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ACC304 Auditing and Assurance
Task:
The assignment is to be completed individually. The successful completion of this assignment requires research on IAG’s internal and external environments, operations and analysis of the 2020 annual report.
Presentation Requirements:
1. A title page containing the title of the assignment, name and student number.
2. A table of contents
3. An executive summary followed by the body of the assignment
4. A reference list (Harvard or APA)
5. Each page must be numbered.
6. Appropriate reference citations throughout the assignment are expected. Failure to meet the presentation requirements will incur a 5-mark penalty.
Assignment Requirements:
Assume that the audit for IAG Limited (IAG), will be coming up for tender. You and your colleagues are required to prepare a client evaluation report based on your research for the senior partners of your audit firm. Your report should provide preliminary information as to whether or not the audit firm should consider tendering for the audit of IAG. You should conduct extensive research and perform an analysis of the annual report of IAG for the year 2020 and any other relevant information that you have obtained (Hint: company’s financial results, financial press and other business media).
In your report, you must address the following issues:
1. What are the areas in which IAG conducts its operations? (2 marks)
2. What are the Four primary competitors of the firm? (2 marks)
3. Which particular laws/regulations (other than financial related categories which include legislation such as: Australian taxation laws, Corporation Act 2001 etc.) affect IAG’s operations? You need to identify and describe at least FOUR laws/regulations. (6 marks)
4. Identify and explain FOUR business risks that could have impact on the audit of IAG. (6 marks)
5. Based on your business risk analysis and understanding of IAG group and its environment, list and explain FOUR accounts to be at risk of material misstatements. You also need to identify the key assertion at risk for each identified account. (6 marks)
6. Based on 2020 IAG annual report and information available on the company’s website, can you conclude that IAG complies with Principle 4 of the ASX Corporate Governance Council’s corporate governance principles and recommendations? Explain. (2 marks)
7. Based on your understanding of the client and assessment of the client’s business and audit risks, would you undertake the audit? Why? (2 marks)
The answers for above questions should be reflective of your in-depth understanding of how the IAG operates.
ACC304 Auditing and Assurance
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