Topics: Auditing, Fairfax Media, Audit Pages: 6 (891 words) Published: January 5, 2014

ACCT 3708/18
Auditing and Assurance Services

Group assignment details
The assignment is to be based on Fairfax Media Limited (ASX code FXJ) and is to be submitted at the commencement of your tutorial in Week 11, as per the Course Outline. The aim of the group assignment is to test students’ ability to integrate skills learnt in Auditing and Assurance Services to analyse a real company from the auditor’s perspective and within the framework of auditing standards. The successful completion of this assignment requires extensive research on Fairfax Media’s internal and external environments, operations, strategies and an analysis of the annual report including financial information.

Students are expected to demonstrate their ability to critically evaluate various pieces of information and apply analytical skills to critically evaluate potential audit risks. An important aspect of the assignment will be to demonstrate your ability to present a written report in a professional manner.

You are a part of the team responsible for planning the Fairfax Media audit engagement for 2012. You have been assigned to gather relevant background information and prepare a report for a meeting with your audit partner and audit managers. Your report must address the following issues.


In relation to Fairfax Media, provide a description of the following: • What are the principal sources of Fairfax Media’s revenue? • What does Fairfax Media produce and how does it do so?
• What are its markets and who does it compete with?
• Which particular regulations affect its operations?

ACCT3708 Auditing and Assurance Services

[4 marks]




A commonly used tool to assist in conducting strategic analysis decomposes the client’s business environment into the following four spheres of influence Political Economic
Prepare a PEST analysis detailing the kinds of factors that may influence the business of Fairfax Media.
[4 marks]


For the most significant business segment, determine and explain five key audit risks which would impact on the audit of Fairfax Media. (Include the account and assertion most affected by the risks identified).

[5 marks]


Fairfax Media have embarked upon significant changes to their business model to provide an on-line platform. This is in response to the much anticipated demise of 'traditional media' such as newspapers and magazines. Describe some of these changes and the impact these changes will have upon your audit plan. [3 marks]


Your assignment should be presented in a format as if it were to be presented to a meeting of senior auditors at your accounting firm. It should be succinct, and use of tables is encouraged.
[4 marks]

Maximum 10 pages (font size 12, 1½ line spacing, Times New Roman). Margins on all sides at 2.5 cm minimum.
The ten page length includes the body of the assignment, footnotes and any appendices. It excludes the cover sheet, title page, executive summary (optional), and list of references.

Additional Information
1. This assignment is to be completed in groups of 4 or 5 students. All students in a group must be from the same tutorial.
2. You are required to submit a one page Assignment Status Report at the beginning of Tutorial 9. There are no marks for doing this but failure to submit or below standard submissions will incur a penalty of 5 marks for the assignment.

ACCT3708 Auditing and Assurance Services


Submission Details
1. A hardcopy of the assignment is to be submitted to your tutor at the beginning of the tutorial in week 11. Any assignments received after this time will be considered late and subject to the penalty described in the course outline. Last minute printing difficulties, computer failure or transportation problems will not constitute an adequate excuse for lateness. 2. Please keep a copy of...
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