Auditing And Assurance Assignment

679 words - 3 pages

Auditing and Assurance Service
Group Assignment
Australian Agriculture Company (AAC)

Executive summary
This report provides analysis and evaluation of external and internal environment of
Australian Agricultural Company (AAC), so as to identify and analyse highly relevant audit
risks. In addition, due to significant status of livestock in AAC, related modification and
improvement are also offered to enhance the audit plan of AAC to ensure fairness of
biological asset evaluation.

With description of competitive industry and AAC business operation, AAC businesses are
assessed comprehensively and deeply. In addition, PEST strategic analysis is conducted to
provide a detailed and ...view middle of the document...

................................................................................................................. 6

PART II: PEST Analysis .................................................................................................. 7
Political .................................................................................................................................................................................... 7
Economic ................................................................................................................................................................................ 7
Social ......................................................................................................................................................................................... 8
Technology ............................................................................................................................................................................. 8

PART III: Audit Risks ..................................................................................................... 9
Audit Risk 1 ........................................................................................................................................................................... 9
Audit Risk 2 ........................................................................................................................................................................ 10
Audit Risk 3 ........................................................................................................................................................................ 11
Audit Risk 4 ........................................................................................................................................................................ 11

PART IV: Alter Audit Plan ................................................................................................ 12
References...................................................................................................................... 14

3

PART I
1、Principal Sources of AAC’s Revenue

The principal revenue of Australian Agricultural Company Limited consists of three sources:
finished & store cattle, wholesale beef and farming. The revenue from finished & store cattle
takes up 50% of the principal revenue, whilst farming income only makes up...

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