Have a good amount of literature (e.g. ASA, AASB, journals, books etc) cited to support your discussion, analysis or argument. Make sure you have appropriately referenced them using HARVARD referencing style. Appropriate referencing include having all details correct both in 'Text citation' and 'Reference list' and having your list in alphabetically ascending order. It is good idea that you download referencing guide and follow it strictly. - Since the assignment requires you to analyse, discuss and report, bullet point listing of the information is not going to be helpful and therefore should be avoided. - Follow all the formatting requirements as specified in the assignment. The assignment has two key tasks: They both worth equal. So, you discuss pretty much in similar length and magnitude The key objective of this assignment is to evaluate the company you are invited to audit to determine whether you should accept the invitation (take the auditing job). The key criteria is that the company is not 'troubled company' and therefore would not put you in trouble later. The signs of the trouble company are many which may include (i) financial difficulty, (ii) managed by corrupt or unethical management (iii) poor governance structure or internal control (iv) risk business operation or operate in risky business environment and so on. So, in the first part: - You generally discuss overall operation background of the Gold Coast paradise. The information is given in the case. You only have to discuss all key facts with focus on the risk level. So, in this section, you also need to discuss, risk and especially what factors pose the risk. Since the objective is to determine 'preliminary materiality', you need to discuss this concept too. You only need to discuss the relationship between risk level and materiality. - In second task, you go more specific detail in the case and find out actual factor that may likely to cause financial reports to be materially misstated. As you know, the risk of misstatement comes from either (i) errors or (ii) fraud. Your job is to pin point the factor in the case which allows the company either to make error or commit fraud. For example, in the task 1, you talk about internal control in general but in task 2 you discuss specific component of internal control (e.g. separation of duty) and how does it affect the particular account type (e.g. cash). The objective here is to plan materiality and risk level. Again you need to discuss both here too particularly risk level and how particular transaction type affect your materiality level. Remember materiality is not absolute term and may vary transaction to transaction and context to context.
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