This assessment requires every group to find the 2015 annual reports containing the audit reports for two Australian ASX listed companies (2 companies, 2 financial statements, and 2 audit reports). The two companies must be different and operate in different industries (for example, you choose an airline company and a mining company). Please ensure that your group obtains approval from your lecturer/tutor by week 3 and get your name and companies recorded on the list. You are required to address the following issues (46 marks): Briefly explain the background of the two companies: 2 x 2 =4 marks. Compare and contrast the financial statements of the two companies: how each company performed compared to the industry in which the company operated? How were they presented compared to one another?: 2 x 6 = 12 marks Find out key business and inherent risks for the two industries in which the two companies operate in: 2 x 3 = 6 marks Explain what audit strategies and audit tests have been undertaken for both companies by their auditors: 2 x 4 = 8 marks Compare and contrast the 2 audit reports: who were auditors? what do the audit opinions mean?: 2 x 3 = 6 marks. Discuss the limitation of these 2 audit reports from the users’ perspectives: 2 x 3 = 6 marks Discuss the responsibility of auditors for each company: 2 x 2 = 4 marks. Given the primary objective of this assignment is to critically analyze and review key issues and problems in audit, students are expected to read widely to assist in the development of their own ideas and concepts. You need to support your arguments all the way throughout the essay/report with the concepts, standards, and rules associated with audit and assurance service. The marking scheme for this assessment focuses on the following criteria: the quality of analysis; ability to identify and relate the core issues of the questions to key audit concepts; application of relevant audit standards; and ability to communicate ideas succinctly and grammatically correc

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