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Audit Assurance and Compliance : Assignment

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Added on  2020-12-30

Audit Assurance and Compliance : Assignment

   Added on 2020-12-30

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AUDIT, ASSURANCE ANDCOMPLIANCE
Audit Assurance and Compliance : Assignment_1
EXECUTIVE SUMMARYThis project report is summarises that auditing is a concept whichhelps in investigating the accuracy of the financial statements of anorganisation. IHP limited is an organisation which is listed on Australian stockexchange is chosen in order to better understand the topic of auditing. Auditreport and opinions provided by its subsidiary and external auditor DeloitteeTouche Tohmatsu analysed and interpreted in order to ascertain variousissues regarding the process of auditing.
Audit Assurance and Compliance : Assignment_2
Table of ContentsEXECUTIVE SUMMARY.............................................................................................................2INTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Auditors' independence declaration............................................................................................1Non auditing services and the nature of services........................................................................2Auditors' remuneration................................................................................................................3Key Audit matters.......................................................................................................................4Audit committee and its structure, function and responsibilities................................................6Audit opinion..............................................................................................................................7Diversification of responsibilities of Director's or management's responsibilities from auditors.....................................................................................................................................................7Material subsequent events and their operations........................................................................9Assessment of the effectiveness off material information reported by the auditor.....................9Declaration on missing material information (If any)...............................................................10Questions asked to auditors in general meeting........................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
Audit Assurance and Compliance : Assignment_3
INTRODUCTIONAudit assurance and compliance are the services aligned in terms ofmanaging the activities and plans of audit. Changing business environmenthas enhanced the scope of audit reporting and accounting for internalcontrol and management (Bepari and Mollik, 2015). There is an evaluation ofannual report of IPH limited are considered subject to independentdeclaration, Independent's auditor' remuneration, functions, roles andcomposition of audit committee and key audit matters are defined in thisreport. Roles and responsibilities of different type directors' and auditors' aredefined separately in this report. Material information that are presentedseparately in annual report also evaluated in the end of this file. MAIN BODYAudit is inspection of financial reports that comprises balance sheet,cash flow statement, income statement and statement of changes in equityof a company by independent auditor. After analysing them they need togive their opinion and finding key audit matters. Also examine whetherreports are based on Australian Accounting Standards and Corporations Act2001. Audit assurance of financial statements plays an important role ingaining customer confidence because information provided in financialstatements is used by stakeholders such as investors, government, capitalmarkets etc. Auditors' independence declarationThis is a type of declaration letter submitted to board members oforganisation by adhering guidelines of section of 307C of the corporation Act2001. Independence declaration is given by the auditors of IPH limed to thedirectors in terms of financial reports. Leading auditor remains the mainpartner of the audit program and the financial reports of organisation. In thisdeclaration form it is complied by auditors that; 1
Audit Assurance and Compliance : Assignment_4

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