You are a part of the team responsible for planning the JB Hi-Fi

| March 17, 2019

You are a part of the team responsible for planning the JB Hi-Fi (JBH) audit engagement for 2018. You and your colleagues are required to gather relevant background information and prepare a report for a meeting with your senior managers and audit partner. Your report must address the following issues:  
1. What are the areas in which JBH conducts its operations?                    
2. Who are the FOUR primary competitors of JBH in Australia?

3. Which particular laws/regulations (other than financial related categories which include legislation such as: Corporations Act 2001, Australian taxation laws, etc.) affect JBH’s operations? You need to list and briefly describe FOUR laws/regulations.                                                                                       

4. Identify and explain FOUR key inherent risk factors that could have impact on the audit of JBH. You also need to describe how these risks may lead to potential material misstatements in the financial report.                                 
5. Using the JBH 2017 annual report, identify and discuss FIVE accounts to be at significant risk. You also need to identify the key assertion at risk for each account.  Do not use the same accounts identified in question 4 as answer.   
6. With specific reference to JBH’s corporate governance arrangements, you need to assess the likelihood of potential reliance that could be placed on the overall control environment. Your conclusion should be supported by at least THREE factors.  

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