Essay HI6026 – Audit, Assurance and Compliance – Audit Risk – Auditing Assignment Help

Assignment Task

Assessment Title – Analytical procedure, Audit Risk, and Audit Committee Effectiveness

Purpose of the assessment (with ULO Mapping)
Students are required to explain the analytical procedure, audit risk and application of audit committee effectiveness from your selected company. Students are required to
analyse the causes of audit risk by understanding company’s analytical procedure and the relevant issues from their selected company’s and then specify whether their selected company’s follows audit committee guideline suggested by ASX CGC guideline to ensure professional integrity, good governance and reputation.

Learning Outcomes:
• Evaluate the economic and legal basis for auditing and the applicable auditing standards and reporting requirements
• Analyse and communicate knowledge of the auditor’s professional judgement, legal and ethical responsibilities to their clients and third parties
• Assess audit strategies including the evaluation of business risk and internal controls
• Apply audit concepts and processes to gather evidence and formulate judgments with respect to the underlying information 

Purpose
Students will have to research relevant academic literature, including related organisation websites andwrite in-text citations in this assignment. Additionally, they will demonstrate understanding and critical evaluation of the Australian financial governance reporting environment and its current regulatory framework, and recommend future directions to the Australian governance principles reporting regulators.

Required Task:
Part A: Analytical Procedure
Obtain a copy of a recent annual report (2019) from ASX Top 300 listed companies list (most companies make their annual reports available on their website). Perform analytical procedures of the Statement of Financial Position and of Financial Performance over the two years (2018 and 2019) using appropriate ratios and/or metrics.

Required:
Measure and discuss income statement, balance sheet and cash flow ratios from your selected company and How does this affect your assessment of materiality, detection risk and overall auditRisk? Provide a brief explanation in the report. This should be presented in a table format