1. You have recently been appointed external auditor of the entity. You are assisting your Audit Manager in planning for the audit of the entity’s financial statements. 2. You are required to download the annual report published by the following entity: - K&S Corporation Limited (http://www.ksgroup.com.au/) 3. Using information from chapters 3 and 4 of the textbook, prepare a document for your Audit Manager. Your document must include key information set out below. 4. You have accepted and communicated your decision to the client in the engagement letter. The audit fee is $175,000. Required With reference to Chapters 3 and 4 of the textbook, prepare a document for your Audit Manager. Your document must include the followings: 1. Executive summary 2. Introduction 3. Key information: a) Gain an understanding the client b) Identify five (5) significant accounts most at risk of being materially misstated c) Set planning materiality d) Assess what can go wrong (audit risk assessment) for each of the five (5) accounts selected in (b) 4. Conclusion 5. Appendix 6. References
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