Assignment Task
Context
This assessment requires to examine real-world case studies to evaluate reporting standards and determine whether appropriate audit opinion has been expressed under different circumstances and decide the appropriate treatment for subsequent events.
This assessment requires student to download the last annual reports of two ASX listed companies’ annual report (Coles Group Limited and Blue Scope Steel).
Requirements:
The main objective is to evaluate whether the auditor’s report fully complies with ASA 700s. Your discussion should cover the following points:
1. Do you think that the contents of the independent auditor’s report for Coles Group Limited and BlueScope Steel is sufficient and comply with the requirements of ASA700.
2. Evaluate if there are undisclosed subsequent events of the entities that may affect the estimates inherent in the financial report.
3. In your opinion, propose substantive testing of an account in Coles Group Limited and BlueScope Steel respectively that could enhance the sufficiency and appropriateness of audit evidence.
4. Propose a new set of factors to be considered in going concern assessment for the above two companies during this period of Covid-19 Pandemic.
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