Explain the role of the auditor, the audit function and the scope of assurance services.

Explain the role of the auditor, the audit function and the scope of assurance services.
2. Explain auditing and assurance services in the context of the professional, ethical and legal
environment of an audit.
3. Apply the different phases of the audit to practical scenarios
You will be assigned with the audit of one of the three companies listed on the ASX:
Woolworths Group, JB HI FI Limited and Harvey Norman Holdings Limited for the year
ended 30 June 2018. Review the audited annual reports including financial statements
presented to the shareholders for your respective company and answer the questions:
Woolworths Group:
JB HI FI Limited:
Harvey Norman Holdings Limited:
1) Conduct an analytical review on the financial statements of your respective company in
the planning phase and identify areas of concern and how relevant accounts and
assertions are impacted. Justify your answer. All calculations should be included as an
appendix to the written report. (5 Marks)
2) You are now required to formulate the relevant audit procedures to respond to the
areas of concern identified in Part (1) (5 Marks)
In relation to corporate governance research and justify your answer to the following
1) Does your respective company have any process relating to corporate governance?
Under which section of the annual report would you expect to find information on it?
(2 Marks)
2) Does your respective company have an audit committee and does the audit
committee have the correct composition? (4 Marks)
3) In your opinion, are audit committees of benefit to the auditor, the company, the
auditing profession and/or society as a whole? Why or why not?

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