HI6026 Report | Audit, Assurance and Compliance

Added on - 07 Mar 2020

  • HI6026

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Audit assurance and compliance
EXECUTIVE SUMMARYASA 520 specifies the requirements and provides other explanatory material relatingto application of analytical procedures as substantive procedures. An auditor requiresassessing the internal control, financial statement in detail in order to obtain sufficientappropriate evidence for the purpose of providing opinion on the financial statement. Presentreports provides discussion relating to analytical procedures which have been applied forassessing the financial account of DIPL Ltd. Ratio analysis and trend analysis have beenapplied on important accounts in order to ascertain if any fraud or error exists in the systemof DIPL Ltd. ASA 240 deals with the responsibility of auditor relating to fraud and error inan organization. In accordance with provision provided in ASA 200; an auditor is required toassess the nature of business while examining control risk and inherent risk. The auditor willmake detail check in this account and provide opinion on the basis of adequate audit evidencewhich has been obtained during audit procedure. At present, DIPL management has beenforced in order to implement new information technology systems. Therefore the wholemanagement having several issues, as it leads to an opportunity to fraud and gets advantage.Improved recognition must be required by the auditor for verifying the management’saccounts or presenting the concerned issues. The risk fraud factors will impact the proceduresof auditing to be implied for giving appropriate outlook regarding the DIPL financialstatements. It has been assessed in accordance with available facts that as the new system hasbeen incorporated by force and not at choice of management; possibility of fraud exists inthat case. Lastly, the manner in which same can be assessed have been explained.
TABLE OF CONTENTSQuestion 1..................................................................................................................................3Question 2..................................................................................................................................4Question 3..................................................................................................................................5Force on organization to implement new information technology systems:.........................5Lack of internal control system due to poor supervising of control:.....................................6References..................................................................................................................................7
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