Audit and Assurance: Analysis of CSR Limited's Annual Report

Running head: AUDIT AND ASSURANCE
Audit and Assurance
Name of the Student
Name of the University
Author Note

1AUDIT AND ASSURANCE
Executive Summary
The auditors, in the contemporary periods, play crucial roles in accounting and
financial aspects of corporate scenarios in the global framework. The concerned report, in
this context, tries to analyse the roles and duties which the auditors play in the aspects of
assurance provision on the financial statements of the company into consideration, the CSR
Limited. For the purpose of the same, the important audit issues of the concerned company
are taken for analysis. The auditor in this case being Deloitte, the same has been analysed in
compliance with the Australian auditing standards. The report also emphasises on
identifying the key audit matters of the concerned company in its operational framework.
The report, thus, helps the readers to gain timely and appropriate information about the
auditor’s report quality regarding the concerned company, CSR Limited.

2AUDIT AND ASSURANCE
Table of Contents
Introduction............................................................................................................................. 3
Compliance with Auditor’s independence requirements.........................................................4
Services related to non-audit aspects......................................................................................4
Remuneration of the Auditor: Analysis....................................................................................5
Key Audit Matters.....................................................................................................................7
a. Valuation of the assets..................................................................................................... 7
b. Provision for product liability...........................................................................................8
Auditing Committee................................................................................................................. 9
Audit Opinion......................................................................................................................... 10
Responsibilities of management, directors, auditors: Differences.........................................11
Material Subsequent Event....................................................................................................11
Material information effectiveness: Assessment...................................................................12
Missing, under-reported or not fully reported aspects..........................................................12
Questions related to follow-up.............................................................................................. 13
Conclusion.............................................................................................................................. 13
References..............................................................................................................................15

3AUDIT AND ASSURANCE
Introduction
The global business scenario has developed and has become more integrated,
inclusive as well as interconnected owing to factors like Globalisation, trade liberalisation
and technological and infrastructural developments. With the businesses going global and
becoming more complex, it has become immensely important for the same to have proper
accounting and financial framework, which gets monitored appropriately and regularly
(Kose, Otrok & Prasad, 2012). In this context, the term “Audit” comes into significance and
the same can be referred to as the process of analysis and interpretation of the financial
activities and statements of the companies for the purpose of ensuring accuracy and
appropriateness of the transactions recorded. The auditors, thus, are bestowed with the
role of revealing the relevant information related to the materialistic aspects of financial
activities and statements of the companies (Arens, Elder & Mark, 2012).
This is immensely important in the sense that the information is required by the
different stakeholders, who are associated with the businesses, for their decision-making
purposes. The audit companies pay immense importance to enhancement of the quality of
their reports, especially in the contemporary period of upsurge and complexities in business
activities, such that the stakeholders are increasingly benefitted (Louwers et al., 2015).
Keeping this into consideration, the concerned report aims to evaluate the latest annual
report of the concerned company, the CSR Limited, an Australian company venturing in the
production of building products, in the aspects of auditing, the audit partner of the company
for the year 2018, being Deloitte.