Auditing Assignment Instructions Group Assignment Theme: Developing an Audit Program for a selected listed Company The objective of this group assignment is to provide you with an opportunity to design an audit program for a real world company and focus on the “Substantive tests of balances”, which involves substantiating the ending balance of an account(s), which is comprised of multiple transactions, as at a certain year-end date. Detail Project Tasks: Developing an Audit Program for a selected listed Company 1. Select a listed company from the current ASX List. 2. Understand the nature of the entity and its industry, including the following items: a. Business operations b. Investments and investment activities c. Financing and financing activities d. Financial reporting practices 3. Perform analytical procedures of the Statement of Financial Position and of Financial Performance over the last three years using appropriate ratios and metrics. Select four key ratios and provide a brief explanation in the report. This can be presented in a table format. 4. Discuss with your group members which account balances are considered “material”. Explain how you calculated materiality for planning purposes and provide appropriate justification for your decision-making. (Note – Use a table format to structure your answers to questions 5, 6 and 7.) 5. Select up to ten different material account balances, at least five assets and five liabilities. 6. For each material account balance selected, list the relevant financial report assertions and explain why the selected assertions are applicable to each account. 7. Design a comprehensive set of audit worksteps for each material account balance, which addresses the selected assertions and which will result in sufficient and appropriate audit evidence being collected for your selected client company. (Assume that a predominantly substantive approach is being adopted) 8. Refer to the following websites for further information and research processes: https://www.auasb.gov.au/Home, https://www.asic.gov.au/, www.cpaaustralia.com.au, https://www.ifrs.org, Format of the Report 1. You should at least have the following details: a. An Assignment Cover Page clearly stating all of your members names and student numbers b. Brief Introduction or Overview of what the report is about. c. Main Body of the report with sections to answer the above sections and with appropriate section headings. Provide your responses in a table format. d. Conclusion e. List of References. 2. Ensure all diagrams and tables are clearly labelled and explained. 3. Ensure all materials used are correctly referenced. 4. Use page numbers at the bottom of each page of the assignment. 5. Use the correct in-text referencing, appropriate expression, correct grammar, spelling and punctuation, 10-12pt font, appropriate word length and normal margins. Plagiarism will be severely penalised. Learning Outcomes 9.1 – Identify and distinguish between tests of controls, substantive tests of transactions and substantive tests of balances. 9.2 -Identify and understand when the auditor will undertake substantive audit procedures in response to specific assessed risks of material misstatement. 9.3 – Understand how assertions relate to account balances 9.4 – Understand how to select the most efficient and effective combination of audit procedures that allows them to achieve the audit objective 9.5 – active participation in an “audit team context” with professional group discussions 9.6 – Co-operation with fellow students to produce a joint deliverable on time and to a high standard.
I have been requested to reassess a contextual investigation on Isaac Barlow and Zac Barlow. In my appraisal I might incorporate perspectives that affected the siblings self idea. Additionally, I might incorporate a layout how these components can impact the development of their confidence. At last, I should incorporate a clarification on how these elements can impact the advancement of their self idea. (P3) State factors that impact a person’s self-idea and give an unmistakable and full record of the components that may have affected the sibling’s self-idea. I should express the elements that impact a person’s self-idea and I will give an unmistakable and full record of the elements that may have affected the sibling’s self-idea. Variables that can impact a people self-idea are instruction, media, appearance, culture, manhandle, connections, sexual orientation, pay and age. Training: Education can impact a person’s self-idea by having steady showing staff who keeps on urging an understudy to keep doing awesome. Additionally, another factor that can impact a person’s self-idea is the absence of work due to having a poor instruction. Training can affect on a man’s confidence in the event that they can’t get into work and the individual will get a negative mental self portrait and low confidence. Media: Media can impact a person’s self-idea through arrangement of instructive sources, for example, advancing enrolment on scholastic courses and data on current circumstance occurring in our general public. A further reason that can impact a person’s self-idea is showing of pictures of models or VIPs being underweight. For instance, pictures of Victoria Beckham and Nicole Richie. Appearance: Appearance can influence a person’s self-idea both helpfully and destructively. For instance, appearance useful impact will be pictures shown by sports urging all person’s up a solid way of life. Further to point, appearance can impact a man’s life through publicizing photographs of underweight models and this can impact young ladies to endeavor to appear to be thin. Culture: Culture is a conviction that you have or self qualities. This can impact our self idea in the event that we don’t support other person’s way of life. Illustration req. Likewise, this can be how you were raised by your folks or a gatekeeper. Manhandle: There are distinctive kinds of mishandle; they are physical, enthusiastic, disregard and sexual. These or any kind of manhandle can be adverse to a man, be that as it may, mishandle can impact a man in the event that they have been ignored and they will build up a low confidence. Moreover, a man has been disregarded may feel socially avoided and may experience the ill effects of psychological wellness conditions. Connections: Relationship can impact a person’s self idea in the event that you don’t have a strong family, peers. This will may lead the person to have a pessimistic self idea with socialization. Besides, having exclusive requirements can likewise have an adverse self idea of an individual, moreover if the individual has been contrasted with other associate gatherings or kin can have a negative impact. Sexual orientation: Gender is described by being a man or lady. This categorisation can impact a man’s self-idea of stereotyping work parts for the two sexual orientations. For instance, men should play football and ladies should remain at home and cook the dinners additionally deal with the youngsters. At long last, I trust that these components may impact a person’s self-idea everybody ought to be dealt with similarly paying little respect to their sex. Salary: Income can impact singular self idea on the off chance that they don’t have enough pay they might be lose hope that they can’t bear to carry on with a typical life. For instance, with lacking low pay a man can’t keep up their way of life factors, for example, paying their lease, bear the cost of warming offices inside their home in addition to have an adjust count calories. Age: It can be said that self-idea can vacillate for the duration of various life stages, for example…. Additionally, age can impact a man’s self idea amid youth and pre-adult improvement. Through understanding his optimal self accepting associate weight. Self idea is simply the way an individual picture them. For instance, self idea can be extremely compelling in the way we see our self; by accepting basic remarks by companions or relative, which can cause low confidence. Self idea is comprised of components, for example, mental self portrait, perfect self and confidence. Haworth et al (2010) recommends that there are various components that can influence your self-idea. They are age, instruction, media, appearance, culture, mishandle, connections, sexual orientation, and wage. These elements are otherwise called financial elements. (M2) Outline how factors can impact the improvement of a person’s self-idea, or Outline how the elements that affected the siblings’ self-idea. (D1) Describe how the variables impacted the sibling’s self-idea. Components that affected Zac Barlow self-idea Age: During Zacs early stages years he was not able recognize what sexual orientation he was. Amid Zacs youth years he could recognize his family. Amid he could recognize that he was an understudy and what year he was in school and ready to distinguish his preferences. He could tell who is companions were and express his feelings. Amid immature life arrange he could contrast himself as well as other people and express his association with peers. Additionally, he could depict his convictions and recognize what is appropriate from what isn’t right. Amid his adulthood life arrange he ought to end up more certain inside his own relationship and set up himself inside a specific profession. Appearance: Zacs appearance appears to have been impact contrarily, in light of the fact that he was not intrigued by sports. This may have affected on him on the grounds that inside the standards guys are relied upon to do physical exercises. Likewise, this will affect his confidence, in spite of the fact that his mental self portrait may be distinctive on what others consider him. He may not feel pulled in to frame any association with the contrary sex at school on account of his appearance. In addition, his self idea may diminish because of how others see him. He had a thin build which may be an impact from the media. He might be influenced by his appearance. His appearance may influence by how he clothing types or holds himself and called gay; he may feel inside his optimal self that he is gay. Likewise, hearing negative words all the time can influence him to trust whatever they mirror him and this will prompt negative social connection with his associates. Media: The media may affect how he feels about himself. Media may affect on his appearance. May has affected the way he feels about himself or may affect his picture which may urge him to keep his body manufactured. Add to self idea advancement; social, scholarly, enthusiastic physical may affect on his appearance which is his optimal self. Media can likewise give constructive instructive open doors which can build up a man’s scholastic development. Culture: He trusts he was the standard. In the western culture young men intended to be manly and young ladies intended to be female. His way of life can be impacted by his family additionally by his associates. He didn’t have a sweetheart at school in addition to how he was raised may affect on his confidence. Sexual orientation: He was male. He intended to have manly builds. He faces sexual orientation generalization since he was not participating in don action at school. Due to his sex generalization it diminishes his scholarly execution at school. At a specific age individuals can recognize or picked which gathering to take after so he hangs out with more established young men. Training: He was impacted by his folks to consider in light of the fact that he didn’t have a decision. He was affected by instructors, companions and guardians to examine. May begin to contrast himself and his companions including kin. Accepting extra help from the school could build up his self idea. Being contrasted with different students or kin can influence his perspectives on himself. Been prodded Zac may feel undesirable and be embarrassed about his identity as a man and as a piece of that he would have a low confidence which he may conceivably proceed through to adulthood. This may likewise influence his connections and business prospects. Consistent prodding can influence Zac general disposition and that is the reason he was unsociable. In view of this he may lose enthusiasm for sports exercises and could construct an association with more established young men. He will likewise create psychological well-being issues, for example, wretchedness and nervousness. He may feel hesitant to attempt and construct associations with his companions. Being prodded can likewise has a huge outcome on his scholastic execution, reason being, he has been prodded and this will influence him to occupy from focusing on his examinations. This will have an outcome on his scholastic examination by not making it into six structures or school. Additionally in light of the fact that he has been prodded he would not like to partake in specific lessons. There is no sign of to what extent the prodding occurred however there was hypotheses of Zac being harassed by his associates. Also, on the off chance that he have been tormented this will give suggestions that his prodding was continuing for some time at that point possibly prompt harassing. Moreover, this will enable Zac to be in fear and have a negative self-idea about himself or have a negative mental self portrait, confidence, self-esteem and perfect self. These psychological scars can influence Zac in over a significant time span lead and reduction his possibility of scholarly and mental hardship all through school and into adulthood. Wage: He was brought up in a white collar class family. So his folks had enough cash to carry on with an above typical way of life. Having raised in a white collar class family, would imply that a portion of his needs were fiscally. Additionally, been utilized to a considerable measure of cash amid his advancement he might be utilized to materialistic things. He may impact to take beca>