ACC707 Auditing Theory and Practice

Added on -2020-02-24

| ACC707| 12 pages| 3186 words| 34 views

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Auditing Theory and Practice
1By student name ProfessorDate: 02 September, 2017.1 | P a g e
2Executive SummaryAuditing is a process in which the trained professionals review the books of account prepared bythe company and comment on the effectiveness of the same. Audit is done by independent entitieswithout any biasness and all proper professional judgement must be involved in the same. With the helpof the audited statements, the users who depend on these statements to take important decisions canbe sure about the validity of the same. There have been many standards that have been developed tothe help the auditors in taking important decisions regarding the statements that they are reviewing.The auditors must follow the standards with all effectiveness and the auditor must comment on all thematters that have been there in the financial statements. In this given report, we will discuss one suchstandard of auditing ASA701 Communicating Key Audit Matters in the Independent Auditor’s Report.This standard was developed when there was a global crisis that led to the downfall of one of thebiggest organisations ABC Learning Centre, and what effect it might have, if this standard was developedprior to the crisis faced by the investors of the company.2 | P a g e
3ContentsIntroduction........................................................................................................................4Analysis................................................................................................................... 5 Downfall of the ABC Learning Centre................................................................................5Features of the ASA 701.....................................................................................................8Effect of the ASA 701 on the ABC crisis................................................................................9Conclusions.............................................................................................................10References.............................................................................................................. 113 | P a g e

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