|Assessment Details and Submission Guidelines|
MA611 Auditing Woolsworth
|Assessment Type:||Individual Assignment Trimester 1, 2017|
|Assessment Title:||Woolworths Ltd|
|Total Marks:||25 marks|
|Word limit||2000 words|
|Release Date:||1 May 2017|
|Due Date:||Saturday, 20 May 2017 at 5 PM.|
|Submission Guidelines:||· This assignment should be completed individually
· All work must be submitted via Turnitin by the due date along with a completed Assignment Cover Page.
· The assignment must be in Ms Word format,1.5 spacing, 11-pt Calibri (Body) font and 2 cm margins on all four sides of your page with appropriate section headings.
· Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using APA referencing style.
Assignment Cover Sheet
|Student ID Number/s:||Student Surname/s:||Given name/s:|
|Unit code:||Unit title:|
|Due date:||Date submitted:||Campus:|
|Met requirements to an excellent level
(80 to 100%)
|Met requirements to a very good level
(70 to 79%)
|Met requirements to a good level
(60 to 69%)
|Met requirements to a satisfactory level
(50 to 59%)
|Did not met requirements
(0 to 49%)
|GRAND TOTAL (out of 25)|
For the purposes of this Assignment, assume that you are a member of the audit team responsible for the Woolworths Ltd financial report audit engagement. You have been assigned to gather relevant background information and prepare audit work papers in relation to the following specified planning issues.
- 1. a) Prepare a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis for Woolworths. In conducting this analysis your research should include, but not be limited to, the nature of revenue sources, conduct of operations, market conditions and competition, etc.
- b) Fully discuss the potential impact of your analysis on the Woolworths audit. 10 marks
- From your risk analysis (Part 1), identify three (3) specific account balances(not account classifications) that you consider at significant risk of material misstatement for Woolworths Ltd. For each of the account balances you identify:
- a) Explain why the account balance is at significant risk of material misstatement
- b) Explain the key assertion at risk of not being valid.
- c) Detail one (1) relevant substantive audit procedure to address the assertion at risk as identified in b) above and
- d) Detail one (1) relevant practical internal control that would mitigate the risk in relation to the assertionat risk as identified in b) above.
Provide your answer to Part 2 in the following table format.
|Specific account balance|
|(a) Explain why the account balance is at significant risk of material misstatement.|
|(b) Explain the key assertion at risk of not being valid.|
|(c) Detail one (1) relevant substantive audit procedure to address the assertion at risk as identified in b) above.|
|(d) Detail one (1) relevant practical internal control that would mitigate the risk in relation to the assertion at risk as identified in b) above.|
- Presentation; Your assignment should be presented in a format as if it were to be presented to the full audit team. A key aspect in your choice of format/layout should be to ensure you impart your key messages effectively. It should be succinct, and use of tables, graphs and other types of presentation formats/layout is encouraged. The report should also be coherent and so consistency is expected throughout (e.g., formatting, language style, and linkages between the questions). A merely typed assignment will not earn any marks for this requirement. 3 marks
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