Assessment 3: A Practical Audit Scenario

ACC302
Auditing & Assurance
Assessment 3: A Practical Audit Scenario

Contents
Introduction........................................................................................................... 2
Analytical review of Financial Statements.............................................................3
Areas of Concern................................................................................................... 5
Audit Procedures................................................................................................... 5
Corporate Governance........................................................................................... 6
Audit Committee.................................................................................................... 6
Benefits of Audit Committee.................................................................................. 7
References............................................................................................................. 8
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Introduction
This assignment aims to highlight key audit performance of a company along
with its corporate governance, in order to effectively understand and review the
audit and corporate governance the latest annual report of the company
(Woolworth’s group) is considered.
The financial statements of the company is analysed through various ratios to
determine the nature of business and its workings, deviation or significant areas
of audit are noted based on the summaries in the annual report of the company,
audit committee is reviewed by checking the audit committee report and also
the annual report of the company.
This assignment also provides various procedures an auditor can perform further
that would be beneficial during the audit of financial statements (Visinescu, et
al., 2017).
A wide review made on the business of the company for understanding the
nature of control and the corporate governance framework that incorporated in
the company.
A conclusion formed on the benefits of audit committee by taking few instances
that could positively influence the growth of business, which would indirectly
increase stakeholders’ wealth.
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