Audit and assurance

Paper , Order, or Assignment Requirements

This assignment is to be based on Metcash Limited (ASX code-MTS).
The assignment is to be completed in groups of two (2). The objective of this assignment is
to test students� ability to integrate skills learnt in Advanced Auditing and Assurance
(ACC5AAS) to analyse a real company from the auditor�s perspective.
The successful completion of this assignment requires extensive research on Metcash�s
internal and external environments, operations, strategies and analysis of annual reports.
Students are expected to demonstrate their ability to critically evaluate information relating to
Metcash Ltd. and apply analytical skills to identify potential audit risks.
This assignment represents 20% of the total assessment of this subject.
Submission details
1. The assignment is to be submitted via LMS through Turnitin, as per the Subject
Learning Guide.
2. The due date for assignment is Wednesday October 5, 5.00 pm. Any assignment
received after this time will be considered late and subject to the penalty described in
the Subject Learning Guide (p. 7).
Length and format
The assignment shall be presented in the below format:
3. A title page containing the title of the assignment, name and student numbers of the
group members, tutor�s name and the time and location of tutorial.
4. A table of contents
5. An executive summary
6. The build of the assignment (MS word, Maximum 2,000 words (excluding references
and appendices), Times New Roman, Size 12 font, double spacing). Use of
headings, tables and graphs is encouraged. Appropriate reference citations
throughout the assignment is expected.
7. References
Failure to meet the above length and format requirements will incur a 5 mark penalty.
1. You are a part of the team responsible for planning the Metcash (parent and the
consolidated economic entity) audit engagement for 2017. You have been assigned
to gather relevant background information and prepare a report for a meeting with
your audit partner and audit managers. Your report must address the following
a. What are the areas in which Metcash conducts its operations?
b. Which particular laws/regulations (other than financial related categories
which include legislations such as: Corporation Act 2001, Australian taxation
laws, etc.) affect its operations? You need to identify at least FIVE
c. Who are its primary competitors?
[6+5+2= 13 marks] 2. Identify and explain FIVE significant business risk factors that the auditor needs to
consider for the Metcash group engagement.
[5 marks] 3. Identify at least FOUR accounts susceptible to misappropriation or fraudulent
financial reporting within the Metcash Group and explain why. Your answers should
be reflective of your in-depth understanding of Metcash Group and its environment.
[12 marks] 4. With specific reference to Metcash�s corporate governance arrangements, you need
to assess the likelihood of the potential reliance that could be placed on the overall
control environment. Your conclusion should be supported by at least FIVE factors.
[5 marks] 5. Recently Metcash showed its intentions to acquire Woolworth�s Home Timber and
Hardware business for about $250 million. The Australian Competition and
Consumer Commission (ACCC) have also given approval to bid for Home Timber
and Hardware business. How will the development of the proposed acquisition of
Woolworth�s Home Timber and Hardware business affect your 2017audit plan for
[5 marks]

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