Advance Auditing and Assurance Services: Mayne Pharma Group Analysis

Running Head: ADVANCE AUDITING AND ASSURANCE SERVICES
Advance auditing and assurance services
Name of the Student:
Name of the University:
Author note:

1
ADVANCE AUDITING AND ASSURANCE SERVICES
Executive summary
This report is discussed about auditing and assurance service of Mayne pharma group. Then code
of ethics applied in auditing is discussed. Then a research has been done on Mayne pharma
group limited by analyzing its annual report. In-depth operation has been done to understand the
company operation, laws and regulation that affect its operation, risks in this types of business
and different risk in its accounts.

2
ADVANCE AUDITING AND ASSURANCE SERVICES
Table of Contents
Introduction......................................................................................................................................3
Part A...............................................................................................................................................3
Part B...............................................................................................................................................5
Conclusion.....................................................................................................................................10
Reference list.................................................................................................................................11

3
ADVANCE AUDITING AND ASSURANCE SERVICES
Introduction
Auditing refers to the examination of financial statement of an organization to check the
true and fair of the financial record. It can be done by internal audit employee or can be hired
from outside. All companies has to do audit of their financial statement every year as it is
required by the external sources like investors and stakeholders. It is now become a legal
requirement for most of the firms as it will help to keep check on the fraud. Audit is performed
by following the guideline issued by the generally accepted auditing standard which is set by the
international auditing standard (Appelbaum, Kogan and Vasarhelyi 2017)_. Whereas assurance
service is an auditing activity performed independently with the objectivity of assuring the
management and the board of directors that the financial statement are accurate and done
according to the applicable laws and regulation. This service is provided by a certified chartered
accountant. It reviews the correctness of the audited financial statement. This is done to check
the risk and opportunities that is available in this competitive environment with improving the
quality of audit (Brown-Liburd and Vasarhelyi 2015).
Part A
Ethic are the principles that governs the behavior of individual and organization. Ethic of
auditor consist of framework that provide a sets of guidelines that are required in audit
profession to maintain the professionalism. It is set by the Global Institution of Internal Audit. In
the profession of auditing ethic plays an important role by acting as a trust. Ethic is not just for
ethical behavior but also helps in assuring the service provided by an auditor. It make sure that
the auditor are independent to make judgment without any personal benefits (Byrnes et al.,
2018).