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Answer Introduction The research involved the new auditing standard ASA 701, supposedly meant to give the analysis to the new auditing standard and choose three industries listed on the ASX and analyze the application of the auditing standard in them. The auditor's report for the three industries which are involved in different activities. The three industries are; mining and refinement industry, insurance industry, and building a...Read More
Answer: Independence of the auditor refers to the independence from external and internal source that might be having any sort of financial interest in the company. Audit is an independent examination of the financials of the company and the investors depends upon the audit report to take important decisions with regards to the company hence it is important that the audit report must be free from all kind of error. There are various factors th...Read More
Answer: The responsibility to act is public interest is what differentiate the auditing profession from other profession. APES 110 Code of Ethics for Professional Accountant has five fundamental principles: Integrity; Objectivity; Professional competence and due care; Confidentiality; and Professional Behavious Independency requires Members to act with integrity and to exercise objectivity and professional doubtfulness. Members are o...Read More
Answer: In the report a few companies from various industry segments have been analyzed. On this basis of the analysis the key audit matters have been found. The identification of the key audit matter i.e. which topic required most audit analysis focus for each company has been made. It has been investigated that every company basis its nature of business and working style has a separate key audit matter which has been mentioned and basis that...Read More
Answer Introduction Alliance Aviation Service Limited is the ASX listed company that provides aviations services and operates as air charter in Australia. The company also provides various other services like corporate, tourism, entertainment, and media, educational and sporting. The objective of this report is to analyse the financial performance and financial position of Alliance Aviation Service Limited through focussing on various key ratio...Read More
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