Assessment 1: Scenario Analysis
This assessment is designed to assess your technical skills in understanding the topis covered in previous lectures effectively. You are required to analyse an audit scenario of an ASX listed large cap company.
This assessment requires you to academically analyze an audit scenario of an Australian stock exchange listed company which you can get by visiting the following link: https://www.asx.com.au/asx/research/listedCompanies.do
To complete the analysis, you need to visit the auditor’s report section of the annual report and then analyze the audit scenario of the company.
In particular, you need to analyze and report on the Australian legislative requirements for registered company auditor (RCA), audit firms, and auditor independence. More specifically, you need to analyze and report on the following:
- The Australian legislative requirements of the auditor independence.
- The Australian legislative requirements to be a Registered Company Auditor (RCA).
- The latest scenario of the Australian Audit Firms.
- A brief scenario of the audit client. (250 words)
- A brief scenario of the independent audit firm. (250 words)
- The key audit matters. (250 words)
- How the key audit matters have been addressed. (250 words)
- The key responsibilities of independent auditors. Mention the section of ASA/ISA. (250 words)
- Auditor’s opinion on the remuneration report. (250 words)
- Scenario of the audit committee of the company including the name of the members, their responsibilities, and their remuneration.