Answer Introduction With the ramified economic changes and complex business structure, the concept of audit and assurances of the financial statement of company has been gaining momentum throughout the time. Audit function helps to strengthen the trust that shareholders and other users can lay over the financial statements of an entity. The main purpose of audit and assurance is to strengthen the transparency and truthfulness of the fina...Read More
Answer: Strategy and Performance Goals and Objectives Some of the goals of the intelligent company include: Improving production through the use of technology. Improving employee turnover. Risk mitigation caused by fluctuations in a single market done by use of SBUs. Focusing on decisions equally to improve operations in every part of the organization. Acquiring new business ventures and identifying market opportunities by venturing i...Read More
Answer: Introduction: The company is the largest company when it comes to pizzas and it has the largest chain of networks in the Australia and has a huge number of stores and network sales. It is the largest franchisee for the domino’s Pizza brand for the world. The company holds an exclusive number of franchisee rights for the brands and network in many countries (Dominos, 2018). The company has not appointed any new director du...Read More
Answer: Requirement 1: a) The name of company is Commonwealth bank which is the leading integrated financial services provider that belongs to CBA group. b) The financial year of Commonwealth bank ends on 30thJune every year. Hence, the current financial year of bank ends on 30thJune, 2018 for which the financial report has been presented. c) The name of external audit firm of Commonwealth bank is PricewatehouseCoopers that engage...Read More
Answer: Financial statement – The company’s name is Amcor Limited Company’s financial year end is 30thJune 2017 (com 2018). Name of the company’s external audit firm is PricewaterhouseCoopers Audit committee – 2 members are there in the audit committee of Amcor Limited. Their names are – Graeme Liebelt and Paul Brasher. Graeme Liebelt is independent non-executive chairman and Paul Brasher is indep...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: Professional scepticism Professional scepticism is an attitude that is required by the auditor to be maintained during the entire course of the professional engagement. It requires the auditor to remain alert to all such conditions that indicates the possibility of misstatement as a result of error or fraud on or due to management of the entity (Hurtt, 2010). As a part of fulfilling the professional engagements in the auditing engagem...Read More
Answer: Analysis of the sampling methods available in the audit environment of Malaysia: The report is prepared for analyzing the several methods of sampling that is available in the auditing environment of Malaysia. Malaysia has adopted the International auditing standard in year 2006 that has led to the introduction of highly technical standard that brought an impact on both the auditors and preparers of financial statements. In this partic...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: Introduction Preparation of an audit process requires a preliminary survey which helps the auditor to become familiar with the procedures and policies which might impact the areas being audited. A proper audit plan helps in identification of the critical accounts that need to be examined to disclose any fraud in the company financial statements. Bellof and Wehn (2018) argue that the audit plan involves a collaborative effort of the au...Read More
Answer: Introduction It is a major responsibility of the auditors for the management of different dimensions of the governance mechanism of client’s organization. ASA 315 has been incorporated with the intention to detect and analyze the risks of material misstatements due to the fraud or errors in the financial statements of the companies. The auditors are needed to comply with the standards of ASA 315 in order to gain clear ...Read More
Answer: Introduction Fredgrau Enterprises is a small company for which the audit planning needs to be done and therefore the audit partner of the company has asked to the course of action to be taken about the same. Based on the trial balance given by the company the audit procedure to be taken has been designed besides identification of the key and critical accounts, which shows the huge deviation (Axelsen, et al., 2017). Materiality leve...Read More
Answer: Introduction The report highlights what are the major steps in the audit planning of the small entity, for which the audit partner of the company has asked to audit senior to prepare the report. Materiality has been determined and preliminary analytical review has been done in the report to find out the critical accounts and audit procedures has been suggested for the same (Appelbaum, et al., 2018). Fraud risk analysis has also b...Read More
Answers: 1.Describe briefly what might be regarded as ‘audit quality’ and how ‘audit quality’ might be assessed The audit quality is a process which ensures that there is continuous improvement in the key elements of quality. There are a variety of fundamental audit quality and such include the following as is discussed below. Process The application of quality control procedures and a rigorous audit process which fo...Read More
Answer: 1 a) Key Assertions The two key assertions at risk are as follows: Valuation: As per the accounting standards, inventories are to be recognized at cost or net realizable value whichever is lower of the two. However, normal wastages are included in the valuation; abnormal wastages are to be specifically excluded from inventory valuation. Items involving technological hardware or software usually bear high degrees of risk of obsol...Read More
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