Mirvac Group Audit Program user My Selected listed company from Australian Stock Exchange is Mirvac group. Your group has been appointed as external auditors of the selected company for the 2021 financial report. The financial reports can have different year end dates, depending on your selected company. It can be 31 march, 30 june, 30 september, or 31 december. You are required to design an audit program for this company. Your audit profram steps should be clearly written in sequential order, that is, steps that must be conducted before the remaining steps. Please indicate in your report all pieces of information you refer too.
This audit program is designed for Mirvac Group Limited, an Australian publicly listed company. As external auditors, our objective is to provide an independent opinion on the fairness and accuracy of the financial statements for the year ending December 31, 2021. The audit program is structured in a sequential order to ensure that each step builds upon the previous one and that all necessary audit procedures are completed.
Preliminary Planning: a. Obtain an understanding of the company’s industry, operations, and regulatory environment. b. Review the previous year’s audit documentation. c. Assess the risks of material misstatement, including fraud risks.
Engagement Acceptance: a. Confirm our appointment as external auditors. b. Establish the terms of engagement, including audit fees and responsibilities. c. Identify and communicate independence and ethical considerations.
Establishing Materiality: a. Determine the materiality threshold for the audit. b. Consider qualitative factors that may affect materiality.
Risk Assessment: a. Identify significant accounts, transactions, and disclosures. b. Evaluate internal controls relevant to financial reporting. c. Perform a walkthrough to assess control design and effectiveness. d. Document and assess inherent and control risks for each significant account.
Audit Strategy and Plan: a. Develop a detailed audit plan outlining audit objectives and procedures. b. Allocate audit team responsibilities. c. Schedule audit timelines and milestones.
Substantive Testing: a. Perform substantive procedures for revenue recognition, including cutoff testing. b. Test the valuation and existence of property, plant, and equipment. c. Verify the completeness and accuracy of lease accounting. d. Confirm the existence and ownership of investments. e. Review debt and financing arrangements, including compliance with covenants. f. Test the accuracy of provisions and contingencies. g. Confirm the completeness and accuracy of disclosures in the financial statements.
Testing of Transactions: a. Select a sample of transactions and perform detailed testing. b. Verify the accuracy of accounting entries and supporting documentation. c. Assess the appropriateness of management’s estimates and judgments.
Audit Evidence Documentation: a. Maintain complete and organized audit files. b. Document findings, including any identified misstatements.
Communication and Reporting: a. Communicate audit progress and issues with management and the audit committee. b. Evaluate whether sufficient appropriate audit evidence has been obtained. c. Prepare the audit report in accordance with relevant auditing standards.
Completion and Review: a. Review all audit documentation for completeness and accuracy. b. Evaluate the overall financial statement presentation and disclosures. c. Ensure all necessary procedures have been performed.
Final Reporting: a. Issue the audit report expressing an opinion on the financial statements. b. If necessary, communicate any significant audit findings and recommendations.
Post-Audit Activities: a. Review and file the final audit documentation. b. Evaluate any subsequent events up to the date of the audit report.
This audit program outlines a comprehensive approach to auditing Mirvac Group Limited’s financial statements for the year ending December 31, 2021. It ensures that the audit is conducted in accordance with auditing standards, provides reasonable assurance about the financial statements’ accuracy, and addresses the specific risks associated with the company’s operations. Throughout the audit process, clear documentation and communication with relevant stakeholders will be maintained to support the audit opinion and facilitate transparency and accountability.
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