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What are the ethical considerations an auditor should consider before accepting a new audit… 1 answer below »

Assignment topicsPart A (300 words)How does ethics apply to auditors? (3 marks)What are the ethical considerations an auditor should consider before accepting a new audit engagement? (3 marks)Part B (1700 words)This part is to be based on Mayne Pharma Group Limited (ASX code-MYX).The successful completion of this part requires extensive research on Mayne’s internal and external environments, operations and analysis of the 2018 annual report. You may also refer to the financial press and other business media.Assume you are a part of the senior audit team responsible for planning the Mayne Pharma Group Limited (MYX) audit engagement for 2019. You and your colleagues are required to gather relevant background information of MYX and prepare a report for a meeting with audit partner. The report must address the following issues:Required:1. What are the areas in which Mayne conducts its operations? The answer for this question should be reflective of your in-depth understanding of the company’s operations. (5 marks)2. Which particular laws/regulations (other than financial related categories which include legislation such as: Corporations Act 2001, Australian taxation laws, etc.) affect Mayne’s operations? You need to list and briefly describe any THREE laws/regulations. (9 marks)3. Identify and describe THREE business risks that your team will consider for the Mayne Group engagement. (9 marks)4. Using the Mayne 2018 annual report, identify THREE accounts that could be at significant risk and explain why. You are also required to identify the key assertion at risk for each account. (9 marks)5. Based on the 2018 MYX annual report and information available on the company’s website, can you conclude that MYX complies with the Principle 4 of the ASX Corporate Governance Council’s corporate governance principles and recommendations? Explain. (3 marks)6. Identify an appropriate base and set planning materiality for MYX. Explain why you have chosen this base and the percentage you used. (5 marks)2Marking criteriaGroup assignment marking criteriaMarksExecutive summary3Introduction3Main body of the report46Conclusion3Correct referencing, in-text citation3Report presentation, formatting2Total marks60Final mark20

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