Suggest suitable control elements that may mitigate the impact of the risks on the firm.
Scenario: You are a senior auditor in the firm of BG Partners. The firm has decided to take on a new client and has requested you to compile a risk assessment report on the firm, as part of the initial stage of the audit plan and preparation. You have been chosen to undertake the analysis because you are familiar with the industry in which the firm is situated and your fellow seniors believe this will give you an advantage when uncovering the inherent risks of the new client. Your fellow seniors look forward to reading your report. After you have given your report to the other seniors, they decide that your team will be handling the audit. The second part of the assignment is to give a briefing to your team about the new client.
Task: Chose a company which is listed under the Australian securities exchange (ASX) to analyse. (Remember that you are not permitted to choose JB Hi-Fi Ltd, West-farmers Ltd, Woolworth Ltd and Qantas Ltd.) Chose an industry with which you are familiar. You are required to build an assessment of the new firm using any research means at your disposal; however you should include in your research information released by the media (news, newspapers, and industry magazines), academic information, and a comprehensive ratio analysis with industry comparisons. Please use the figures provided in the most recent annual reports. After you have uncovered the relevant inherent risks, you are required to suggest suitable control elements that may mitigate the impact of those risks on the firm. The report should be concise and need to use the executive report format to attract 25% of marks
Important: You may not approach any employee or manager of any business and speak to them. You may not represent to an employee or manager that you are undertaking research for any institution, including James Cook University.
Further comments:
Remember to briefly describe your industry and the firm to which the report relates. All sections should refer to the appropriate standards, and standard paragraphs. The standards should be integrated into the document in a cohesive way.
APA
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