supported solutions/recommendations.Assessment 4Assessment Type: Individual Project Assessment. Word Limit 2500 words 10%Purpose: The individual research project requires students assessment of real-life auditing issues througha case study that links auditing theory, auditing practice and auditing performance. This assessmentrelates to learning outcomes a, b and c.Value: 20%Due Date: Week 10 – 11:59 pm Thursday of Week 10Submission: Upload soft copy of Word .doc or .docx to Turnitin and Moodle via Kol’s Moodle subjecthomepage.Topic: Research Individual AssignmentTask details: The new auditing standard AS A701 Communicating Key Audit Matters in the IndependentAuditor’s Report is developedin the wake of the global financial crisis. This development is in response tocals from shareholders to know more about the companies they invest in. Further, investors have alsorequested earlier warnings of potential issues that may exist with respect to an entity’s ability to continue asa Going Concem which resulted in the revision of ASA 570 (IS A 570) Going Concern.Students are required to select and compare two industries in the Australian AS X Top 100 listedcorporation and assess the “areas of higher assessed risk of material misstatement, or significant risksidentified in accordance with AS A 315”, “significant auditor judgements relating to areas in the financialreport that involved significant management judgement” as well as “the effect on the audit of significantevents or transactions that occurred during the period” (Para 9 AS A 701). The summary report shouldinclude data extracted from the General-Purpose Financial Report relevant to the material analysed.The industry can be banking, mining, retail, telecommunications, manufacturing or other industry availableon ASX Top 100.PAGE 9 OF 14ACC707 AUDITING AND ASSURANCE T121 01/03/2021 14:12*AUSTRALIAN INSTITUTE OF BUSINESS AND MANAGEMENT PTY LTD ©ABN: 72 132 629 979CRICOS 03171AApproved by KOI Academic Board for T1 2021 Κ ΣΙΚΟΙACC707King’s Own InstituteRequired: Students must include at least twelve references including applicable academic journals,newspaper, professional accounting, auditing articles, auditing standard(s), Code of Ethics for ProfessionalAccountants. Word Limit: 2500 words 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% Analysis30% Research – extent and application30% Recommendations/conclusions10% PresentationTotal mark will be scaled to a mark out of 20 subject marks.