Audit Planning and Risk Analysis for Axolotl Enterprises

Auditing and
Professional Practice
Assignment

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By student name
Professor
University
Date: 25 April 2018.
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Contents
Introduction.................................................................................................................................................3
Discussion and Analysis...............................................................................................................................4
Conclusion & Recommendation..................................................................................................................8
References.................................................................................................................................................10
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Introduction
A report has been prepared on the audit planning of one of the small entities for which the audit
partner has asked the audit senior to come out with the issues relating to the critical accounts, the
audit steps required, etc. The Trial balance of the company has been given, the same has been
assessed, and the profit and loss account, the comparative analysis for the two given years 2016
and 2017 and the common size income statement has been prepared for the client. With the help
of preliminary analytical review, some of the critical accounts have been identified which would
need immediate attention and thus the audit risk and the necessary audit procedure to get
sufficient and appropriate audit evidences has been suggested (Bae, 2017). Finally, towards the
end the fraud risk analysis has been done for the given client to check if there was fraud in entity
or not.
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