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HA3032 Auditing

tag 0 Download 16 Pages / 3,754 Words tag 02-07-2021

Question:

  1. You at least should have the following details:
  2. Assignment Cover page clearly stating your members name and student number s
  3. A table of contents, executive summary
  4. A brief introduction or overview of what the report is about.
  5. Body of the report with sections to answer the above sections and with appropriate section headings
  6. Diagrams and tables clearly labelled and explained.
  7. Ensure all materials are correctly referenced. Plagiarism will be severely penalised.

Understand objectives, strategies and Assessing Business Risks

  1. Industry developments (a potential related business risk might be, for example, that the entity does not have the personnel or expertise to deal with the changes in the industry).
  2. New products and services (a potential related business risk might be, for example, that there is increased product liability).
  3. Expansion of the business (a potential related business risk might be, for example, that the demand has not been accurately estimated).
  4. New accounting requirements (a potential related business risk might be, for example, incomplete or improper implementation, or increased costs).
  5. Regulatory requirements (a potential related business risk might be, for example, that there is increased legal exposure).
  6. Current and prospective financing requirements (a potential related business risk might be, for example, the loss of financing due to the entity’s inability to meet requirements).
  7. Use of IT (a potential related business risk might be, for example, that systems and processes are incompatible).
  8. The effects of implementing a strategy, particularly any effects that will lead to new accounting requirements (a potential related business risk might be, for example, incomplete or improper implementation).

Understand management and Governance

a) Communication and enforcement of integrity and ethical values – These are essential elements that influence the effectiveness of the design, administration and monitoring of controls.
 
b) Commitment to competence – Matters such as management’s consideration of the competence levels for particular jobs and how those levels translate into requisite skills and knowledge.
 
c) Participation by those charged with governance – Attributes of those charged with governance such as:
  • Their independence from management.
  • Their experience and stature.
  • The extent of their involvement and the information they receive, and the scrutiny of activities.
  • The appropriateness of their actions, including the degree to which difficult questions are raised and pursued with management, and their interaction with internal and external auditors.
d) Management’s philosophy and operating style – Characteristics such as management’s:
  • Approach to taking and managing business risks.
  • Attitudes and actions toward financial reporting.
  • Attitudes toward information processing and accounting functions and personnel.
e) Organisational structure – The framework within which an entity’s activities for achieving its objectives are planned, executed, controlled, and reviewed.
f) Assignment of authority and responsibility – Matters such as how authority and responsibility for operating activities are assigned and how reporting relationships and authorisation hierarchies are established.
g) Human resource policies and practices – Policies and practices that relate to, forexample, recruitment, orientation, training, evaluation, counselling, promotion, compensation, and remedial actions.
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Total 16 pages

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My Assignment Help (2021) HA3032 Auditing [Online]. Available from: https://myassignmenthelp.com/free-samples/ha3032-auditing/agricultural-and-resource-economics.html
[Accessed 02 February 2023].

My Assignment Help. 'HA3032 Auditing' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/ha3032-auditing/agricultural-and-resource-economics.html> accessed 02 February 2023.

My Assignment Help. HA3032 Auditing [Internet]. My Assignment Help. 2021 [cited 02 February 2023]. Available from: https://myassignmenthelp.com/free-samples/ha3032-auditing/agricultural-and-resource-economics.html.


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