Download an annual report of an ASX listed company that is in the S&P/ASX 300 list. Review all the sections within the selected company’s annual report, which relate to the Auditor’s role in providing assurance over the entity’s financial statements and control environment. Students will need to review and analyse the following key areas included in the company’s Annual Report:
Review all Key Audit Matters noted and the associated audit procedures
Based on your analysis of the auditors’ sections and other areas pertaining to the auditor, as included within the Annual Report, submit a report which summarises and evaluates the auditor’s assurance services performed for the client company. As part of your review of the assurance services provided, consider the following:
How do the Directors’ and Management’s responsibilities differ from the Auditor’s responsibilities in relation to the financial report?
Were there any material subsequent events? If so, briefly outline them and paraphrase and summarise how they were treated.
As an interested third party stakeholder, make an assessment of the effectiveness of the material information reported by the Auditor in your conclusion.
Consider whether there is any material information which could be missing, under-reported and/or not fully explained or disclosed in an effective way for the intended users? 4
What follow-up questions would you ask the Auditor at the company’s Annual General Meeting?
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