acc5aas audit assignment 2016 semester 1 1552379

ACC5AAS AUDIT ASSIGNMENT 2016 SEMESTER 1
DUE DATE: TUESDAY 7 MAY, 5.30 PM
CLIENT EVALUATION
You are required to prepare a preliminary client evaluation report to the senior partners of your auditing firm. This report will be used to determine whether or not the auditing firm should consider tendering for the audit of a well-known bank.
Client evaluation includes: identifying risks; assessing competence to perform an audit; and other ethical and legal considerations. Audit firms undertaking bank audits must also comply with a number of additional regulatory requirements.
Assuming that the audit for ANZ Bank (Australia and New Zealand Banking Group Limited) will be coming up for tender, you are required to prepare a report based on your research. This requires extensive research and critical analysis of the annual report and any other information available to present to the senior partners.
The ANZ Bank Annual Report 2015 is available at: http://www.shareholder.anz.com/sites/default/files/2015_annual_report.pdf In your report please identify and discuss the following:

The steps involved in client acceptance. Briefly describe the process in assessing a new client

2) The areas of concern.

Using the ANZ Bank 2015 Annual report (given above) identify and describe 8 accounting/auditing matters that may be of concern.
Explain why you have identified these particular matters.

3) The limitations of your report. Is there any other information you require but do not have access to?
Read these instructions carefully
Total word count excluding bibliography (references) should be at least 1100 words.
Please use size 12 font; 14 or 16 font may be used for headings only; double spacing between paragraphs and each page must be numbered.
Please use appropriate references for resources used such as accounting and auditing standards and guidelines; regulations; Corporations Act 2001 etc. The Harvard referencing style is preferred.
Further information on referencing is available via the link below: http://www.lib.latrobe.edu.au/arm/
Failure to meet the above format and presentation requirements will incur a 2 mark penalty. Late Submission Late submission of the assignment will attract a penalty of 5% per day according to the University policy. Please refer to the link below for further details. http://www.latrobe.edu.au/policy/documents/late-submission-of-assessment-taskspolicy.pdf

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