Part I – A Hypothetical Case Based On Myer Holdings Limited
This is a hypothetical case set against the backdrop of Myer Holdings Limited (Myer). Assume that after completing your degree, all members of your group have been successful in obtaining Graduate Positions in External Audit Services at one of the big four accounting firms, PwC. PwC has provided audit and non-audit services to Myer for several years. You are included as graduate trainees to the large audit team assigned to audit the financial reports of Myer for the year ended July 2020. Your audit supervisor, has provided you with the following on VU Collaborate,
• the 2019 annual financial report of Myer;
• Myer’s ASX announcement on 27th March, 2020, “COVID-19 BUSINESS UPDATE”
• relevant media reports.
You are required to submit a report to the audit supervisor that addresses the following specific issues. Support your report with appropriate references.
a) Detail any professional, ethical and legal factors that should be considered in the decision about whether to continue the appointment as an auditor of Myer for the current year.
b) Assuming that the decision is to continue audit engagement, identify four major risk areas (other than ‘going concern uncertainties’) to be examined in the audit for the year ended July, 2020. Give reasons why the identified areas are considered to be high risk. Support your answer by,
i.) conducting a SWOT or PEST analysis to evaluate business risk;
ii.) calculating appropriate ratios and/or making simple comparisons using the published financial reports of the company. The use of Microsoft Excel to calculate ratios is encouraged. (Please include your workings in an appendix)
c) For risk areas identified in (b), state key accounts and related assertions at risk of material misstatement. Explain your answer.
d) Identify and explain whether there are events or conditions that may indicate material going concern uncertainties.
e) Identify and explain any mitigating factors.
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