A2 Milk Company Limited Assume you are the audit senior assigned to the audit of A2 Milk Ltd., a….
A2 Milk Company Limited
Assume you are the audit senior assigned to the audit of A2 Milk Ltd., a public listed company, for the year ended 30 June 2018.
Identifying inherent risks
As an audit senior, you have been assigned the task of gaining an understanding of the client, as well as identifying inherent risks and risk of material misstatements based on your research. The information you gather will be used to help plan the audit.
a. Provide an overview of the client's business, operations and industry (discussions should include any recent events concerning the company.)
b. Identify four areas of business risks for the company and give a brief explanation of the identified risk.
c. Identify four areas of risk of material misstatement in the financial statements for each of the business risk identified. (Youlvvill need to mention specific transaction/balance and assertions at risk and why you thl-nk these are risk areas)
d. Carry out an analytical review of the company and together with information gathered in part (a) identify another 3 areas of risk of material misstatement in the financial statements and explain why you think these areas are at a risk of misstatement. (You will need to mention specific transaction/balance and assertions at risk and why you think these are risk areas).
Information to answer this question should be gathered from a variety of sources including the company website, previous annual and half yearly reports and other published news about the company. Report must be presented professionally with the correct referencing (APA style).
Length and Format Requirement:
1. A title page containing title of the assignment, name and student numbers of the group members
2. A table of contents
3. An executive summary
4. Word limit: 2000 words, Times New Roman size 12 font, double spacing.
5. Appropriate reference citations throughout the assignment are expected
6. Pages should be numbered
7. Reference list to be included
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