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Audit Risk Assessment of GPSA Limited

   

Added on  2020-03-23

10 Pages1794 Words413 Views
Running Head: AUDITING THEORY AND PRACTICEAuditing Theory and Practice

AUDITING THEORY AND PRACTICE2Executive SummaryThe report presented here provides an analysis of the internal controls and audit risk in relation to the audit of GPSA Limited for the year 2017. The assessment of audit risk and business risk reveals that the company is bearing high risk. The financial performance of the company is going down and this year the demand is predicted to be lower due to fierce competition. From the auditor’s view point, it is essential to assess the risk properly and devise suitable responses so that appropriate audit opinion could be given on the financial statements of GPSA Limited.

AUDITING THEORY AND PRACTICE3Table of ContentsIntroduction.................................................................................................................................................4Question-1A................................................................................................................................................4Accounts..................................................................................................................................................4Analysis....................................................................................................................................................4Audit Risk.................................................................................................................................................5Audit Steps to Reduce Risk......................................................................................................................6Question-1B: Business Risks Faced by GPSA Limited...................................................................................6Question-2A................................................................................................................................................7Effective Control......................................................................................................................................7Risk Alleviated.........................................................................................................................................7Test of Control.........................................................................................................................................8Question-2B: Weaknesses in Internal Control.............................................................................................8Conclusion...................................................................................................................................................9References.................................................................................................................................................10

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