HI6026 Audit, Assurance and Compliance Final Assessment 2023
|Unit Details||Name||Audit, Assurance and Compliance|
|Trimester, Year||Trimester 1, 2023|
|Assessment Details||Name||Final Assessment|
|Due Date||17 June, 2023|
|Due Time||9.00 am|
|Duration||LATE SUBMISSIONS ARE NOT ACCEPTED|
|Answers||must be entered using the answer boxes provided in this paper. |
DO NOT CUT AND PASTE INTO A NEW DOCUMENT
|Academic Integrity Information|
There has always been a discussion in relation to the transparency of the entity and its financial report and key areas of audit risk.
In light of the above statement and in your own words, discuss both the expectation gap and the information gap in relation to the audit of the financial statement.
The audit committee is an important part of the corporate governance structure of large and listed organisations.
In your own words, explain how the audit committee can be utilised to improve corporate governance mechanisms?
For better quality audits, auditors are to obtain an appropriate level of knowledge of the business before commencing the audit process.
In your own words, explain why an auditor is required to obtain a good understanding of the client’s business.
inherent risk is an important part of the Audit Risk Model and has always been subject to auditor attention.
In your own words, explain the elements that may influence inherent risk at the financial statement level.
Question 5 (10 marks)
The materiality concept is important and fundamental to the audit.
Based on your understanding, identify at least six circumferences/examples that may indicate if the evaluation of a misstatement is marital. Justify your answer.
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