Using the first four steps in the audit process as prescribed in Chapter 6 of the textbook, plan the audit for the entity you have chosen

For domestic students, the assignment is worth 20% of the overall assessment for this subject and is due in Week 10. The maximum word limit is 3000 words, including appendices. The assignment requires students to form a group of two and develop an audit plan, referring to Chapter 6 of the textbook for information on audit planning. The assignment must be submitted electronically through turnitin on webct and in hardcopy. The electronic submission should include an originality report, and assignments with an originality report level of more than 30% may be penalized by four marks. Students can re-submit the assignment on webct as many times as necessary, but the final submission in both electronic and hardcopy must be made by the due date. The hardcopy submission should include a signed declaration form. Only one member of the group needs to submit the assignment. Late submissions will be penalized by two marks per day. Plagiarism is not allowed, and students are advised to read the plagiarism policy. The purpose of the assignment is to enable students to understand the underlying concepts of auditing and to be able to analyze and apply relevant auditing theories in order to express professional and ethical decisions. Students are required to download financial statements and notes to the financial statements for the year ended 30 June 2022 of the entity they are auditing, and use these to develop an audit plan. The audit plan should include an audit risk assessment, materiality and audit scope, timing of the audit, and audit team and staff planning. It should also include a budget for the audit and a discussion on audit risk and materiality, as well as a summary of the audit approach.