Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Auditing Expert

Understanding planning stage of the audit process: Rreview of client business and perform audit risk analysis

Assume that you are audit senior in an accounting firm. Your firm has recently won an audit for a company that you selected in assignment

1. The whole assignment should be prepared based on your selected company in the form of report. The assumptions are that your firm does not have any other clients that operate in this industry and your audit partner is concerned about his lack of knowledge of the industry the company is operating in.

Your audit partner asks you to prepare a memo/ report on the ‘state of the company's industry' and associated risk factors. Your report must cover the requirements below and exhibit effective communication.

Required:

a) Prepare a list of three useful sources (the relevant information from the particular source must also be listed) that you can use to obtain the required industry knowledge. An ex of a valid source of research material would be Australian Bureau of Statistics

b) Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.

c) Identify a relevant general balance-related and a transaction-related audit objective based on the finding from the risk factors in part b). The required audit objectives here must be specific to the company that you are working on and causal relationship with part b) must be established.

d) Perform overall analytical procedures to identify significant changes in the financial positions or results of the business which require detailed investigation and explanation. The overall analytical procedures / risk analysis should at least cover the areas in liquidity, and profitability.

Auditing, Accounting

  • Category:- Auditing
  • Reference No.:- M938134

Have any Question? 


Related Questions in Auditing

Auditor rotationread the article house counts on honor

Auditor Rotation Read the article, "House Counts on Honor Amongst Thieves: Votes Against Mandatory Auditor Rotation." Based on the information presented in the article, discuss the following: Article link: http://www.for ...

Background informationthis assignment is based on the

Background information This assignment is based on the Professional Application Question 2.37 in your e-text. Fellowes and Associates Chartered Accountants is a successful mid-tier accounting firm with a large range of c ...

Objectivesanswer the following questions with reference to

Objectives Answer the following questions with reference to the relevant common law and equity principles operating in Australia concerning contracts plus related and other transactions. Do not consider the effects of le ...

Questionnbspinstructions this assignment is to be submitted

Question:  Instructions: This assignment is to be submitted in accordance with assessment policy stated in the Subject Outline and Student Handbook. It is the responsibility of the student who is submitting the work, to ...

Assignmentchoose a publicly traded company and research its

Assignment Choose a publicly traded company, and research its annual report. (If you cannot find it online, you can go to the U.S. securities and Exchange Commission Web site and locate a copy). These results have been a ...

Information security audit assignment -objectives - this

Information Security Audit Assignment - OBJECTIVES - This assignment is designed to assess students' ability to: Produce a concise detailed report about the importance of information security audit policy and its compone ...

Assignmenta credit union is developing a new ais the

Assignment A credit union is developing a new AIS. The internal auditors suggest planning the systems development process in accordance with the SDLC concept. The following nine items are identified as major systems deve ...

Audit assurance and compliance assignmentquestion 1

Audit, Assurance and Compliance Assignment Question 1 - Impulse Pty Ltd (Impulse) is an entertainment system manufacturer that was established in 2005. Your audit firm King & Queen have been the auditor of Impulse since ...

Smith a certified public accounting firm was engaged to

Smith, a certified public accounting firm, was engaged to audit the financial statements of the Sky-is-the-Limit company. The company has its own IT installation. While obtaining an understanding of internal control, Smi ...

You are required to finish each of these questions each

You are required to finish each of these questions, each worth 10 marks, total 30 marks. Please give the solutions in detail, show calculations and submit the solutions to Moodle using a single file, it can be Excel form ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen