Critically examine the Auditors’ opinion in the “Independent Audit report” and importantly focus on the “Key Audit Matters” of a high-profile international company’s latest Annual Report.

INSTRUCTIONS FOR THE INDIVIDUAL CASE STUDY ASSIGNMENT (Assessment Task 1 – Written report) Case study The Chief Audit Officer of Australian Securities & Investments Commission (ASIC) has appointed you to critically examine the Auditors’ opinion in the “Independent Audit report” and importantly focus on the “Key Audit Matters” of a high-profile international company’s latest Annual Report. Required: You need to use Risk-based auditing approach, auditing concepts and auditing methods learnt in this unit to conduct this investigation and report on the major issues reported, particularly in the Key Audit Matters by the Auditor, such as: Valuations Goodwill Inventory Capital assets Financial instruments Estimations Leases Going concern Internal control Corporate governance Business risks Corporate strategy Risk management systems The above list is illustrative only and your case study report is NOT required to address all the above-mentioned topics. You can include other topics of this unit, as related to the company assigned to you for investigation and then derive your conclusions and recommendations. For this purpose, you need to use Australian Auditing standards and case laws and other information which you have learnt in this unit, such as: ASA 315 – Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment ASA 320 – Materiality in Planning and Performing an Audit ASA 330 – The Auditor’s Responses to Assessed Risks ASA 560 – Subsequent Events ASA 570 – Going Concern ASA 700 – Forming an Opinion and Reporting on a Financial Report ASA 705 – Modifications to the Opinion in the Independent Auditor’s Report ASA 706 – Emphasis of Matter Paragraph and Other Matter Paragraphs in the Independent Auditor’s Report AND APES 110-Code of Ethics for Professional Accountants Important: The above list again is illustrative only, and your case study report is not required to address all the above-mentioned auditing standards. You can include other auditing standards covered in this unit, as applicable to this company. Please use the Australian Standards of Auditing (ASA) even if they are NOT Australian companies, as they are based on International Standards of Auditing (ISA) in order to derive your conclusions and recommendations. Report structure Please ensure that the individual written report of your allocated company has the following six (6) main headings in its structure. Marks will be given specific to these main headings as per the Marking Criteria below: Executive Summary Introduction Methodology Findings Implications of findings Conclusions and recommendations Marking Criteria The Marking Criteria for the individual written report on the allocated company is: Report Conventions : 5.0 Marks Executive Summary Introduction Research : 5.0 Marks Methodology Findings Application : 5.0 Marks Implications of findings Conclusions and recommendations Written Communication Skills : 5.0 Marks Total : 20.0 Marks The Marking Criteria has a Marking Rubric available in Canvas by clicking on: Assignments > Individual Case Study Assignment > Feedback Resources Please refer to the resources mentioned in Canvas by clicking on: Syllabus > Textbook & readings > Gay & Simnett (2018) 7ed Modules > Significant readings and journals and Important websites: Australian Auditing Standards – Auditing & Assurance Standards Board – Australian Government: https://www.auasb.gov.au/Pronouncements/Australian-Auditing-Standards.aspx APES – Code of Conduct for Professional Accountants: https://apesb.org.au/standards-guidance/apes-110-code-of-ethics/ Company annual reports, websites, professional & business magazines, textbooks; academic papers, newspapers and video clips. Please research the information and develop its logical flow, as it will also assist you in structuring this case study report.

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