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Audit Strategy - CSIRO

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Subject: Accounting
Due on: 08/21/2015
Posted On: 07/22/2015 01:00 AM

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COURSE ACCT 1056

AUDITING AND ASSURANCE SERVICES

Semester One 2012

Audit Strategy - CSIRO (Worth 30% of ACCT1056):

Following engagement, an auditor often develops an audit strategy to guide detailed planning. The strategy includes the auditors’ preliminary assessment of business risks, likelihood of fraud or failure to operate as a going concern, assessment of audit risk elements for key accounts or classes of transactions and the implications this may have on the auditors approach.

Individually, students are to develop an audit strategy for CSIRO. Imagine that you are on a team from an audit firm that has recently won the tender to audit CSIRO’s financial statements for 2010/11 on behalf of the Australian National Audit Office. You have been asked to submit an audit strategy to CSIRO’s next Board Audit Committee. NOTE: The strategy should be for the financial year ending 30 June 2011 (past) and not 2012.

The assignment must be delivered via electronic submission and hard copy no later than 11.00am on the Thursday of Week 10 this semester. All assignments should be marked to the attention of your tutor and have attached the assignment cover sheet signed by you.

Aspects of audit planning to consider:

  • You will need to gain an understanding of CSIRO. This could be from:
    • Website: .csiro.au/">www.csiro.au
    • Annual Report 2009/10: .csiro.au/org/Annual-Report.html">http://www.csiro.au/org/Annual-Report.html
    • Media commentary
    • A presentation on CSIRO that will be given at a lecture during weeks 5 - 6
    • Written questions to their internal auditors.
    • Do not make other direct contact with CSIRO. You can contact the CSIRO speaker for limited questions that cannot be addressed by the tutor.

· What are the key business risks to CSIRO and how will these impact the financial statements and your audit? What strengths or weaknesses in internal control have you identified?

· Through ratio, risk and other analysis form an assessment of going concern, the potential for fraud and the relevance of this for your audit. You may need to refer to the notes of CSIRO’s financial statements to calculate current assets & liabilities. What further steps will you undertake during the audit with regard to the risk of fraud?

· For three significant classes of transactions or accounts, identify preliminary audit risk components, proposed audit approach and four specific audit procedures for each that you intend to perform, one of which needs to be performed around balance date.

· Develop a timetable of when you will undertake your audit procedures leading to Board approval of the financial statements and distribution in August 2011.

Submission of the assignment (hardcopy):

  • Individual Assignment Cover sheet (signed by you).
  • Turnitin Report attached. You must submit your own work.
  • Title, and your Name, ID number.
  • Tutor’s name
  • Bibliography, Appendix (if required for tables). Appropriate referencing is required.
  • Word limit: 2000 words.
  • 2012 WIL ASSIGNMENT - ASSESSMENT REPORT (ACCT 1056)

    STUDENT NAME

    AND NUMBER: ________________________________________________

    Key: 1 = Poor to 5 = Excellent

    CSIRO Audit Strategy

    Originality

    Relevance/ Depth

    Company Description

    ( / 5)

    1 2 3 4 5

    1 2 3 4 5

    Understanding of business risks

    Ratio analysis

    Audit risk & procedures

    Analysis

    Further Comments:

    ( / 20) =

    1 2 3 4 5

    ( / 5)

    1 2 3 4 5

    ( / 5)

    1 2 3 4 5

    ( / 10)

    Significance & Originality.

    Supporting the analysis

    Conclusions

    Further Comments:

    ( / 5)

    1 2 3 4 5

    1 2 3 4 5

    TOTAL

    (30 Marks possible)

    /30

    Assessors name: __________________________________ Date: _______

Tags csiro strategy audit audit csiro strategy aignment statements risk analysis auditors financial fraud aement report required relevance originality contact develop submit ratio attached date signed need tutor procedures understanding

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Tutorial Preview …speaker xxx limited xxxxxxxxx that cannot xx addressed by xxx tutor xx xxxx are xxx key business xxxxx to CSIRO xxx how xxxx xxxxx impact xxx financial statements xxx your audit? xxxx strengths xx xxxxxxxxxx in xxxxxxxx control have xxx identified? · xxxxxxx ratio, xxxx xxx other xxxxxxxx form an xxxxxxxxxx of going xxxxxxxx the xxxxxxxxx xxx fraud xxx the relevance xx this for xxxx audit xxx xxx need xx refer to xxx notes of xxxxxxxxx financial xxxxxxxxxx xx calculate xxxxxxx assets & xxxxxxxxxxx What further xxxxx will xxx xxxxxxxxx during xxx audit with xxxxxx to the xxxx of xxxxxx xx For xxxxx significant classes xx transactions or xxxxxxxxx identify xxxxxxxxxxx xxxxx risk xxxxxxxxxxx proposed…
Attachments
81135_12684_1_TM__C_TTs190412-ebr636-13-(1).docx (37.27 KB)
Preview: audit xxxx that xxxxx will be xxxxxxxxxxxx in the xxxxxxxxx statements xxxx xxxxx the xxxxx has been xxxxxxx out and xx audit xxxxxx xxxxxx an xxxxxxxxxxx opinion has xxxx issued Another xxxxxxxx risk xx xxx relationship xxxx its partners xxx collaborators who xxx involved xx xxx diverse xxxxxxxxxx across Australia xxx in various xxxxxxxxxxx related xxxxxx xx carrying xxx such diverse xxxxxxxxxx and meeting xxx scientific xxxxxxxxx xxxxx for xxx community, it xx also imperative xxxx it xxxxxxxxx xx a xxxxxx to preserve xxx reputation An xxxxxxxx reputation xx xxx client xxx definitely have xx effect on xxx audit xxxxxxxx xxx the xxxxxx of work xxx dependent for xxxxxxxx on xxxxxxx xxx scientific xxxxxxxx and progress xxxxxxxxxxx is a xxxx important xxxxx xxx key xxxx area for xxx business Such xxxxxxxxxxxx issues, xxxxxxxxxx xxxxxxx issues xxx biosecurity can xxxxxxx affect the xxxxxxxxx performance xxx xxxxxxxxxxxx in xxxxxxxxx statements; and xxxxx indirectly affect xxx areas xx xxxxx These xxxxxxxxxx and their xxxxxxxxx pattern of xxxxxxx in xxxxxxxx xxx be xxxxxxxxx to locate xxx inconsistent fluctuations, xxxxx may xxxxxx xx financial xxxxxxxxxxxxx and thus xxxxxx the audit; xx that xxxxx xxxxxxx carrying xxx extensive analytical xxxxx procedures for xxxxx accounts xxx xxxxxxxxx of xxx audit is xx carry out xx identification xxx xxxxxxxxxx of xxxx at the xxxxxxxxx report and xxxxxxxxx level xxxx xxx to xx done through xxxxxxxxxxxxx the entity, xxx environment xxx xxx internal xxxxxxx environment This xx in line xxxx the xxxxxxxxxxxx xx ASA xxx Identifying and xxxxxxxxx the Risks xx Material xxxxxxxxxxxx xxxxxxx Understanding xxx Entity and xxx Environment The xxxxxxxxxxxx has x xxxx strong xxx effective internal xxxxxxx in operation, xxxxxx various xxxxxxxxx xxxx it xx committed to xxxxxxxx out a xxxxx investigation xxx xxx Commonwealth xxxxx Control Guidelines xxxx The purpose xx the xxxxxxxx xxxxxxx in xxxxx is to xxxxxx to a xxxxxxxxxx level xxx xxxx that xxx reports are xx accordance to xxx operations xx xxx enterprise xxx system is xxxxxxxxxx and developed xxxxxxx an xxxxxxx xxxxxxx of xxxxxxxx as to xxx risk of xxxxxxxxxxx of xxx xxxxxxxxxx policies, xxxxxxxxxxx missions and xxxx Secondly, the xxxxxx of xxxxxxxx xxxxxxx is xxxxxxxxxx to diminish xxx significant risks xxxxx by xxx xxxxxxx to xx acceptable level, xx determined by xxx company’s xxxxxxxx xxx objectives xxx purpose of xxx system is xxx to xxxxxxxxx xxx risks xxxxxx but to xxxxxx them so xx to xxxxxx xxxxxxx opportunities xxx the achievement xx enterprise objectives xxxxx the xxxxx xxxxxxxx of xxx internal control xxxx in it xxxxx an xxxxxxx xxxxxxx of xxxxxxxx and evaluation xx risks and xxx review xxx xxxxxxxxxxxxx and xxxxxxxxxx of the xxxxxxxx control system xxxx analysis xx xxxxxxxxx the xxxxxxxxx for fraudAn xxxxxxxx needs to xx performed xx xxx basis xx ratios and xxxxx forms to xxxx as xxxxxxxxxx xx to xxx going concern xxx the potential xxxx .....
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