Background According to ISA/ASA 240 The auditor’s responsibilities relating to fraud in an audit of financial statements‘When identifying and assessing the risks of material misstatement due to fraud, the auditor shall, based on a presumption that there are risks of fraud in revenue recognition, evaluate which types of revenue, revenue transactions or assertions give rise to such risks.’Required

Background According to ISA/ASA 240 The auditor’s responsibilities relating to fraud in an audit of financial statements:

‘When identifying and assessing the risks of material misstatement due to fraud, the auditor shall, based on a presumption that there are risks of fraud in revenue recognition, evaluate which types of revenue, revenue transactions or assertions give rise to such risks.’

Required:

publish an email to your Audit Manager – Mrs Williams in which you address the following:

  1. Relying on the information in ISA/ASA 240 (refer to link above). Explain the difference between the responsibility of management, those charged with governance and the auditor in relation to the prevention and detection of fraud.
  2. Discuss the misconception that exists in society surrounding the role of the auditor in relation to the prevention and detection of fraud in an audit of financial statements.
  3. Provide three reasons why an auditor presumes that there are potential risks of fraud relating to revenue recognition in entities. Make sure that you explain your reasons clearly
  4. Provide 2 examples (including some detail) of cases of revenue misstatements that have been reported in the media.

Part 2

Required:

Based on the 31 December 2016 Annual Report for Woodside Petroleum Limited , prepare a planning memorandum for the audit partner which includes the following:

a. Identification of four (4) major business risks of the company and a detailed explanation of why each factor identified is a risk to the business (Note: The Chairman’s and CEO’s report and the management discussion at the beginning of the report will assist you to identify these).

b. Results of analytical procedures. (Please include your workings in an appendix). It is recommend that you prepare a horizontal analysis and prepare key ratios. Identify and explain which changes in the horizontal analysis and which ratio results would trigger further investigation in the audit.

c. Your identification and explanation of four (4) inherent risks that you identify from the business risks and analytical procedures. (Note: business risk are not the same as inherent risks)

d. Identification of a key account and a key related assertion at risk of material misstatement based on the inherent risks you identify in part (c). (Identify a key account and a key assertion for each of the four inherent risks identified in part (c))

e. An assessment of the overall inherent risk including an explanation of the factors that lead to this assessment.

f. Planning materiality in a $ amount. You must include a breakdown of your calculation and a justification of your choice of base, the percentage used and your assessment of detection risk. Assume control risk is high

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