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The new auditing standard ASA701 Communicating Key Audit Matters in the Independent Auditor’s Report is developed in the wake of the global financial crisis

Auditing, Assurance & Services ACC707 Individual Assignment
Research Question
Auditor’s Report
The new auditing standard ASA701 Communicating Key Audit Matters in the Independent Auditor’s Report is developed in the wake of the global financial crisis. This development is in response to calls from shareholders to know more about the companies they invest in. Further, investors have also requested earlier warnings of potential issues that may exist with respect to an entity’s ability to continue as a Going Concern which resulted in the revision of ASA 570 (ISA 570) Going Concern. You are required to research the auditing issues surrounding the collapse of ABC Learning Centre. Further you are required to relate the issues that led to the development of the new auditing standard ASA701 Communicating Key Audit Matters in the Independent Auditor’s Report. As a result of your research, provide the key audit matters (you need to be specific what key audit matters are) which would be required to be disclosed in the audit report to the members of ABC Learning Centre if the new auditing standard ASA701 (ISA 701) had applied in the period leading up to the collapse of ABC Learning Centre and evaluate the usefulness of the ASA701 (ISA 701).
Required
Using reference materials available on the internet, research the topic and prepare a report, fully referenced and up to 2,500 words (assignment in excess of 2,500 words will be penalized). Minimum of 8 academic references is required.
Due Date: Week 10 – 5:00 pm Wednesday of Week 10
The report should include title page, executive summary, table of contents, appropriate headings and sub headings, recommendations, reference list (Harvard-Anglia style), attachments if relevant, single spaced, font Times New Roman 12pt.
The marking guide will be as follows:
30% Analysis
30% Research – extent and application
30% Recommendations/conclusions
10% Presentation
Total mark will be scaled to a mark out of 30 subject marks.



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