Audit coursework

 

Critically evaluate the risk-based approach to external audit with particular reference to the audit of Sports Direct International plc. You should give examples of how you might collect evidence and assess the degree of business risk ( obtaining an understanding of the entity and its environment and assessing the risks of a material misstatement ) in the 2017 audit of the company and factors affecting the company’s ‘ control environment ‘. ( 20% ) TWO Identify those features of Sports Direct International plc’s results for 2015 – 2017, incl. the interim results to October 2016, which might indicate to you as the external auditor that the company was facing going concern problems. ( 40 % ) THREE Identify any qualitative factors or information in the annual reports and accounts for Sports Direct International plc for 2016/ 17 , including the work of the audit committee, that you as the external auditor would consider that might suggest that the company would be able to continue in business for the foreseeable future. ( 15% ) FOUR With reference to the Independent auditors’ report of Sports Direct International plc and specifically the areas of particular audit focus identified by Grant Thornton discuss the factors which would influence you as the external auditor in forming an opinion on the financial statements of the Group for 2017. Indicate briefly the form that your opinion might take including any emphasis of matters paragraph that you may consider making in relation to the appropriateness of the going concern basis. ( 20% ) Overall structure and presentation, referencing and bibliography ( 5% ) ASSESSMENT CRITERIA – Your coursework should be 1500 words long +/- 10% – The coursework must be clearly presented with an introduction, structured headings and sections and a fully referenced bibliography – You must relate the specific practical issues arising from the audit of the company to relevant ISA’s, to the audit process and to articles from the accounting literature – You should highlight the external auditors approach to the assessment of audit risk in planning the overall audit programme – You should clearly identify the range of sources you have used in obtaining evidence

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