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ACC300
AU
Kings Own Institute
Purpose of assignment
The purpose of the assignment is to build your skill to research and explore specific aspect(s) of auditing and assurance as a group, and prepare and submit written work in academically acceptable format linking your KNOWLEDGE of auditing standards, corporate law and auditing guidelines and ethical standards to the world of corporate auditing for an Australian Listed company.
This is a two-part assignment. In Part A of this assignment, you are required to carry out a risk assessment of Xero Limited, a company listed on Australian Stock Exchange, and prepare a plan for audit of this financial report audit engagement for the year ending 31 March 2020. You have worked as the manager of this engagement for the past five years. You are now asked to present written response on three key segments of the audit plan primarily based on the audited financial report of the company for the year ending 31 March 2019 and other publicly available information on the (a) five key facts about the company, its management and governance, (b) analytical review of company’s performance and financial position, and (c) discussing five main matters that are required to be addressed for planning the audit for the year ending 31 March 2020.
In Part B you are required to submit a research essay on the effectiveness and efficiency of the current regulation of company audit in Australia and around the world. It appears that the future of auditing and auditors are set to be significantly revised and rewritten.
You are the audit manager of Ernst & Young, Chartered Accountants, Wellington for the past 5 years. Your engagement partner asked you to carry out a risk analysis and audit plan of Xero Limited for the year ending 31 March 2020. The engagement partner called you in his office on 1 June 2019 and asked you to complete the following preliminary planning tasks and report to him on 30 June 2019:
You are therefore required to prepare a written report
(i) Explaining four key facts about the company that highlight company’s business and audit risks for financial report audit of the year ending 31 March 2020
(ii) critically reviewing company’s history on four main aspects of performance and financial position for financial report audit of the year ending 31 March 2020
(iii) discussing four main matters that are required to be addressed for planning the for financial report audit of the year ending 31 March 2020
Regulation of company audit has attracted many media headlines for wrong reasons. The auditors and regulators have drawn significant challenges and criticisms in recent years around the world, especially for audit services provided to large listed public interest entities. Some auditing scholars believe that there is hardly a future for financial report auditing unless auditing, auditing profession and its regulation and quality is significantly overhauled.
You are therefore required to prepare a written research essay
(i) discussing four key regulatory failures in the audit of large corporations listed on stock exchange
(ii) discussing four recommendations of regulatory reform to ensure proper conduct of large public interest entities and its management and governance
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