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Criteria’s which are taken under Consideration Before obtaining the Audit Appraisal and Applying them on the BSF Ltd

Discuss about the Auditing & Assurance for Australian Company BSF Ltd.

The Australian company BSF Ltd is performing a research analysis regarding the improvisation of the food products which are being produced for the fish. The forthcoming research provides entire information and details of the research and development procedure. The reason behind the prosperity of the organization is that the company always keeps a keen focus in the improvement of the food products which are continuously being produced by this Australian company for maintaining a sustainable environment in the organization. The research conducted by the company BSF Ltd proved to be a drastic failure during its commencement. A decreased level of the food value of the fish was an outcome of the failure of the research performed.  In the next stage or the second stage of the research which was conducted indulged in it newer improvised techniques which helped in the production of products which were of high food value. Hence forth a change had been found in the production of the high-quality food products which helped in the development the company. A reduction in the productivity was found when plant feeds were used for the research study. The products which were formed were neither environment-friendly nor were they cost effective. Several problems in the environment had been created due to this research analysis. Thereby the research proved to be much inconvenient in nature towards both the environment and the society (Alkafaji, 2007). Whereas with the application of the plant's upper part which is considered as a wastage helped the research to prove itself as a successful experiment.  Incorporating wastage in the research study not only helped in the production products which were cost effective but also helped in producing products which were environment-friendly. Therefore this experiment which was performed helped in providing a safe and a clean environment. A patent has been made against this research keeping into consideration its several positive aspects.

Before the accommodation of the procedure of the audit, several steps and approaches have to be taken into consideration. Suitable detection has been done for the categorization of the problems and risks (Kallen, Kuniewski and Noortwijk, 2009). This helped in the appropriate functioning of the research study by the improvisation of the various risk factors. Correct distinction and maintenance help in the categorization of the risk factors. The various elements regarding this are indicated in the points mentioned below:

  • The prospective litigations are considered as the risk for the business of the auditor, whereas other cost factors are also responsible for the risk which is being created. Reputational effects and fee awareness are regarded as the factors responsible for representing the risk factors.
  • The profitability and survival of the client depend on the proper depiction of the risk of the clients business (Kew and Watson, 2012).
  • With the failure of the modified financial statements and the indicated materials can prove to be an unknown risk for the audit.

Acceptance of the Role for Performing an Audit in the BSF Ltd

 For the improvement of the organization BSF Ltd, various crucial steps needed to be followed so that they might accept the audit for the organization. The steps which are needed to be followed are indicated in the below-mentioned points:

  • For the proposed use of the financial statements proper identification of the situations should be made in order to avoid the unwanted risks as focused by the audit.
  • The management's assessment and reliability helps in denoting the values that signify the errors. These errors are the material errors which are the correct recognition of the irregularity. This clearly depicts that the management of the organization BSF Ltd. is dishonest (Mott, 2008).
  • The amount is determined by accessing the capability and thereby for the proper management of the business. And for an audit, a proper and a strict supervision is very much necessary.
  • For the improvisation of the rule of the code of conduct, the essential requirement is the assessment if the independence.
  • The legal responsibility of the auditor is handled much carefully taking into consideration the third general standards with the correct distinction between the two factors that are required for the proper set up of the auditor (Ruhnke and Lubitzsch, 2010).

The views, opinions, and expressions regarding the legal responsibility of the financial statement are tactfully described in the above-mentioned points.  For amplifying the above-mentioned reasons, a deliberate process is required.

During the elimination of the errors, a number of risks occur which are determined are depicted by the   Inherent risk. Therefore the elimination of the financial statement is taken under consideration.  Recognition of the problems faced by the company is determined strongly by the failures, and this is related to the organization's control over the financial statements.  The visualization of the degree of complexity thereby clearly shows the transactions that are created in a complex manner. Control structures that are related to the breakdown of the financial statement are also made with the help of this (Sarker et al., 2016). Henceforth the inherent and the control risks are clearly visualized with the ongoing lower levels for the audit's   purpose. Thus for the determination of the risk of the audit at a sensible level, the development of the procedure has been reasonably created. The risk detection malfunction the material statement and henceforth, this is produced for visualizing the misstatement of the financial statements by the organization. It also helps in detecting the procedures that help in the determination the errors and frauds which have been created in the financial statement (Saita, 2007). The left behind undetermined statements at the time of audit are clearly pointed out by the misstatement. A huge number of testing can reduce the detections and for the removal of the risks; sample transactions have been used. The determination of the errors and frauds are mainly done through the controlled risk management. It also helps in reducing the number of failures of the operation whereas the types of fraud are being detected by relevant controls. The frauds and the risk factors are thereby detected through the assessment of control risks. An individual report is created by the segregation of the statements and thereby the report does not bear any technical knowledge regarding the problem which is to be resolved.

In the research analysis, the inherent risk is approximated to be 90%. The control risk is estimated to be like 5%, and the detection risk is estimated to be as 80%. The auditor is helped in the continuation of the program by the lower controlled risks. The auditor conducts the audit program for the purpose of controlling the risks that are indicated in this case study (R., 2016).  

Elaborating and List the Audit Program Incorporated for BSF Ltd

The risk assessment process carried out by the internal auditor helps in detecting the issues faced by the company. The engagement audit program is identified with the implementation of application control and thereby the effective operation strategies are selected for carrying out the operation. The audit programs with the procedures are identified by implementing new program strategy and thereby new structures are created for designing the operation of the management and also enable the application control (Wolf, 2008). The mentioned below circumstances are determined by the objectives of the application control. The coverage of the audit program is included in the audit of the company BSF Ltd which is listed below:-

  1. Data should be stored in the appropriate form, and thus the concluding part of the data storage process can be a gain in an accurate format.
  2. The input data have to be appropriate by the completion of procedures with the help of proper authorization which should be done.
  3. Data is processed when it appears to be intended in an accurate format by the making of proper time phase.
  4. The completion of the process that must be accurate as well as the whole format of the process should be done appropriately or properly. And also should be focused on the output of the process for appropriate results (Stittle and Wearing, 2008).
  5. For the creation of input, storage, and output of data records are orderly kept by keeping a record of the issues?

For determining the objectives various steps is required those follow:-

  1. The risk management will be performed for the determination of the problems.
  2. The audit guidelines will be reviewed for the determination of the scope.
  3. The communication plan which is requires being performing as per assisting the resource for the appropriate development.
  4. The audit technique will be assisted for determining the computer assisted programs, and these programs should be implemented for assisting the techniques (Subramaniam and Carey, 2011).
  5. Performing the audit program by the approximate formation of the audit program.

The control program will be determined by maintaining the audit program, and the control program appears to be interconnected to the production and preservation of the transactional data. The audit techniques are identifying with the help of the verification process, and the audit techniques help in creating storage and after that when the process are executed then it gives the output with proper and clear description.

The interest shown for the auditing for the organization is represented by the grant arrangement. These arrangements are depicted for the flexibility usage of the resources. The information will be formed when the proactive or positive strategies are implemented. It gives the grant arrangement that is represented in this case which determines the flexibility of the resources as well as the positive implementation of the positive strategies is take under consideration by creating reply for the direct investment (Holton, 2012). The proactive planning will be enhanced for the research groups; that is considered to turn on the implementation of the plan for the response received. The organization of CSIRO has brought greater changes with the help of the approaches that are considered in the research. These approaches help the CSIRO organization to enhance the flexibility of resources with creating availability of the resources. The case of flexible strategy is represented by considering the importance of the case which seems to be delivering considerable progress. 

The conflict which is created helps in the recognition and making, and efficient adaption is helped out by carrying out various functions. For making the adoption process effective, various functions are carried out with the help of the provided funds (Chung, 2016).  The research involvement helps in adapting the cost of productivity by creating the demand which depends on the cost and henceforth the benefit of productivity is gained. The high technology value is provided accurate effort for the decision with creating an impact on the corporation. 

The income statement helps in determining the triple bottom line which helps in depicting the conventional profit for the organization and is also represented as the 1st bottom line. The 2nd bottom line is the company's account help in the social activity to the measuring the social duty by the operation of the business of the company. The 3rd bottom line makes the three Ps. The people, the profit, and the planet are the three Ps.

 The business firm provides sufficient attention for depicting the environmental issues. In obtaining environmental responsible conditions, the society plays an important role in the organization. For the proper performance of the study and development process the business strategies, the above-mentioned concept helps in creating the innovative ideas. The innovative technology helps in creating innovative stability for the organization (B. Rust, 2011). The mitigation of issues is depicted by implementing the research and thereby the cost structures are provided for the appropriate maintenance of the environment of the organization. It thereby also helps in depicting the values for the company so that the stability can be gained.

Special management about the research made

In order to create an official document for the prospectus of the company of the BSF Ltd, respect to the management of BSF Ltd is provided for creating values. The grant is shown by the case helps in allowing the aquaculture feeds with the cost signified (Bowen and Aragon-Correa, 2014). The enhancement appears to be indicating the aquaculture with focusing on the systematic improvement. Henceforth, it helps in depicting the structures that are developed for the growth of the organization.  According to the case, the improvement helps in depicting the factors that appear to be dependable for creating the improvements of systematic. So the development of BSF Ltd Company is focused with carrying out the improvement in structure of control management.

For the achievement of appropriate control structure for the organization, the research depicts the following which are as follows:-

  1. In the corporation, it shows the improvement with implementing control measures for bringing sustainability.
  2. It helps to create sustainable environment for the organization.
  3. Appropriate use of the renewable resources helps to gain profitability and thereby helps in reducing the cost for the organization (Weygandt, 2009). 

The exclusive control system helps for the improvement of the high quality production .The exclusive control system also helps in determining the proper usage of the wastages in a controlled manner and thus creating a sustainable environment.

References

Rust, M. (2011). The Future of Aquafeeds. [online] Available at: https://www.nmfs.noaa.gov/aquaculture/docs/feeds/the_future_of_aquafeeds_final.pdf [Accessed 16 Sep. 2016].

Chung, E. (2016). 'Greener' fish farming could lead to unhealthier seafood. [online] CBC News. Available at: https://www.cbc.ca/news/technology/aquaculture-feed-1.3262922 [Accessed 16 Sep. 2016].

R., L. (2016). [online] Available at: https://sciencenordic.com/fish-feed-research-may-helpreduce-world-hunger [Accessed 16 Sep. 2016].

Sarker, P., Kapuscinski, A., Lanois, A., Livesey, E., Bernhard, K. and Coley, M. (2016). Towards Sustainable Aquafeeds: Complete Substitution of Fish Oil with Marine Microalga Schizochytrium sp. Improves Growth and Fatty Acid Deposition in Juvenile Nile Tilapia (Oreochromis niloticus). PLOS ONE, 11(6), p.e0156684.

Holton, R. (2012). Global finance. Abingdon, Oxon: Routledge.

Stittle, J. and Wearing, B. (2008). Financial accounting. Los Angeles: SAGE Publications.

Wolf, M. (2008). Fixing global finance. Baltimore, Md.: Johns Hopkins University Press.

Bowen, F. and Aragon-Correa, J. (2014). Greenwashing in Corporate Environmentalism Research and Practice: The Importance of What We Say and Do. Organization & Environment, 27(2), pp.107-112.

Alkafaji, Y. (2007). Quality assurance review programs of auditing firms: an international perspective. Managerial Auditing Journal, 22(7), pp.644-660.

Heagney, J. (2012). Fundamentals of project management. New York: American Management Association.

Kallen, M., Kuniewski, S. and Noortwijk, J. (2009). Risk and decision analysis in maintenance optimization and flood management. Amsterdam: IOS Press.

Kew, J. and Watson, A. (2012). Financial accounting. Cape Town: Oxford University Press.

Mott, G. (2008). Accounting for non-accountants. London: Kogan Page.

Ruhnke, K. and Lubitzsch, K. (2010). Determinants of the Maximum Level of Assurance for Various Assurance Services. International Journal of Auditing, 14(3), pp.233-255.

Saita, F. (2007). Value at risk and bank capital management. Amsterdam: Elsevier Academic Press.

Subramaniam, N. and Carey, P. (2011). Risk management, governance and assurance. Managerial Auditing Journal, 26(7).

Weygandt, J. (2009). Hospitality financial accounting. Hoboken, N.J.: John Wiley & Sons.

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