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

Students are to form groups of 4 students to perform this analysis.
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
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 and text (and other) reading/research.
In doing this assignment you should use the concepts you have learnt from this subject and your own research.
Important: you are the independent or external auditors of the company and your ‘job’ is to express an opinion on the truth and fairness of the accounts.
Some business risks are material and relevant to the external audit but others e.g. shoplifting in a retail environment whilst important (to the business) would not be material from an external audit perspective.
Remember to link the risks back to the account balances you are expressing an opinion on.
Full details including assignment length (15 pages) is on the unit’s Moodle site. The assessment will contribute 20% to your final mark in this unit and is due in week 9.
For the assignment please assure a thorough edit and spell check using English (Australian). Minor errors, typographical mistakes and poor spelling detract from the quality of any report will be penalized.
Structure and citation of sourced work with references are to comply with scholarly conventions. Harvard system is preferred.
IMC has a Quick Guide to Referencing (Harvard Style) for your reference. This guide is available online and students can also get a copy from the library.

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