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ACCG925 – Auditing and Assurance Services | Assignment

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Auditing & Assurance Services (ACCG925)

   

Added on  2020-04-01

ACCG925 – Auditing and Assurance Services | Assignment

   

Auditing & Assurance Services (ACCG925)

   Added on 2020-04-01

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ACCG925 – Individual Assignment TemplateFamily Name:First Name:Student ID:Lecturer Name:Time and Day of the seminar:1
ACCG925 – Auditing and Assurance Services | Assignment_1
ContentsPart A : The key changes to audit report. With focus on the similarities as well as anydifferences between PCAOB and the International Auditing and Assurance Standards Board(IAASB) auditing reporting requirements.................................................................................3Part B : Explain the reasons/motivation for the changes and critique whether these changesare likely to achieve their aims...................................................................................................5Part C : Outline the likely impact of the audit reporting on audit practice................................6References..................................................................................................................................7Bibliography...............................................................................................................................72
ACCG925 – Auditing and Assurance Services | Assignment_2
Part A: The financial statement of the company should be prepared to keep in mind that they give atrue and fair view of the financial position of the company[ CITATION Del16 \l 1033 ]. TheIAASB and PCAOB provide the different format of audit reports. The matters presented inthe audit report format provided by IAASB and PACOB are as follows:IAASBPACOBThe new audit report will be effective fromthe calendar year 2016No effective date has been provided by theauthorities.All companies are covered under this newaudit report format.This audit report format will cover onlypublic companies. The concept of going concern gets affectedby the new audit report format. If thecompany has undergone any major eventdue to which the future of the company isuncertain than the going concern of thecompany will be re-evaluated. This audit report format does not affect thegoing concern principle of the company.The format of the audit report is laid downby the IAASB.The PACOB has not given any specificformat of the audit report.The audit report as per IAASB shouldinclude the ethical requirement such as aList of any other statement to be attached tothe report is not mentioned by the PACOB.3
ACCG925 – Auditing and Assurance Services | Assignment_3
certificate of the expert whose work isused in the audit and certificate ofauditor’s independence (Cullinan, et. al.,2012).Despite many differences, there are certain similarities in the New Audit Report of theIAASB and PACOB.1.The “Key Audit Matters” and the “Critical Audit Matters” are same in practicalmeaning but reported with a different name in the audit reports.2.In both, the report the opinion section comes first followed by the basis of opinion inthe second paragraph.3.Both the audit report format contains a separate section for clearing the fact thepreparation of the financial statement is the responsibility of those charged withgovernance and the duty of the auditor is to give an opinion.4
ACCG925 – Auditing and Assurance Services | Assignment_4

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