TACC608Auditing and AssuranceServices,S22020:Group projectassignment- Audit risk(Due date:Week 9, at 11.59pm (or 23:59) on Sunday 20 Sep 2020).

Value:the same group markis15%and the individual markis15%, adding upto30%(of the total mark of this unit).

Assignment Background

In the unit,we cover a wide range ofissuesregardingAuditing and Assurance Services,including numerous case studies in varying depth.

There is obviously not enough time to cover everything in depth.

This assignment enables students to examine in more detailAuditing andAssuranceServicesconductedin companies that are of particular interest to them.

It can also be started from 'Day 1' of the semester and will enable students to explore the wonderful world ofAuditing and Assurance Servicesby doing their own research on howthey arepractised in an organisation that is of interest to them.

Your Mission

Students are to form groupswith4or 5studentsin each groupto perform thisgroup project.

Each group will select a listed public company from the ASX200.

Your group will identify the major audit risk areas (at least 2) for your selected company.

For each audit risk, your assignment should:

explain the potential impact of the audit risk on the company's financial statements,and

detail the auditing procedures to verify the account balances impacted by the risk

In doing this assignment you should use the concepts you have learnt from thisunitand your own research.

Important: you are the independent or external auditors of your selected company and your 'job' is to express an opinion onthe truth and fairness of the accounts or financial statements.Some business risks are material and relevant to the external audit. However,otherriskswouldNOTbe material from an external audit perspective, although these risks areimportantto an audit client. For example,shopliftingbycustomersin a retailcompanywould notbe material from an external audit perspective, although this risk isimportantto theretailcompany (the audit client). This is because this risk, to some extent, is not directly related to fraudulent financial reporting.Remember to link the risks back to the account balances you are expressing an opinion on.

Note: While you can do background research etc.,you shouldn't start writing this assignment until after week 3. By this time,you should have a better understanding of what auditing is,based on what you have learnt from the lectures andother learning materials.

Research andnot just restating theory

Note: The assignment involves a great deal of research and requires you to demonstrate a high level ofassociated research skills.

Students are expected to conduct extensive research in completing this assignment and to clearly display the results of their research in the presentation of theirassignment.

Students should not just restate theory from auditing textbooks.

Students' research should look at the actual ASX200 listed company selected,along with (potentially) its competitors, industry, economic environment/outlook, market...etc.

please Answer( solve) according to this structure.

A history and the organisational structure of the chosen company from ASX200;

A brief description to audited areas defining the objectives of audit, scope, a Material findings;

Obtaining evidences;

Factors affecting the scope of audit and underlying assumptions;

Opinion following the principles of AUS 702