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Audit Program for Australia Bank Limited Company

This is a group assignment for the Auditing course at Holmes Institute. The assignment is about audit sampling and requires a report of 3,000 words. The due date is in Week 9 of Trimester 2, 2018.

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Added on  2023-06-07

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This presentation outlines the substantive audit procedures developed by the team for the financial report of Australia Bank Limited Company. The team focused on the statement of financial position, income statement, statement of comprehensive income, statement of changes in equity, cash flow statement, summary of notes to the financial statements, and the declaration by the Director. The presentation also discusses inherent risk, control risk, key business risks, and how the group reduced risks. Additionally, it covers analytical procedures on the balance sheet, accounts identified as key matters, different material balances, material account balances and assertions, description of the assertions, and how to treat material significant matters.

Audit Program for Australia Bank Limited Company

This is a group assignment for the Auditing course at Holmes Institute. The assignment is about audit sampling and requires a report of 3,000 words. The due date is in Week 9 of Trimester 2, 2018.

   Added on 2023-06-07

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GROUP
ASSIGNMENT
Audit Program For Australia Bank
Limited Company
Audit Program for Australia Bank Limited Company_1
Introduction
The team developed a substantive audit procedures for the
financial report of Australia bank Limited for the period
ended 30 September 2017
The team focused on;
Statement of financial position
Income statement
Statement of comprehensive income
Statement of changes in equity
Cash flow statement for year
Summary of the notes to the financial statements
The declaration by the Director
Audit Program for Australia Bank Limited Company_2
Key Business
Risks
Inherent risk
Occurs when auditors fail to detect material
misstatement of financial statements.
Control risk
This is a risk that the internal control of the
organization fails to detect material
misstatements.
Detection risk
A risk that the auditors fails to detect a material
misstatement.
Inherent risks
Control risk
Detection risk
Audit Program for Australia Bank Limited Company_3
How the Group Reduced
Risks.
Collecting substantial evidence
Proper assignment of audit tasks to the members
Applying professional skepticism while conducting
the audit
Reviewing of the audit information from the
management of the company
Practicing independent judgment.
Audit Program for Australia Bank Limited Company_4

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