Amazing Accountants. Your new audit client is a listed company in Australian or Singapore Stock Exchange (your choice). The client has asked you to perform their financial report audit for the financial year ended 31 December 2020.

Part 1 Question

Research information about your audit client and its industry. Your report will form part of the overall understanding ofac your audit client's structure and its environment. You should concentrate your research on providing findings from those areas that have a financial reporting impact. In conducting your research, you should consider any FIVE (5) of the following key market forces, as they relate to your audit client's operations.

1. General and industry-specific economic trends and conditions
2. Competitive environment
3. Product information
4. Customer information
5. Supplier information
6. Technological advances and the effect of the internet
7. Laws and regulatory requirements.

For the purposes of this assignment, you are to imagine that you work as Audit Manager for a company called Amazing Accountants. Your new audit client is a listed company in Australian or Singapore Stock Exchange (your choice). The client has asked you to perform their financial report audit for the financial year ended 31 December 2020.

Part 2 Question

Review the last audited financial statements and identify and justify FIVE (5) specific areas you think they should receive special emphasis during your audit?

Part 3 Question

Identify or assume TWO(2) high level/detective internal controls and propose a control test for each control in ANY of the following processes.

• Cash receipt and payment
• Sales and accounts receivables
• Purchase and accounts payables
• Inventory and Cost of goods sold
• Payrolls
• Non-current assets and Depreciation

Design FIVE (5) substantive procedures for the transactions and balances discussed in question (3) and justify why you select these substantive procedures for the following scenarios:

1. Your proposed tests of controls in question (3) PASSED.
2. Your proposed tests of controls in question (3) FAILED.

Part 5 Question

Assume that the global pandemic COVID-19 will cause a material impact to your audit client. What additional audit procedures and disclosures are required in your audit planning and audit opinion.