This document explains the requirements and grading of the main assignments for the course: Team...

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This document explains the requirements and grading of the main assignments for the course:
Team Term Project (20% of course grade)
The term project is a hands-on team exercise in planning a financial statement audit. The purpose of the project is to give you an opportunity to experience how the concepts and techniques discussed in the course are applied in auditing the financial statements of an actual business, and how an audit team works together to complete the engagement tasks.
This project requires you (or your team to a max of 3) to take the role of an audit team/audit team lead doing the preliminary planning for an engagement to audit the annual financial statements of a Canadian public company. There are four parts to hand in, the requirements of each are explained in detail below.
TERM PROJECT - PLANNING A FINANCIAL STATEMENT AUDIT ENGAGEMENT
(20% of course grade in total)
Groups were assigned in week 2. Several have decided to work individually on the project.
The project involves simulating an audit firm’s decision on whether to accept a new financial statement audit client (chapter 5). The simulation uses information for a Canadian public-traded company as a realistic context for applying the auditing concepts and techniques. A group of approximately four students will take on the role of an audit team assigned.You are required to develop an understanding of the company’s business environment and risks (CAS 315/Ch 6), support your decision on whether or not to accept the audit engagement, develop a preliminary assessment of the risk of material misstatement, identify the most important issues that will need to be addressed in this audit, and develop a detailed audit plan that could be used to obtain evidence to support the audit opinion. You will use the company’s most recent Annual Report and other publicly-available information. Detailed instructions are below.
Required:

This project will require a handing in 3 components:	Page limits (excluding Appendices, etc.)	Term mark weight
[1] a written report on understanding a business and the risks involved to decide whether or not to accept the engagement	4-5	6%
[2] a written report on understanding a business, its environment and assessing its risks	7-8	8%
[3] a written report outlining the detailed audit plan and procedures for auditing the assigned company’s revenues.	4-5	6%

For May 24, you must select a Canadian public company, and another company in the same industry for comparison. Assume that the partner will make a final decision on whether to accept this new financial statement audit client engagement. You can assume that the predecessor auditor has communicated there is no reason not to accept the eng

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David · Accepted Answer

Audit
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Audit
 
[Pick the date]
We have selected a Canadian Company that is Canadian Tire Corporation
The income statements is as follows
AASB 118: Revenue deals with the revenue recognition policy. Revenue is only recognized 
when the risk and rewards have been transferred to the buyer. If not then there is no certainty that 
revenue will be credited. In this company Same-store sales is a metric used by Running  
organization and is also frequently used in the retail commerce to identify sales growth created 
by a Company’s prevailing store network and confiscates the effect of initial and last stores in 
the period. Understanding the risk of material misstatement deals the auditing standard. The 
country has issued some standard related to the risk of material misstatement ASA 315  which 
says that it’s the auditors responsibility to conduct the risks arising from any material 
misstatement through accepting the enmity and its environment. The impartial motive of the 
auditor is to recognize and measure the risks of solid misstatement, if due to fraud or blunder, at 
the financial announcement and applicable proclamation levels through empathetic the entity and 
its situation, including the entity's internal control, thereby providing a basis for designing and 
implementing responses to the assessed risks of material misstatement Proper analytical 
procedures will be conducted such of cross checking , external loan confirmation. Proper 
observation of the entity needs to done and proper understanding needs to be made to achieve 
good results.
2.The board of directors are :
The Company’s majority stockholder is Ms. Martha G. Bills, who helpfully owns,

This document explains the requirements and grading of the main assignments for the course: Team Term Project (20% of course grade) The term project is a hands-on team exercise in planning a financial...

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