Answer: Introduction An audit planning financial analysis report has been prepared on the given entity through variance and trend analysis for the year 2017 and 2016 (Dichev, 2017). The income statement has been prepared basis this. All the significant accounts where the deviation is material have been analysed, the audit assertions and risks have been checked and finally the audit steps have been recommended for the same. Preliminary an...Read More >>
Answer: Introduction: The audits of entities operating in the country are subjected to the auditing and assurance standards issued by the Auditing and Assurance Standards Board (AAUSB). ASA 320 provides guidelines for the auditor to be followed for determination of materiality level. It is the amount that an auditor considers material for the purpose of the audit. Appropriateness of Materiality level: Materiality level has...Read More >>
Answers: Introduction ASA 240 deals with the duty of the auditor regarding fraud in the inspection of the financial statement. Moreover, the standard expands to the manner in which ASA 315, as well as ASA 330, is to be applied to determine the risk of material misstatement because of deception (Auditing Standard ASA 240.The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report, 2017). The first aim of this standard is...Read More >>
Answer: Task 1: Entities operating in Australia must comply with the requirements of AASB 1031 to include all material information in the financial reports of the entity. According to AASB 1031, omission or commission of any financial information that affects the decision making process of users of financial statements are material information and must be reported in the financial statements. Though there has been no specific definition...Read More >>
Answer: Introduction: The report is prepared with the intent of assisting the planning stage of small audit client from the viewpoint of an audit firm. The audit firm would be carrying out the audit work of Amarnath Enterprises by using its preliminary trial balance. The first part would emphasise on ascertaining whether the materiality amount of $15,500 is suitable along with the impact of materiality assessment on audit budget. The next seg...Read More >>
Answer: Preliminary judgement for materiality Preliminary judgement is the maximum amount the auditor can accept the misstatement that will not have material impact on the decision provided by the auditor for the users of financial statements. As materiality is a relative factor it is important that it must have a base to establish the fact that whether the misstatement is material or immaterial. Base here is crucial as the users take their d...Read More >>
Answer: Introduction: This study will provide you a detailed review and explanation about auditing process and its authentication. This reading will be based on the professional practice of auditory procedure which commences with an introduction to compliance and assurance in regards to the audit process. It will provide knowledge of changes in the auditing profession and its assurance aspects in the regulatory organizatio...Read More >>
Answer: Introduction In the given case, an audit is to be conducted for one of the small client named Chartreuse Enterprises and hence the audit partner of the company has requested the audit assistant to prepare an audit plan for the same based on the trial balance of the client given below. The Trail balance is to be studied and the significant audit accounts which need immediate attention and checking needs to be highlighted. In the ...Read More >>
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