Individual assignment #2 (due by 11pm, 29/09/13 end of week 9 via Moodle submission link)
Assume that you are audit senior in an accounting firm. Your firm has recently won an audit for a company that you selected in assignment 1. However, your firm does not have any other clients that operate in this industry. Your audit partner is concerned about his lack of knowledge of the industry the company is operating in. He is aware of the requirements of ASA 315 (par 25 and 26).
Your audit partner asks you to prepare a memo on the ‘state of the company’s industry’ and associated risk factors.
Required:
Prepare a list of all useful sources that you can use to obtain the required knowledge.
Prepare a memo to the audit partner on the ‘state of the company’s industry’ and associated risk factors.
Suggested five most important general balance-related or transaction-related audit objectives based on your finding of the risk factors.
General requirement:
The length of the writing / essay must not exceed 1000 words. Words in Bibliography or Reference Lists section are not included in the word count.
4 marks will be given for the contents (sources and understanding of industry and able to link audit objectives with findings) and 1 mark will be given for correct referencing (Harvard or APA) and clear paragraph structure (topic sentences in paragraphs and show coherence with careful proofreading)
Please note that this is an individual assignment and there is no tolerance for collaborations between students in completing this assignment. Assignment suspected of committing plagiarism will be penalised in the marks given.
Company’s name
Ticker used in ASX
Student’s name
Empire Oil & Gas NL
EGO
ALI