MOD003377 - Financial Auditing - Imperial Brands PLC - Accounting & Finance Assignment Help

Assignment Task

TASK 

You are one of the audit seniors on the audit team of Imperial Brands plc for the audit of  the financial statements, year ending 30th September 2021. You are coming to the end of the planning stage of the audit and have been asked to a meeting with the audit partner (played by your lecturer) and the audit manager. The purpose of the meeting is to brief the  audit partner and manager on the key elements of your audit strategy. Audit Risks 
The key thing with audit risks is to relate them to "what could go  wrong in the financial statements", not just business risks. 
For example, a customer not paying their debts: 
• The business risk is that the client will lose the money that they  should have been paid. 
• The audit risk is that the receivables balance could be overstated, as  there should be an allowance for receivables included.  
Another example could be non-compliance with laws and regulations: • The business risk is that the client is in breach of the law which may  damage reputation and lead to fines. 
• The audit risk is that there are potential understated liabilities  (provision or payable) due to the non-compliance fines. 
There is no fixed number of audit risks to include. Students need to  work as a team to assess the risks in the company and then include the  key risks in their briefing. You are working as a team, so each audit  senior should include different audit risks in their part of the briefing.  
It is for students to decide which issues would warrant inclusion and  how many. However, audit risk is the most important part of planning,  so make sure to give it sufficient attention. Approximately half of your  briefing time should be allocated to audit risk.

Company Background
A concise outline of the company should be made, including the  following aspects of the business: the main activities / the size of the  business / geographical areas located and trading / brief history.

Laws & Regulations
Any laws and regulations which are particularly relevant to the company  and its business activities. These could be financial laws & regulations, or  non-financial laws & regulations that are related to the business  activities of the company.

Materiality 
Consideration should be given to an appropriate benchmark / overall  materiality / performance materiality with justification for each.

Analytical Procedures
Ratios movements year-on-year and trends should be analysed for  unusual variations which could indicate audit risks. If unusual  movements are found, then the related audit risks should be determined.

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