Answers: Introduction Auditing is the process of conducting the official financial inspection for the firm to understand the financial condition of the firm. For performing the auditing the organisation New Hope Corporation Limited is being selected. The organisation was founded in the year 1952 and on 2003 they were listed on the ASX Company. The paper will focus on the analysis of the financial and annual report of the firm to understand th...Read More >>
Answer: Introduction Air New Zealand (AIZ) is an airline company based on Auckland, New Zealand. It operates flights in New Zealand and other international countries. The purpose of this paper was to develop analytical analysis on materiality auditing, analytical review, audit procedures and form an opinion based on auditing by reviewing the annual auditor report for AIZ Limited for the year 2017. Section 1 Materiality in auditing rel...Read More >>
Answer: Introduction Organization is accompanied with the complex set of activities in which various functions are undertaken to achieve the set objectives and goals. Every Organizaiton needs to follow proper IFRS rules and standards while preparing their financial statements. Auditors are the person who checks the true and fair view of the financial assets and books of account of company. These auditors assists in evaluating whether company ...Read More >>
Answer: Materiality and Scope of Audit: The main purpose of this report is to take into the consideration the process of audit for the purpose of materiality which is required to be considered by the auditor at the time of recognizing any materiality misstatement in the financial statement. According to “IAS 320” The concept of materiality is treated as the vital audit scope as it is the main factor in ascertaining in f...Read More >>
Answer: Section 1 The materiality concept means that the firm must disclose any item that is found to have noteworthy influence in the financial statements. The nature of the item must be significant enough to impact financial statements. Items that are important enough to matter are material items. For example if a customer owes $ 2 million dollars to a company which has a net asset worth $ 2 million the nature of the item is material in nat...Read More >>
Answer: Materiality concern of the entity Materiality is a subject of professional judgement, which is provided in ASA 320 “Materiality in Planning and Performance an Audit”. For the effective and efficient planning and performance of audit, materiality is very critical factor. The material misstatement, significant error and omission which either individually or in aggregate are considered material if it expected to influenc...Read More >>
Answer: Section 1: Materiality concern of the entity Materiality is one of the concepts, which is being covered by ASA 320 as per which materiality is very crucial for the auditor in terms of planning and performing the audit of the financial statements. The misstatements, errors and significant omissions’ either individually or in aggregate are considered material if the same has the ability to change the economic decision of the users...Read More >>
Answer: The annual report of a company depicts the overall results that company has achieved during the financial year. It is published for the stakeholders to get knowledge about the affairs of the entity. The report is prepared so that it can be used by the users to help them in making powerful decisions. However, the report is prepared by the entity itself for its own results. Hence, it is difficult for the stakeholders to believe on the re...Read More >>
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