Audit Program for Australia Bank Limited Company

GROUP
ASSIGNMENT
Audit Program For Australia Bank
Limited Company

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

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

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.