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    BKAA3023 GroupProject Guidelines A181 Amended

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    Nur
    This document outlines a group assignment for an auditing course. Students are to pretend they are an audit team performing the financial statement audit of a company that was previously audited by another firm. They must [1] assess risks of material misstatement and suggest substantive tests, [2] identify important internal controls and make recommendations in a report. They must choose a Malaysian public company that received a qualified audit opinion in recent years, research it, and [3] cover background, reason for qualification, relevant accounting cycles, risks, controls, and tests in their written report and presentation to the "Senior Partner."

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    BKAA3023 GroupProject Guidelines A181 Amended

    Uploaded by

    Nur
    79 views2 pages
    This document outlines a group assignment for an auditing course. Students are to pretend they are an audit team performing the financial statement audit of a company that was previously audited by another firm. They must [1] assess risks of material misstatement and suggest substantive tests, [2] identify important internal controls and make recommendations in a report. They must choose a Malaysian public company that received a qualified audit opinion in recent years, research it, and [3] cover background, reason for qualification, relevant accounting cycles, risks, controls, and tests in their written report and presentation to the "Senior Partner."

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    AUDIT CYCLE

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    This document outlines a group assignment for an auditing course. Students are to pretend they are an audit team performing the financial statement audit of a company that was previously audited by another firm. They must [1] assess risks of material misstatement and suggest substantive tests, [2] identify important internal controls and make recommendations in a report. They must choose a Malaysian public company that received a qualified audit opinion in recent years, research it, and [3] cover background, reason for qualification, relevant accounting cycles, risks, controls, and tests in their written report and presentation to the "Senior Partner."

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    79 views2 pages

    BKAA3023 GroupProject Guidelines A181 Amended

    Uploaded by

    Nur
    This document outlines a group assignment for an auditing course. Students are to pretend they are an audit team performing the financial statement audit of a company that was previously audited by another firm. They must [1] assess risks of material misstatement and suggest substantive tests, [2] identify important internal controls and make recommendations in a report. They must choose a Malaysian public company that received a qualified audit opinion in recent years, research it, and [3] cover background, reason for qualification, relevant accounting cycles, risks, controls, and tests in their written report and presentation to the "Senior Partner."

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    © All Rights Reserved
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    BKAA3023 GROUP ASSIGNMENT

    BKAA3023 AUDITING AND ASSURANCE II


    FIRST SEMESTER 2018/2019 A181

    GROUP ASSIGNMENT

    THE PROJECT:

    Learning Objective: Integrate the auditing procedures for specific cycles from planning to
    completion of the financial statement audit.

    Marks: 20% (10% for report writing and 10% for presentation).

    You are working at an audit firm. Your audit team has been selected by your firm’s
    Senior Partner to perform a Financial Statements audit of a company that was
    audited by other audit firm during the prior year. Your senior partner is expecting
    you to do preliminary assessment about the risk of material misstatement and
    expecting your team to suggest the most appropriate substantive tests to be applied
    during the field audit. Your team are expected to produce a report of your findings.

    The Senior Partner also specifically asks your team to identify the importance of
    implementing a good internal control systems in this company and to suggest
    control procedures that must be in place for a better financial reporting for this
    company. It is understood that he would include your team’s suggestions in the
    Management Letter at the end of the audit.

    REPORT WRITING AND PRESENTATION:

    1. Report:

    Your team are required to prepare a report to the Senior Partner in the next Audit
    Partners’ monthly meeting. It must be professionally prepared and avoid common
    grammar mistakes.

    Include following items on the cover of the report: The name of the company, name
    of the audit team members, staff number and team identification.

    1
    BKAA3023 GROUP ASSIGNMENT

    Please also include a list of references.

    2. Presentation
    It is expected that the senior partner will allow your audit team to take 20-30 minutes
    for the presentation. It is also common for the Senior Partner and other audit partners
    to ask questions related to your presentation. Please dress appropriately during the
    presentation and be professional as much as you can. Some of the audit partners
    are known to be cruel and mean!

    NOTES AND INSTRUCTIONS:

    1. Identify and choose one Malaysian public listed company that its Financial Statements was
    qualified by the auditor. The company’s Financial Statements should be for the financial
    year 2015 to 2018. Please inform your lecturer, the company and the financial year end
    selected.

    2. Study in details of the chosen company (for that particular year) and gather relevant
    information from various sources.

    3. Your report should cover the followings:


    a. The background of the company.
    b. The reason of why the company was issued a qualified report.
    c. Identify accounting cycle/(s) related to the issuance of the qualified report.
    d. Based on (c):
    - Identify and assess inherent risk of material misstatement in that cycle.
    - Identify and assess control risk of material misstatement in that cycle.
    e. Determine the substantive tests that should be applied in that cycle.
    f. Suggest the importance of implementing internal control in this company and the control
    procedures that must be in place to avoid the same issue in the future.

    Please upload the presentation materials via UUM online learning system.

    Presentation: Week 13 - Actual date will be announced by the Senior Partner later.

    Submission of the written report: Week 12 (hard copy and uploaded via UUM online learning
    system) -Actual date will be announced by the Senior Partner later.

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