Assignment on Auditing (Doc)

Added on - 22 Nov 2020

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AUDITING
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1QUESTION 2...................................................................................................................................12.1 Importance for auditors to communicate throughout audit with those charged withgovernance..................................................................................................................................12.2 Five examples of matters which auditors might communicate to those charged withgovernance..................................................................................................................................2QUESTION 3...................................................................................................................................23.1 Describing five audit risks in planning of audit of Tuck Co.................................................2REFERENCES................................................................................................................................8
INTRODUCTIONAuditing is referred as systematic and independent examination of accounts, books,statutory records, vouchers and documents of a business to ascertain about financial and nonfinancial disclosures present a true and fair aspect of concern. The present report will discussabout international standard of auditing 26 with its importance and examples of matters mightcommunicate which are charged with governance. Further, this will reflect audit risk and howauditors would response for evaluation of Tuck company.QUESTION 22.1 Importance for auditors to communicate throughout audit with those charged withgovernanceInternational standard of auditing (ISA) 26 deals with responsibility of auditor forcommunicating with those charged with governance within audit of financial statements(International standard on auditing 260 communication,2019). The reason that auditors mustcommunicate throughout audit with those charged with governance as it helps in below statedways:It helps auditor for assisting and those charged with governance in appropriateunderstanding matters on basis of audit and to develop constrictive working relationship.It is highly effective for purpose of auditing financial statements for ending period.Usually, it has need of auditors for reporting particular matters arising through audit offinancial statements in enough time for enabling its appropriate action.It assists auditor for getting through those charged with governance and relevantinformation to the audit.It directly fulfils responsibility for purpose of overseeing process of financial reportingand by decreasing risks of material misstatement of financial statements.It ensures auditors for having attention of people who are responsible for financialreporting and accounting function of business entity (Smith, 2019).With context of lack of technical knowledge in management, it might be not appreciatedfor specific accounting policy as in breach of acceptable accounting practice. So withrelevant information by auditor, management could resolve issue through deciding oninnovative accounting policy.1
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