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Pre Analysis of the New Auditing 11 AUDITING 1 Partner Report on the AGL Energy Limited

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Added on  2019-11-08

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This report is a pre analysis of the auditor’s report basing on the audit plan, the clients business, preliminary analytical procedure and the clients business risks. 6 Comprehensive ration analysis in relation to the industry 7 Substantive analytical procedures 10 Types of analytical procedures 10 References 12 Introduction AGL Energy (AGL in the ASX), is a publicly listed Australian company that deals with services and products pertaining to energy.

Pre Analysis of the New Auditing 11 AUDITING 1 Partner Report on the AGL Energy Limited

   Added on 2019-11-08

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Running head: AUDITING 1Auditing and AssuranceName:Institution:Date:
Pre Analysis of the New Auditing 11 AUDITING 1 Partner Report on the AGL Energy Limited_1
AUDITING2Executive summaryIn this report, the new auditor, NY partner will report on the financial reports of AGL Energylimited a public company that generates retails and distributes energy in Australia. This reportis a pre analysis of the auditor’s report basing on the audit plan, the clients business, preliminary analytical procedure and the clients business risks. In assessing all these, the main objective is to give a briefing on whether the company is able to be audited by NY partners without any audit risk.
Pre Analysis of the New Auditing 11 AUDITING 1 Partner Report on the AGL Energy Limited_2
AUDITING3Table of ContentIntroduction................................................................................................................................5Initial audit planning..................................................................................................................5Clients business and Industry.....................................................................................................6Business risk- Risk assessment phase . Identification of risks.................................................6Comprehensive ration analysis in relation to the industry.........................................................7Substantive analytical procedures............................................................................................10Types of analytical procedures.................................................................................................10References................................................................................................................................12
Pre Analysis of the New Auditing 11 AUDITING 1 Partner Report on the AGL Energy Limited_3
AUDITING4IntroductionAGL Energy (AGL in the ASX), is a publicly listed Australian company that deals with services and products pertaining to energy. It has been audited for the past decade by a different audit firm and now wants to be audited by NY partners. It is involved in the generation and retailing of gas and electricity for commercial and residential use. It is in the energy and utilities industry where the Australian government has put a lot of measures and policies to encourage the liberalization of the sector and its growth(Chambers and Rand, 2011).For initial audit planning strategy, the company has to conduct preliminary investigations on the audited accounts prior to the company’s transfer of auditors. In the planning phase of the company audit, the attention will be on key areas of the audit and ensuring that there is sufficient resources that are allocated for the audit engagement. The planning phase should ensure that the audit being carried out will be well directed, supervised and adequately affected to highly reduce the audit risk involved. This is well articulated in ISA300, planning and auditing of financial statements(Ridley, 2008). Initial audit planningPlanning begins shortly or after the completion of the previous audited work. This begins with a review of discussed issues with AGL Energy management and the issues that were previously reviewed under the previous audited accounts such as deficiencies in control or the unadjusted errors. These matters are very essential to the audit of the current financial reports and should be considered when planning. AGL Energy is a very big company and therefore NY partners should consider the size of the company, the nature of business and the
Pre Analysis of the New Auditing 11 AUDITING 1 Partner Report on the AGL Energy Limited_4

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