Determine the level of materiality to be used for the audit of the group accounts for the year ending in 2017. Your answer should include a discussion of the nature of materiality, and a description of what materiality represents in terms of the audit of a set of financial statements, and should discuss the different bases and considerations employed in arriving at materiality. Explain the rationale behind your choice of a certain level of materiality. Provide a quantitative estimate of materiality for your company.
• Review the various draft notes and disclosures accompanying the draft annual report. Highlight those that may have significance to the audit, eg. Contingencies, and outline the audit procedures that you will need to perform.
The partner has requested you to prepare a preliminary analytical review on the information provided by your company. The partner suggests that as a minimum you address key balance sheet and profit and loss ratios over the period 2014 to 2017.
Based on these results and the nature of your company’s business and its markets, outline the apparent trends and changes in these ratios, the key risk areas for the audit and the matters that will have to be addressed in the audit plan. Give examples of relevant assertions and at least one audit procedure for each assertion.
Review the statement of cash flows. Which category of cash flows provided the majority of cash inflows? Which category had the greatest outflows?
Identify the primary cash receipts and cash payments during the year.
What were the main non-cash financial and investing activities?
Using the results of questions 2 and 4, evaluate the going concern risk of this company. What audit procedures would you recommend to address this risk.
To export a reference to this article please select a referencing stye below:
My Assignment Help. (2021). Auditing And Ethics. Retrieved from https://myassignmenthelp.com/free-samples/busn3002-auditing-and-ethics/nature-of-materiality-and-considerations.html.
"Auditing And Ethics." My Assignment Help, 2021, https://myassignmenthelp.com/free-samples/busn3002-auditing-and-ethics/nature-of-materiality-and-considerations.html.
My Assignment Help (2021) Auditing And Ethics [Online]. Available from: https://myassignmenthelp.com/free-samples/busn3002-auditing-and-ethics/nature-of-materiality-and-considerations.html
[Accessed 13 April 2021].
My Assignment Help. 'Auditing And Ethics' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/busn3002-auditing-and-ethics/nature-of-materiality-and-considerations.html> accessed 13 April 2021.
My Assignment Help. Auditing And Ethics [Internet]. My Assignment Help. 2021 [cited 13 April 2021]. Available from: https://myassignmenthelp.com/free-samples/busn3002-auditing-and-ethics/nature-of-materiality-and-considerations.html.
MyAssignmenthelp.com is one of the reputed companies that offer impeccable essay writing services. Writing an outstanding rhetorical analysis essay is a mean feat to achieve for many. If you are not able to prove your standpoint in the essay through the use of effective and persuasive methods, contact the 5000+PhD experts of MyAssignmenthelp.com at the earliest. Not only they are brilliant in drafting the perfect rhetorical analysis essay outline, but they also include relevant rhetorical analysis essay examples to make your paper credible. To get in touch with us, just drop a buzz or call our customer executives at +613-4000-0033, and ensure your academic success.
Answer: Answer to case A: When it is noticed that the total fees from the audit client constitute a large portion of the total fees of the firm stating their audit opinion, the reliance on that client and concerns relating to losing the client results in self-interest or intimidation threat. The significance relating to such threat should be assessed and safeguarded when it becomes necessary to eliminate the threat at the acceptable level (Ha...Read More
Answer: 1. Research the history of audit exemption in the European Union and discuss the changes in audit exemption thresholds in the United Kingdom. As per the resolution passed by the European Parliament in June 2013, broadly entities apart from public interest entities (which is basically those entities whose securities are widely traded in the stock market, lending institutions, insurance providers and any other entity which has been spe...Read More
Answer: Introduction: When the audit operations are conducted, it is vital for the auditors to take into account the pertinent factors, out of which governance mechanism is the most significant. In Australia, ASA 315 is inherent containing all guidelines and principles for the auditors in considering the audit client governance. The primary intention of this report is to analyse the accountability of the auditors in reviewing the audit client...Read More
Answer: Week 1-4 Bonus Role of External Auditor in Detection of Frauds The primary role of an auditor is to analyze the financial statement of a company with a view to make an opinion whether the financial statements of the company are showing true and fair view or not. The opinion of the auditor is very important in order to justify whether the financial statements of the company are fairly represented or not. In addition to this, for...Read More
Answer: Introduction Being the audit division manager of MYH, it has been regarded necessary to gather data and information regarding the financial audit of TCW Ltd. The main business operations of TCW Ltd include growth of grapes for wine production, beef cattle rearing, surplus funds investment and wine production as well. This report provides an analysis and discussion of several areas and accounts of TCW Ltd which need to be given more at...Read More
Just share requirement and get customized Solution.
Our writers make sure that all orders are submitted, prior to the deadline.
Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.
Feel free to contact our assignment writing services any time via phone, email or live chat. If you are unable to calculate word count online, ask our customer executives.
Our writers can provide you professional writing assistance on any subject at any level.
Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.
Get all your documents checked for plagiarism or duplicacy with us.
Get different kinds of essays typed in minutes with clicks.
Calculate your semester grades and cumulative GPa with our GPA Calculator.
Balance any chemical equation in minutes just by entering the formula.
Calculate the number of words and number of pages of all your academic documents.
Our Mission Client Satisfaction
awesome job. hit the very good points. best of yet! love the work thanks so much for you service! i really like the work thanks
it was great work and in short period of time ,references were good as well. Great:)
please see comments given by tutor 1 You have not formulated an aim for this presentation and, therefore, not related it to the LOs 2 You have not identified a context to apply the theories, so you are not meeting the LOs. Although your title sta...
Thank you for your help. Really appreciated my professor really liked it. I got good grades