Auditing Theory and Practice for Boral Limited

Running head: AUDITING THEORY AND PRACTICE
Auditing Theory and Practice
Name of the Student
Name of the University
Author’s Note

1AUDITING THEORY AND PRACTICE
Assessment Task 2(a) Template
Add Your Chosen Entity
Name here:
Boral Limited
Lakeside Company (12ed)
Insert the url (link) to
the entity annual report
site/location:
https://www.boral.com/sites/
corporate/files/media/
field_document/Boral-Annual-
Report-2018.pdf
N/A
Fictional Entity (case study)
1. Balance
date (year-end)
30 June 2018 31 December 2011
2. Date of the
audit report
29 August 2018 February 22, 2012 (based on
A&C engagement letter p.24)
3. Name of the
auditor (firm)
signing the
report
KPMG William King, partner King &
Company (for the Dec 2011
audit)
4. To whom the
audit report is
addressed
Shareholders of Boral Limited Shareholders (or Stockholders)
of Lakeside Company
5. Type of
audit opinion
expressed in
the audit
report (NOT the
wording)
Modified – Qualified Modified - Qualified
6.
Explanation(s)
for any
modification
(what was the
reason for any
modification)
Disagreement with used
estimates for supporting
carrying value of the acquisition
of Headwaters Inc.
Disagreement with the
finalization of Purchase Price
Allocation (PPA) for the
acquisition of Headwaters Inc.
The carrying value of the equity
accounted investment of Boral
Limited in the USG Boral JV
Disagreement with management
on asset (Store) valuation;
material but not pervasive