Auditing & Assurance

1. (A). Identify at least three (3) inherent risks that you would have to consider for each company in

the audit planning phase and justify your answer.

(B). What audit procedures and/or tasks would you have planned to carry out in response to the

inherent risks identified by you in (A) above? See the required format for your answers below

2. (A). Carry out an analytical review on the financial statements of these companies in the planning

phase and identify areas of concern (high risk or problem areas) or comfort. Identify at least

three (3) points for each company and justify your answer.

 (B). What audit procedures and/or tasks would you have planned to carry out in response to the

high risks or problem areas identified by you in (A) above? Alternatively, in relation to which area

would you have minimised your evidence gathering procedure? See the required format for your

answers below

3. An Independent Auditor’s Report to the Members has been issued for each company:

(A) Identify the type of audit opinion issued by each auditor, and justify your answer.

(B) Do you agree with the type of opinion issued by the auditor? Why or why not? Please indicate

an alternative audit opinion if you do not agree with the one issued.

(C) Are there any other matters or events that have taken place after the issue of the audit report

that strengthens or weakens the auditor’s opinion?

4. In relation to corporate governance research and justify your answer to the following questions-

(A) Do the above companies have any process relating to corporate governance? Under which

section of the annual report would you expect to find information on it?

(B) Do the companies have an audit committee and does it have the correct composition?

(C) In your team’s opinion, are audit committees of benefit to the auditor, the company, the

auditing profession and/or society as a whole? 

 



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