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This assignment requires you prepare a document to assist the Audit Manager in planning an audit

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This assignment requires you prepare a document to assist the Audit Manager in planning an audit.

1. For the purpose of the assignment, you assume the role of an auditor and your firm has recently been appointed as external auditor of an entity. As required by Auditing Standard ASA300, you are assisting your Audit Manager in preparing an audit plan for the audit of the entity’s financial statements.

2. The audit fee is $100,000 and had been communicated to the client in the Engagement Letter.

3. You are required to download the 2017 annual report published by the following entity:- Nanosonics (http://www.nanosonics.com.au)

4. Using information in the relevant chapters of the textbook, the company annual report and other relevant information, preparing a document for your Audit Manager to assist him in planning the audit. Note that quoting directly from textbook does not meet the objective of the assignment.