Audit: Analysis of Financial Statements and Relevant Audit Standards

Running head: AUDIT
Audit
Name of the Student:
Name of the University:
Authors Note:

1AUDIT
Table of Contents
Introduction:...............................................................................................................................2
Literature review:.......................................................................................................................2
Analysis of the financial Statement by using different tools.....................................................4
Recommendation........................................................................................................................6
Conclusion..................................................................................................................................7
Reference....................................................................................................................................8

2AUDIT
Introduction:
The presentation contains the details and importance adhering legal obligation and
requirements to operate the business activities of an entity that are describe under the statute.
The modes and methods of ABC learnings will be highlight in the presentation. This study
will contain detail discussion about the implementation of the procedures that an auditor
needs to asses in the process of conducting an audit. ASA 200, ASA220, ASA230, ASA 315,
ASA 500 etc. are some relevant audit standards, which has substantial relevance in this case
(Barnes 2016).
Literature review:
In the course of an audit, the auditor needs to form an opinion on the financial
statement of the client whether they are showing true or fair view or not, for the
determination the auditor needs to deliver his professional scepticism. In the substantive
procedure, the auditor might connect with some references in the auditing procedure, which
will positive or negative results. In both the cases, the auditor needs to assess the experience
and apply the relevant auditing standards depending upon the collected evidences for the
scrutiny of the indications (Bentley et al. 2017). The auditing standards are design to provide
guidance to the auditor in the practical assertion. In the given case the following auditing
procedure are consider and applied.
a. ASA 500 ( Audit evidence):
ASA 500 advised the auditor to collect sufficient and appropriate audit evidences in
the auditing procedure. Sufficient refers the quantum and appropriateness refers the
reliability of the evidences on which the auditor form the opinion.
b. ASA 240(consideration of the laws and regulations in the audit of a financial report):