logo

Audit, Assurance and Compliance Assignment - Appen Limited

   

Added on  2020-10-22

12 Pages3358 Words243 Views
Audit, Assurance andCompliance

EXECUTIVE SUMMARYThis project report is summarises that auditing is a concept which helps in investigatingthe accuracy of the financial statements of an organisation. Appen limited is an organisationwhich is listed on Australian stock exchange is chosen in order to better understand the topic ofauditing. Audit report and opinions provided by KPMG are analysed and interpreted in order toascertain various issues regarding the process of auditing.

Table of ContentsEXECUTIVE SUMMARY.............................................................................................................2INTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Independence requirements compiled by auditor.......................................................................1Non audit services and there nature............................................................................................2Analysis of Auditor's remuneration and their comparisons........................................................3Key audit matters........................................................................................................................4Audit committee..........................................................................................................................5Audit opinion..............................................................................................................................5Responsibilities of Directors, Management and Auditors..........................................................6Material subsequent events.........................................................................................................7Assessment of the effectiveness of material information reported by Auditor as a stakeholder7Material information...................................................................................................................7Questions which could be asked by the auditor at the company's annual general meeting........7CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................9APPENDIX....................................................................................................................................10

INTRODUCTIONAudit is an official financial inspection of a company which is conducted by auditors.Here, auditors can be internal or external. Companies which are listed on a stock exchange ofany country has to conduct a compulsory audit. In this project report, significance of auditprocess is discussed in detail by analysing various audit matters. In order to better understandthis topic a company is selected named Appen Limited which is listed on Australian StockExchange. Various documents such as Auditor's Independence Declaration, Independentauditor's report and Auditor's remuneration are analysed in order to evaluate auditor's assuranceservices performed for Appen. KPMG, an auditor's organisation has conducted the process ofaudit of this company in order to serve true and fair performance and position of this company(Mills, 2012). MAIN BODYIndependence requirements compiled by auditorAccording to independence declaration under section 307c of Corporations act 2001, anaudit or review must be conducted of the financial reports for the financial year at the end offinancial period or an audit of financial report half yearly. A declaration in written which depictsthat, to the best of individual auditor's knowledge and belief there have been No contraventionsof auditors independence requirements of this act related to audit or review and nocontraventions of any applicable code of professional conduct in relation to the audit or review.Another declaration in written which depicts that,to the best of individual auditor's knowledgeand belief, the only contraventions of An auditor independence requirement of this act regardingaudit or review; or any applicable code of professional conduct regarding audit or review arethose contravention details of which are set out in declaration. Declaration either must be givenwhen the audit report is given to the directors ,registered scheme and disclosing entity, or mustsatisfy the conditions of subsection 5(a), also must be signed by the person making thedeclaration. By assessing annual report of Appen Limited it has been observed that the auditorfrom KPMG (an auditing firm) has complied the independence requirements of corporation act2001, regarding the audit or review of financial report ,the auditor declares in his writtenstatement that “to the best of my knowledge and belief in relation to the audit of Appen Limitedfor the financial year ending in 31 December 2017, there have been1

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Audit, Assurance and Compliance - PDF
|12
|3345
|126

Audit, Assurance and Compliance - Independent Appraisal of KPMG's Audit on Inghams Group Limited
|16
|3827
|221

Audit Assurance and Compliance Assignment
|12
|3229
|420

Audit, Assurance and Compliance- Assignment
|15
|4187
|313

Audit, Assurance and Compliance - A case study of BHP Billiton
|13
|3328
|434

Audit, Assurance and Compliance in Oz Minerals
|16
|3886
|487