audit risk assessment

Scenario: You are a senior auditor in the firm of EA Partners. The firm has engaged a new client and

has requested you to compile an audit risk assessment of the client. The purpose of the audit risk

report is to use it as part of audit planning and preparation.

Task: Choose a business in an industry with which you are familiar or in which you are interested. You

may be connected to the industry because of a family business, you may have worked in the industry

or you may be interested in the industry.

College of Business, Law & GovernanceCO5118:03 AUDITING AND ASSURANCE SERVICES Page 9 [Insert Subject Code]

You are required to perform an audit risk assessment of the new client using any research means at

your disposal. Include in your research information released by the organisation (including its Financial

Report), media (news, newspapers, industry magazines) and academic information. Your analysis

should include the relevant inherent risks, which may be considered at specific account / cycle level,

including your rationale for your assessment. After considering the inherent risks, you are required to

discuss what you would expect to see as part of the control environment that may mitigate the impact

of those identified risks.

The report should be concise, focusing on risks that have audit significance.

Choose an appropriate report format and structure that best conveys the findings of your report. Marks

are awarded for presentation (please refer to the marking criteria)

The report carries 25% of the 30% mark for Assessment Task 2.

Important: You may not approach any employee or manager of any business and speak to them. You

may not represent to an employee or manager that you are undertaking research for any institution.

Further comments:

Remember to briefly describe your industry and the firm to which the report relates

All sections should refer to the appropriate standards, and standard paragraphs. The standards should

be integrated into the document in a cohesive way.

You should use an appropriate format for the report. A letter of transmittal is not required.

Although no word limit has been set, the case asks for a concise report. Therefore, other things being

equal, the more concisely you can present your results the higher will be your mark.

APA 6th refrencing necessary

Compétences : Comptabilité

en voir plus : what is business services accounting, what is auditor, what financial accounting, use of accounting standards, standards in accounting, senior auditor+, senior auditor, scenario presentation, risk assessment in accounting, purpose of use case document, purpose of an audit, planning approach, on audit, marking services, letter to the auditor, law and audit, information auditor, information audit, format of an academic letter, financial accounting standards

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