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Audit and Assurance Assignment (pdf)

   

Added on  2021-05-30

7 Pages786 Words22 Views
Running head: AUDIT AND ASSURANCEAudit and AssuranceName of the StudentName of the UniversityAuthors NoteCourse ID

AUDIT AND ASSURANCE1Table of ContentsKey Audit Risks:........................................................................................................................2Reference List:...........................................................................................................................6

AUDIT AND ASSURANCE2Key Audit Risks: Audit risksAccountsExplanationsAssertionsSusceptibility tomisstatement Profit and lossaccounts Adavale is exposedto the risks ofsusceptibility to themisstatement. Thecompany is exposedto the risk ofmaterialmisstatement thatmay hamper thepreparation of thefinancial reports thatprovides the correctview of the financialstatement (Williamet al. 2016).Additionally, thegrouphasinappropriatelyvalued the assetswhich required thegroup to carry outsufficient evaluationof the assets. An assertion can bebought forward bystating that there isthe lack of rights andobligations amongthe managements ofthe company. Theexposure to each ofthe liability requiresjoint operations tothe lines of itemsstated in thefinancial statement.The revenues can berecognized by takinginto the account theeffective yield on themonetary assets. Degree of judgementinvolved Current AssetsThe collectability ofthe requires effectivejudgement.Therefore, Adavaleis exposed risk ofmaking ineffectivejudgements therelating to theAn assertion ofvaluation andallocation is lackingin the case ofAdavale.The financial reportof the Adavale isprepared based on

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