Review the Financial Year 2019 audited annual reports including financial statements presented to… 1 answer below »

Review the Financial Year 2019 audited annual reports including financial statements presented to the

shareholders for the following organisations:

? AGL Energy Ltd

? Qantas Ltd

Assume that your audit team is responsible for planning the audits for both companies for the most

recent financial year. Discuss your strategies addressing each of the tasks below:

1. Identify at least three inherent risks that you would have to consider for each company in the

audit planning phase and justify your answer. Cite the relevant ASAs/ISAs to support your

answer. (18 Marks)

2. Which audit procedures and/or tasks would you have planned to carry out in response to

the inherent risks identified above? Cite the relevant ASAs/ISAs to support your answer.

(18 Marks)

3. Carry out an analytical review on the financial statements of these companies in the planning

phase and identify areas of concern (high risk, problem areas) or comfort. Identify at least

three areas for each company and justify your answer. (18 Marks)

4. Which audit procedures and/or tasks would you have planned to carry out in response to the

high risks or problem areas identified above? Alternatively, in relation to which area would

you have minimised your evidence gathering procedure? (17 Marks)

5. Discuss ethical and legal responiblities/liabilities of the auditorsin case they would have given

an inappropriate audit opinion. Discuss safeguards available to the auditors. (9 Marks)

Attachments:

 
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