Part A Your team has been assigned with the audit of AMP Ltd for the year ended 31 December 2017.

| March 17, 2019

Part A  Your team has been assigned with the audit of AMP Ltd for the year ended 31 December 2017. Review the audited annual reports including financial statements presented to the shareholders for the company noted below and answer the questions  
 AMP Ltd – Annual Report 2017  
http://www.annualreports.com/HostedData/AnnualReports/PDF/OTC_AMLTY_2017.pdf  
1) Conduct an analytical review on the financial statements of this company in the planning phase and identify areas of concern and how relevant accounts and assertions are impacted. Justify your answer. All calculations should be included as an appendix to the written report. (5 Marks)  
2)  You are now required to formulate the relevant audit procedures to respond to the areas of concern identified in Part (1) (5 Marks)    
Part B   Audit Quality is an ongoing debate in the profession both locally and internationally. Recently, KPMG in London was fined $4.3 million in regards to the audit of Quindell Plc. Similarly, in Australia the uproar of the recent Banking Commission have also led to questioning the rigor of the auditing profession.  
Using relevant academic journal, working paper series and publications made by the CAANZ and CPA Australia:  
1) Explain your team’s understanding of the concept of Audit Quality (3 Marks)  
2) Explain and identify at least 3 steps the accounting bodies have undertaken in Australia to improve audit quality. (3 Marks)  
3)  As a team conclude how important it is or isn’t to maintain quality when you carry out an audit; justify your answer (4 Marks)  

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