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ASA 701 Communicating Key Audit Matters in the Independent Auditor's Report of Sirtex Medical Limited

   

Added on  2020-05-16

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Running head: AUDITING AND ASSURANCEAuditing and AssuranceName of the Student:Name of the University:Author’s Note:Course ID:
ASA 701 Communicating Key Audit Matters in the Independent Auditor's Report of Sirtex Medical Limited_1

1AUDITING AND ASSURANCEExecutive Summary:In this report, the pertinent analysis of the auditing standard is carried out, in which“ASA 701 Communicating Key Audit Matters in the Independent Auditor’s Report” isevaluated in the context of Sirtex Medical Limited. According to the annual report of theorganisation in 2017, it has not conformed to the above-stated standard, in which theindependent audit report does not contain any type of key audit matter. The pertinent riskassessment arising due to material misstatement in compliance with ASA 315 is analysed inthe context of Sirtex. This report would enable in identifying the actions that the organisationneeds to undertake in its financial statements for helping the investors to gain an insight ofthe pertinent misstatements. After analysing the pertinent ASA standards like ASA 315, ASA701 and ISA 260, firms are required to depict their real financial positions in their annualreports. Thus, Sirtex Medical Limited is needed to develop key audit matters in its annualreport for detecting any type of material misstatement inherent in its business operations. Inaddition, it needs to comply with ASA 315 and ASA 701 in its operations to adhere to theaudit assurance board. Furthermore, the organisation is required to gain an overview of thepertinent regulations and standards, which needs to be complete to depict the actual financialreport. Such transfer of information from the auditors to the investors could enable inunderstanding the real financial condition of the companies for making effective investmentdecisions.
ASA 701 Communicating Key Audit Matters in the Independent Auditor's Report of Sirtex Medical Limited_2

2AUDITING AND ASSURANCETable of ContentsIntroduction:...............................................................................................................................3Evaluation:.................................................................................................................................3Extent and application of the research:......................................................................................5Conclusion and recommendations:............................................................................................6References:.................................................................................................................................8
ASA 701 Communicating Key Audit Matters in the Independent Auditor's Report of Sirtex Medical Limited_3

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