THE COMPANY NAME IS IDP EDUACTION LIMITED (ASX CODE IEL)

vacation program, you assisted an audit senior with planning a medium-sized company, including developing appropriate substantive audit procedures. You have one more semester to complete your postgraduate course and have indicated to the audit manager that you would like to work full-time at the audit firm upon completing your course. The manager wants to assess your ability to apply the knowledge you gained to the audit planning process, develop appropriate substantive procedures, and develop your report writing skills. You are required to address the following in your report (refer to rubrics on pages 5 & 6 of this document for a breakdown of marks and achievement criteria by component): 1) Identify 4 business risks of The Company that will increase the risk of material misstatement (specifically inherent risk) at the assertion level for classes of transactions or account balances. For each business risk, identify only 1 class of transaction or account balance (income statement or balance sheet line item), and for each class of transaction/account balance, please identify the assertion most (only one) at risk of misstatement. You need to explain why each business risk will lead to a risk of misstatement to the specific class of transaction/account balance and assertion you have identified. 2) Describe, in detail, the appropriate substantive procedure that will address each class of transaction or account balance and assertion identified as at risk of material misstatement. The description of procedures must be detailed enough for someone with limited auditing knowledge to carry out the procedures correctly. 3) Additional Requirements: A. Do not use the same combination of account balance/class of transaction and assertion as used in the sample case study discussed in week 6 and week 12 (Refer to workshop notes for weeks 6 and 12). Page 3 Kaplan Business School Assessment Outline 2024 T1 B. Refrain from repeating the same combination of account balance/class of transaction and assertion in your answers. For example, if you have identified the existence of inventory as the assertion and account balance at risk of misstatement for your first business risk identified, do not use the existence of inventory for the second, third or fourth business risk. You can identify inventory as at risk but for an assertion other than existence, or you can identify the existence of a different account balance to be at risk of misstatement. Remember, though, that whatever account balance/class of transaction and assertion is identified as at risk of misstatement, you must logically and convincingly explain why this is the case based on the business risk you have identified. 2 (description of appropriate substantive procedures) as the substantive procedure will be the same. D. You must include the following in your report: a)b) Table of contents c) Executive summary d) Introduction e) Body of the report f) Conclusion g) References . Possible Sources of Information for the assessment may include: 1. The latest annual report of The Company 2. The Company website 3. The Company 4. News articles on The Company 5. Corporate Governance Statements of The Company