Assignment aims

This assignment is designed to consolidate your learning of the key skills and knowledge needed when facing a financial report audit of a company, and how to analyse, research and pinpoint facets of the company that require auditing attention using the latest audit technology.

Background

For the purposes of this assignment, you are to imagine that you work as Audit Manager for a company called Amazing Accountants. Your new audit client is a listed company in Australian Stock Exchange (your choice). The client has asked you to perform their financial report audit for the financial year ended 31 December 2020. You will perform all your audit tasks for the client in CaseWare ProVision platform. All parts of the assignment is for the same audit client.

ProVision is a cloud-based audit solution that has been designed for the audits of Less Complex Entities. Available on the secureRMIT Audit CaseWare Cloud platform, ProVision combines smart tailoring technology and simple documentation tools to promote efficient processes, whilst maintaining audit quality.

You will learn how to effectively and efficiently use the available tools in ProVision to perform an audit for the client of your choice. In ProVision, you perform every step of an audit from first-time setups, through to documenting the audit and signoffs, concluding with archiving and rolling forward your file.

Tasks

In RMIT Audit Caseware ProVision platform,Phase A - Risk Assessment:

1. Completing Checklist 120 Understand the Entity (5 points, explain exclude template words)

2. Completing Checklist 130 Risk Assessment Report (5 points, explain excluded template words)