Auditing Plannig case study on Santos

Number of Words : 1340

Number of References : 8

Assignment Key : AS-18462

Contents

  • Content for this assignmentThis report is based on the following requirement -
  • Content for this assignmentBACKGROUND INFORMATION
  • Content for this assignmentSantos is one of the largest publicly listed companies in Australia. The company has been in the media spotlight recently due to their focus on the production of gas, highlighting the importance of ensuring financial information is presented in a true and fair manner. Santos provides an excellent case study for illustrating the importance of planning an audit and in particular, assessing inherent risks in the planning stage.
  • Content for this assignment(Further information relating to Santos is available from their website:
  • Content for this assignment HYPERLINK "http://www.santos.com/company-profile.aspx" http://www.santos.com/company-profile.aspx ).
  • Content for this assignmentAdditional Information
  • Content for this assignmentDetails relating to the requirements of the major assignment can be found over the page. You will be required to assess and analyse Santos from an auditing perspective, in the period leading up to reporting periods ending on or after 30th June 2013.
  • Content for this assignmentThe Internet is a valuable source of information for obtaining background information on a client.
  • Content for this assignmentYou are encouraged strongly to use the Internet and other media to assist you in collecting further information relating to Santos. To do well in the assignment, it is reasonably expected that you will undertake research on the entity beyond merely the Santos homepage and their annual reports.
  • Content for this assignmentImportant Note to Students:
  • Content for this assignmentThe focus of this assignment is to illustrate the importance of planning the audit of a listed entity. Although Santos is a successful and “healthy” reporting entity during the period in question, the company provides students with an excellent study tool in understanding the nature of planning an audit.
  • Content for this assignmentYou will focus on collecting information relating to Santos in the period leading up to June 30th 2013 (as a general guide, you should focus your identification of appropriate information in the period 1 January 2012 onward for issues that will affect the planning of the audit for the period ending 30 June 2013 and/or the following year).
  • Content for this assignmentThe objective of this assignment is to illustrate the nature of auditing .
  • Content for this assignmentASSIGNMENT 1 (1,000 words)
  • Content for this assignmentREQUIREMENTS/QUESTIONS
  • Content for this assignmentRequired:
  • Content for this assignment(a) Identify four (4) issues (accounting or otherwise) in that may have an impact on the planning of the audit of Santos for years ending on or after 30th June 2013.
  • Content for this assignment(HINT: Students should use initiative in answering this question. Remember auditors are trying to find conditions or events that might give rise to material misstatement. Whilst not necessarily related to Santos, ASA 315 provides some examples of common conditions and events that may indicate the existence of ‘risks of material misstatement’. Please go to the Appendix of ASA315 of your Auditing Handbook for a list of possible events or conditions that might possibly apply to Santos.
  • Content for this assignmentPlease be warned however that you MUST demonstrate clearly (with substantive research evidence) that an identified issue relates specifically to Santos and the planning of its audit.
  • Content for this assignmentInclusion of evidence of research is critical. Be sure to use in-text referencing.
  • Content for this assignment(b) State what audit evidence you would gather in assessing the issues identified in
  • Content for this assignmentpart (a) above, for inclusion in the planning strategies for the audit of Santos.
  • Content for this assignmentHINT: When auditors identify conditions or events that give rise to the risk of material misstatement, they design information (evidence) gathering procedures in order to establish whether or not the identified risk exists and may result in material misstatement in the financial reports. This question is asking you to use your ‘best judgement’ to identify relevant audit evidence you might seek in the audit of Santos.
  • Content for this assignmentThe different types of audit evidence that might be referred to, is shown in paragraphs A10 to A25 of ASA 500. The challenge for students is to make the evidence gathering activities SPECIFIC to the risks you identified in part (a) above. Broad answers (eg look at sales documents for evidence of unusual sales) will not be sufficient. Think about the specific information you might seek in a real world situation. Where appropriate, be sure to use in-text referencing.

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