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Auditing Theory and Practice Assignment

   

Added on  2020-03-23

13 Pages3494 Words84 Views
Auditing Theory and Practice

1By student name ProfessorDate: 16 September, 2017.1 | P a g e

2Executive SummaryAuditing is an important procedure that helps in judging the effectiveness of the financialstatements and helps the investors in taking important decisions with regard to the financialstatements. There are certain rules and guidelines that the auditors must follow while conductingthe overall audit. Audit is done by the independent entities, without any biasness and they makesure that effective amount of professional skeptic is maintained by them. It is important that theauditors follow these standards completely. In this report we will discuss the key matters ofauditing as per the ASA 701 Communicating Key Audit Matters in the Independent Auditor’sReport. We will discuss the small details that are related to the independent auditor’s report, withtheir compliances with the same, in respect to the downfall of the BC Learning Company.2 | P a g e

3ContentsIntroduction...........................................................................................4Analysis................................................................................................................... 5 Downfall of the ABC Learning Centre.........................................................................5Reasons for the downfall.................................................................................................5Effect of the downfall......................................................................................................6Learning from the downfall............................................................................................7Features of the ASA 701..................................................................................................8Effect of the ASA 701 on the ABC crisis........................................................................9Conclusion ......................................................................................................................10Recommendations..........................................................................................................10References...................................................................................................................... 113 | P a g e

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