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ASA 701 & its Relationship with Audit Report

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Auditing (ASA 701)

   

Added on  2020-05-28

ASA 701 & its Relationship with Audit Report

   

Auditing (ASA 701)

   Added on 2020-05-28

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AUDITING
ASA 701 & its Relationship with Audit Report_1
Ansell LtdExecutive SummaryThere have been glaring examples of corporate failures in the past that has to lead to immenselosses for the investors and eroded the wealth. Some of the scams were so prominent that their examples are still recalled. The downfall of ABC, HIH, Satyam scam, Lehman Brothers disturbed the corporate world. The failures generated on account of management failure and failure on account of the auditors. Moreover, it highlighted the shortfall in the corporate governance procedure. The present study revolves around the company name Ancell Limited.ASA 701 came into existence as a result of the financial crisis. This standard was a huge landmark as it provides benefits to the shareholder and knows the company in which they desire to invest. The report commences with the introduction of the company followed by the discussion on ASA 315 and its connection with the audit report.2
ASA 701 & its Relationship with Audit Report_2
Ansell LtdContentsIntroduction...........................................................................................................................................3ASA 701 & its relationship with audit report.........................................................................................3ASA 315 & its relationship with audit report.........................................................................................3Important points that were of major importance while conducting the audit and that could have been disclosed by the auditors in the auditor report as Key Audit Matters:.........................................4Recommendation..................................................................................................................................6Conclusion.............................................................................................................................................7References.............................................................................................................................................83
ASA 701 & its Relationship with Audit Report_3

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