Auditing and Assurance in Australia

Running head: AUDITING AND ASSURANCE IN AUSTRALIA
Auditing and Assurance in Australia
Name of the Student
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AUDITING AND ASSURANCE IN AUSTRALIA1
Executive Summary
The main purpose of this report is the analysis of the cases of Computing Solutions and
Beautiful Hair with the aim to identify the assertions at risk so that appropriate substantive
audit procedures can be developed for them. This report also focuses on the discussion of
ASA 701 Communicating Key Audit Matters for the determination of the key audit matters.
Findings of the report show that both inventory and intangible assets have different assertions
that lead to the development of different substbtive audit procedures.

AUDITING AND ASSURANCE IN AUSTRALIA2
Table of Contents
Introduction................................................................................................................................3
Computing Solutions..................................................................................................................3
Requirement a: Audit Assertions...........................................................................................3
Requirement b: Substantive Audit Procedures......................................................................3
Requirement c: ASA 701.......................................................................................................4
Beautiful Hair.............................................................................................................................5
Requirement a: Audit Assertions...........................................................................................5
Requirement b: Substantive Audit Procedures......................................................................5
Requirement c: ASA 701.......................................................................................................6
Conclusion..................................................................................................................................7
References..................................................................................................................................8