This report discusses the rationales for the introduction of the new auditing standard ASA 701 and analyzes the key audit matters in the Australian banking industry. It highlights the importance of transparent communication of key audit matters and the role of auditors in ensuring the accuracy of financial statements. The report also examines the collapse of Lehman Brothers and how the new auditing standard could have prevented it. The key audit matters of major banks in the Australian banking industry are analyzed to assess the effectiveness of auditors in reporting them.

Explore the rationales for the introduction of the new auditing standard ASA 701 and analysis of key audit matters in the Australian banking industry.

Auditing and Assurance Services - Desklib

Auditing and Assurance Services

This report discusses the rationales for which the new auditing standard was introduced and evaluates the efficiency of the auditors in reporting the key audit matters in the Australian mining industry. It also includes the subject, course code, course name, and college/university.

Finance

This report explores the concepts of auditing theory and practice, including the rationale for ASA 701, Lehman Brothers, and going concern issues. It analyzes the key audit matters and auditor's efficiency in the banking industry. The report provides recommendations for effective identification and communication of key audit matters.

Auditing Theory and Practice

The report analyzes the main rationales for the introduction of new accounting standard for both the auditors and the users while referring the collapse of Lehman Brothers. It also evaluates and analyzes the key audit matters of six Australian mining companies under the ASX top 100.