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ACCT20075 Auditing and Ethics
Question:
Company: CSL Limited
The object of this assignment is to assist students to develop critical analysis skills in relation to materiality used for the audit, analytical review, audit procedures and forming an opinion.
A marking rubric has been provided to assist you with the marking scheme for this assessment task.
The written assessment is to be presented in report format, the report. You must submit your Word document. The report is to have a maximum length of 2,000 words. APA referencing format should be used while referencing.
This is an individual assignment. Assume you are part of the audit engagement tech for your chosen listed company ie CSL limited. The most recent annual report is the draft annual report for the company. You are required to answer the following questions in this context. Please ensure you include citations and a reference list as appropriate.
You have been allocated an individual company for your assignment. You must only use the annual report of the company that you have been allocated. You can find the annual report online on either the company’s website or the ASX website at
https://www.asx.com.au/asx/research/listedCompanies.do Click on the company code CSL limited which have been allocated. You should use the group annual report if that is available. Eg. in this screenschot of Westpac you can see on the right hand side, there are two pdf documents available; you would choose the pdf 2018 Westpac Group Annual Report.
Note: The Westpac (screenshot) is only used as an example here to let you know from where to collect data from the website. The company you should discuss is CSL limited which is highlighted above to answer all the three question.
There are three sections to this assignment. Each section is worth 10 marks. Each section includes a component for communication skills. Communication with clients is an imperative necessity for auditors and excellent writing skills are expected from professional accountants, therefore please write your answers carefully and clearly. Best presentation, no spelling mistakes or no grammatical errors is highly appreciated
Section 1.
• Determine the level of materiality to be used for the audit of the group accounts for the year ending in 2018. Your answer should include a discussion of the nature of materiality, and a description of what materiality represents in terms of the audit of a set of financial statements, and should discuss the different bases and considerations employed in arriving at materiality.
Explain the rationale behind your choice of a certain level of materiality. Provide a quantitative estimate of materiality for your company.
• Review the various draft notes and disclosures accompanying the draft annual report. Highlight those that may have significance to the audit, eg. Contingencies, and outline the audit procedures that you will need to perform.
Section 2.
The partner has requested you to prepare a preliminary analytical review on the information provided by your company. The partner suggests that as a minimum you address key balance sheet and profit and loss ratios over the period 2015 to 2018.
Based on these results and the nature of your company’s business and its markets, outline the apparent trends and changes in these ratios, the key risk areas for the audit and the matters that will have to be addressed in the audit plan. Give examples of relevant assertions and at least one audit procedure for each assertion.
Section 3.
• Review the statement of cash flows. Which category of cash flows provided the majority of cash inflows? Which category had the greatest outflows?
Identify the primary cash receipts and cash payments during the year.
What were the main non-cash financial and investing activities?
Using the results of your review of the cash flows, evaluate the going concern risk of this company. What audit procedures would you recommend to address this risk.
• Review the audit report of the 2018 financial report. State what type of opinion was expressed?
Are there any additional sections or paragraphs indicating any audit issues? If any, describe the nature of these issues in detail.
Additional Information
In part A, discuss about materiality and also provide quantitative estimate of materiality of CSL limited.
For part B, find accounting ratio of company by reviewing financial notes of annual report which is normally found in balancesheet. While calculating accounting ratio, select some ratio like Account Receivable Ratio and explain about the ratio. Also need to find similar company put their ratio also and make comparision. Audit procedure example are AR and AP. Also need to find some issue in company and also mention which procedure need to be used to slove that issue
For part C, review cash flow of company
Need to interpret auditor report and after review of report mention which audit opinion is suitable for CSL company and also explain why this opinion is suitable . write in point about issue.
ACCT20075 Auditing and Ethics
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