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Audit Case Study Project - Energy
ACC2002 - Auditing
20 Pages • Essays / Projects • Year Uploaded: 2022
(a) Research the energy industry that Magnus operates in. Using the information researched, identify and explain THREE (3) risk factors affecting the energy industry in general. (12 marks) (b) Read the article in Appendix 1. The article reinforces your conviction of the important role that auditor plays, given the extent of financial losses that investors suffer when companies became insolvent. Identify and explain the roles that company directors, independent directors, regulators and independent auditor play in addressing agency risk that shareholders face. (12 marks) (c) Refer to the Report on the Review of Selected Transactions Undertaken by Magnus prepared by Provenance Capital. Among the transactions reviewed, the following two key transactions were identified: (i) A sum of $300,000 recorded as fixed deposit; and (ii) Loans to Indonesian contractor, PT Hanjungin. Evaluate the impact of EACH of the above events on the financial statements as a whole and audit planning. (8 marks) (d) In relation to Magnus’s business, identify and briefly describe TWO (2) inherent risk factors that might give rise to risk of material misstatement associated with the following accounts. For EACH risk factor, suggest the relevant assertion affected. (i) Revenue (ii) Inventories (iii) Trade and other receivables (iv) Property, plant and equipment (24 marks)
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