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Audit and ASSURANCE SERVICE Audit and assurance service Name of the university Author note Introduction

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Added on  2019-11-26

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AUDIT AND ASSURANCE SERVICE AUDIT AND ASSURANCE SERVICE Audit and assurance service Name of the student Name of the university Author note Introduction 2 Audit planning 2 Make the acceptance of the client and carry out the planning for initial audit 2 Understanding the client’s business process and the industry 3 Assessing the business risk of the client 4 Performing the preliminary analytical procedure 4 Recommendation 6 Conclusion 6 Reference 7 Rio – Tinto Introduction Rio Tinto is the multinational company from Australia and it is one of the largest

Audit and ASSURANCE SERVICE Audit and assurance service Name of the university Author note Introduction

   Added on 2019-11-26

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Running head: AUDIT AND ASSURANCE SERVICEAudit and assurance serviceName of the studentName of the universityAuthor note
Audit and ASSURANCE SERVICE Audit and assurance service Name of the university Author note Introduction_1
AUDIT AND ASSURANCE SERVICETable of ContentsIntroduction................................................................................................................................2Audit planning............................................................................................................................2Make the acceptance of the client and carry out the planning for initial audit......................2Understanding the client’s business process and the industry...............................................3Assessing the business risk of the client................................................................................4Performing the preliminary analytical procedure..................................................................4Recommendation........................................................................................................................6Conclusion..................................................................................................................................6Reference....................................................................................................................................7Page 1 of10Student numberStudent ID
Audit and ASSURANCE SERVICE Audit and assurance service Name of the university Author note Introduction_2
AUDIT AND ASSURANCE SERVICERio – TintoIntroduction Rio Tinto is the multinational company from Australia and it is one of the largestcompanies in the company dealing in mining and metals products. The company was formedduring the year 1873. They are the leader in producing various products including iron ore,uranium, metal, coal, diamonds and copper. The main objective of the company is to becomethe global leader in mining in association with achieving and maintaining the sectorleadership that will include sustainable development, operational excellence, innovation andexploration. The working approach of the company is to be effective with regard to all theoperations and activities. All the employees and staffs of the company are well awareregarding the mission of the company and perform their activities accordingly. This generatethe consistent policies and principles for the entire group as per the global criteria of thecompany with regard to environment, people, society and it further ensure the long runsustainability of the company (Rio-tinto.com.au, 2016).Audit planningThe term audit planning is stated as the procedure under which the approaches areplanned to carry on the forecasted outcomes that also states the audit scope within thecompany. Based on the nature of business and size of the business the planning of audit andrequired time may vary. As the business of Rio Tinto is large enough, it will need more timeplan the audit and implement the strategy (Chou, 2015). The audit planning is generally astep by step process where the control under audit reviews the financial procedure and theinternal control in association with engagement preparation. Preparing the plan for audit forRio Tinto is the most stressful job for the audit firm NY audit firm as the entire audit isdepended upon the audit plan. Various stages under audit planning are as follows –Make the acceptance of the client and carry out the planning for initial auditEvery client is different. In the same way Rio Tinto’s business procedures andcircumstances are different from others. NY audit firm shall consider the mining industry inAustralia and the client’s integrity (Laitinen & Laitinen, 2015). As the previous year’s auditwas carried out by Price Water House Coopers, the audit firm NY, after taking the permissionfrom the client, must contact the previous auditor before proceeding with the audit. ThePage 2 of10Student numberStudent ID
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